Scotiabank Has Lowered Expectations for ONEOK (NYSE:OKE) Stock Price

ONEOK (NYSE:OKE) had its price objective reduced by research analysts at Scotiabank from $96.00 to $93.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “sector outperform” rating on the utilities provider’s stock. Scotiabank’s price objective suggests a potential upside of 13.83% from the stock’s previous close.

Other analysts also recently issued research reports about the company. Citigroup cut their price target on ONEOK from $110.00 to $102.00 and set a “buy” rating on the stock in a report on Tuesday, May 6th. Stifel Nicolaus cut their target price on ONEOK from $110.00 to $107.00 and set a “buy” rating on the stock in a research note on Thursday, May 1st. Wolfe Research upgraded shares of ONEOK from a “peer perform” rating to an “outperform” rating and set a $110.00 price target for the company in a research report on Monday, February 10th. Barclays dropped their price objective on shares of ONEOK from $101.00 to $91.00 and set an “equal weight” rating on the stock in a report on Tuesday. Finally, Wells Fargo & Company reduced their target price on shares of ONEOK from $102.00 to $93.00 and set an “equal weight” rating for the company in a research note on Thursday, May 1st. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $103.69.

ONEOK Trading Up 0.6%

ONEOK stock opened at $81.70 on Thursday. ONEOK has a 1 year low of $75.48 and a 1 year high of $118.07. The firm’s 50-day moving average is $83.49 and its 200-day moving average is $95.37. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.59 and a current ratio of 0.81. The company has a market cap of $51.03 billion, a P/E ratio of 17.09, a PEG ratio of 3.77 and a beta of 0.94.

ONEOK (NYSE:OKE) last released its quarterly earnings data 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). ONEOK had a return on equity of 16.84% and a net margin of 14.05%. The business had revenue of $6.49 billion for the quarter, compared to analyst estimates of $8.23 billion. During the same quarter last year, the company earned $1.09 EPS. On average, equities analysts expect that ONEOK will post 5.07 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in OKE. First Hawaiian Bank lifted its position in ONEOK by 4.0% in the first quarter. First Hawaiian Bank now owns 24,119 shares of the utilities provider’s stock worth $2,393,000 after purchasing an additional 936 shares during the period. Inspire Investing LLC raised its stake in shares of ONEOK by 17.8% in the 1st quarter. Inspire Investing LLC now owns 4,572 shares of the utilities provider’s stock worth $454,000 after buying an additional 691 shares in the last quarter. Strs Ohio acquired a new stake in shares of ONEOK in the first quarter valued at $7,442,000. Wealth Management Associates Inc. boosted its stake in ONEOK by 5.7% during the first quarter. Wealth Management Associates Inc. now owns 5,060 shares of the utilities provider’s stock valued at $502,000 after buying an additional 275 shares in the last quarter. Finally, WBI Investments LLC acquired a new position in ONEOK during the first quarter worth about $541,000. 69.13% of the stock is currently owned by institutional investors.

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.