Wells Fargo & Company Lowers ONEOK (NYSE:OKE) Price Target to $71.00

ONEOK (NYSE:OKEGet Rating) had its price target lowered by Wells Fargo & Company to $71.00 in a report issued on Friday, Stock Target Advisor reports. The brokerage currently has an “equal weight” rating on the utilities provider’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 12.18% from the stock’s current price.

A number of other brokerages also recently commented on OKE. Royal Bank of Canada increased their price objective on ONEOK from $63.00 to $68.00 and gave the company a “sector perform” rating in a research report on Thursday, March 17th. Morgan Stanley increased their price target on ONEOK from $70.00 to $81.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 26th. Mizuho boosted their price objective on ONEOK from $61.00 to $63.00 and gave the stock a “neutral” rating in a report on Wednesday, March 2nd. Truist Financial raised their target price on shares of ONEOK from $72.00 to $78.00 in a report on Thursday, March 3rd. Finally, Raymond James boosted their price target on shares of ONEOK from $70.00 to $75.00 and gave the company an “outperform” rating in a report on Wednesday, April 20th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $67.29.

NYSE OKE opened at $63.29 on Friday. ONEOK has a 52 week low of $48.51 and a 52 week high of $75.07. The company has a current ratio of 0.76, a quick ratio of 0.55 and a debt-to-equity ratio of 2.13. The stock has a market cap of $28.27 billion, a price-to-earnings ratio of 18.78, a price-to-earnings-growth ratio of 2.00 and a beta of 1.75. The company has a 50-day moving average price of $67.87 and a two-hundred day moving average price of $64.05.

ONEOK (NYSE:OKEGet Rating) last announced its quarterly earnings data on Tuesday, May 3rd. The utilities provider reported $0.87 earnings per share for the quarter, missing the consensus estimate of $0.89 by ($0.02). ONEOK had a net margin of 8.01% and a return on equity of 25.33%. The firm had revenue of $5.44 billion during the quarter, compared to analyst estimates of $5 billion. During the same quarter last year, the company earned $0.86 EPS. As a group, equities research analysts expect that ONEOK will post 3.86 earnings per share for the current fiscal year.

In related news, Director Mark W. Helderman sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, March 3rd. The stock was sold at an average price of $67.27, for a total value of $2,018,100.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.65% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently made changes to their positions in OKE. Golden State Equity Partners bought a new position in shares of ONEOK during the 1st quarter valued at $663,000. Walleye Capital LLC raised its holdings in ONEOK by 91.0% during the first quarter. Walleye Capital LLC now owns 79,217 shares of the utilities provider’s stock valued at $5,595,000 after buying an additional 37,742 shares in the last quarter. Virtu Financial LLC lifted its position in shares of ONEOK by 369.5% in the first quarter. Virtu Financial LLC now owns 19,160 shares of the utilities provider’s stock worth $1,353,000 after buying an additional 15,079 shares during the last quarter. Beacon Pointe Advisors LLC increased its holdings in shares of ONEOK by 27.0% during the 1st quarter. Beacon Pointe Advisors LLC now owns 26,677 shares of the utilities provider’s stock valued at $1,884,000 after acquiring an additional 5,677 shares during the last quarter. Finally, Rodgers Brothers Inc. raised its stake in shares of ONEOK by 17.8% in the 1st quarter. Rodgers Brothers Inc. now owns 69,925 shares of the utilities provider’s stock valued at $4,939,000 after acquiring an additional 10,550 shares in the last quarter. Institutional investors own 65.46% of the company’s stock.

ONEOK Company Profile (Get Rating)

ONEOK, Inc, together with its subsidiaries, engages in gathering, processing, storage, and transportation of natural gas in the United States. It operates through Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines segments. The company owns natural gas gathering pipelines and processing plants in the Mid-Continent and Rocky Mountain regions.

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