Scotiabank Lowers ONEOK (NYSE:OKE) Price Target to $96.00

ONEOK (NYSE:OKE) had its target price cut by analysts at Scotiabank from $100.00 to $96.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the utilities provider’s stock. Scotiabank’s price target points to a potential upside of 17.21% from the stock’s current price.

Several other research analysts have also issued reports on the stock. Barclays decreased their price target on shares of ONEOK from $105.00 to $101.00 and set an “equal weight” rating for the company in a research note on Friday, March 7th. Citigroup decreased their target price on shares of ONEOK from $110.00 to $102.00 and set a “buy” rating for the company in a research note on Tuesday, May 6th. Stifel Nicolaus dropped their price target on ONEOK from $110.00 to $107.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. Wolfe Research upgraded ONEOK from a “peer perform” rating to an “outperform” rating and set a $110.00 price objective for the company in a research note on Monday, February 10th. Finally, Morgan Stanley increased their target price on ONEOK from $111.00 to $133.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 25th. Six research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $104.69.

ONEOK Stock Down 2.2%

OKE stock opened at $81.91 on Tuesday. ONEOK has a fifty-two week low of $75.48 and a fifty-two week high of $118.07. The company has a market capitalization of $51.16 billion, a price-to-earnings ratio of 17.13, a price-to-earnings-growth ratio of 3.77 and a beta of 1.01. The business’s 50 day moving average price is $87.94 and its two-hundred day moving average price is $97.44. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.59 and a current ratio of 0.81.

ONEOK (NYSE:OKE) last issued its quarterly earnings results on Tuesday, April 29th. The utilities provider reported $1.04 earnings per share for the quarter, missing the consensus estimate of $1.28 by ($0.24). The firm had revenue of $6.49 billion during the quarter, compared to analysts’ expectations of $8.23 billion. ONEOK had a return on equity of 16.84% and a net margin of 14.05%. During the same period in the previous year, the company earned $1.09 earnings per share. As a group, analysts forecast that ONEOK will post 5.07 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ONEOK

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Greenline Partners LLC purchased a new position in shares of ONEOK in the 4th quarter worth $32,000. First Pacific Financial bought a new position in ONEOK in the first quarter valued at about $34,000. Vermillion Wealth Management Inc. purchased a new position in ONEOK in the fourth quarter worth about $37,000. Financial Network Wealth Advisors LLC grew its stake in shares of ONEOK by 2,466.7% during the 1st quarter. Financial Network Wealth Advisors LLC now owns 385 shares of the utilities provider’s stock valued at $38,000 after purchasing an additional 370 shares during the period. Finally, Marshall & Sterling Wealth Advisors Inc. purchased a new stake in shares of ONEOK during the 4th quarter valued at about $39,000. Hedge funds and other institutional investors own 69.13% of the company’s stock.

About ONEOK

ONEOK, Inc engages in gathering, processing, fractionation, storage, transportation, and marketing of natural gas and natural gas liquids (NGL) in the United States. It operates through four segments: Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude.