ONEOK (NYSE:OKE) Price Target Cut to $88.00 by Analysts at Royal Bank Of Canada

ONEOK (NYSE:OKE) had its price target decreased by Royal Bank Of Canada from $94.00 to $88.00 in a report published on Wednesday,Benzinga reports. Royal Bank Of Canada currently has a sector perform rating on the utilities provider’s stock.

A number of other equities research analysts also recently commented on the stock. TD Cowen began coverage on shares of ONEOK in a research report on Monday, July 7th. They issued a “hold” rating and a $91.00 target price for the company. Citigroup cut their target price on shares of ONEOK from $110.00 to $102.00 and set a “buy” rating for the company in a research report on Tuesday, May 6th. JPMorgan Chase & Co. lifted their target price on shares of ONEOK from $94.00 to $97.00 and gave the stock an “overweight” rating in a research report on Thursday, July 3rd. Barclays cut their target price on shares of ONEOK from $101.00 to $91.00 and set an “equal weight” rating for the company in a research report on Tuesday, June 3rd. Finally, Raymond James Financial reaffirmed an “outperform” rating on shares of ONEOK in a research report on Friday, August 1st. Six equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $104.14.

ONEOK Price Performance

Shares of OKE opened at $75.30 on Wednesday. The company has a market capitalization of $47.42 billion, a P/E ratio of 14.68, a price-to-earnings-growth ratio of 1.76 and a beta of 0.99. The company has a quick ratio of 0.46, a current ratio of 0.59 and a debt-to-equity ratio of 1.35. The firm has a 50 day moving average of $80.48 and a 200 day moving average of $87.01. ONEOK has a twelve month low of $73.02 and a twelve month high of $118.07.

ONEOK (NYSE:OKE) last posted its earnings results on Monday, August 4th. The utilities provider reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.01. ONEOK had a net margin of 11.06% and a return on equity of 14.90%. The business had revenue of $8.21 billion during the quarter, compared to the consensus estimate of $7.20 billion. During the same quarter in the previous year, the firm posted $1.33 EPS. As a group, equities research analysts anticipate that ONEOK will post 5.07 earnings per share for the current fiscal year.

ONEOK Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Friday, August 1st will be paid a dividend of $1.03 per share. The ex-dividend date is Friday, August 1st. This represents a $4.12 dividend on an annualized basis and a dividend yield of 5.5%. ONEOK’s payout ratio is 80.31%.

Institutional Trading of ONEOK

Hedge funds have recently bought and sold shares of the stock. Brighton Jones LLC increased its holdings in shares of ONEOK by 137.1% in the 4th quarter. Brighton Jones LLC now owns 15,278 shares of the utilities provider’s stock worth $1,534,000 after buying an additional 8,834 shares during the last quarter. Jump Financial LLC bought a new stake in shares of ONEOK in the 4th quarter worth about $1,942,000. Marshall Wace LLP increased its holdings in shares of ONEOK by 276.4% in the 4th quarter. Marshall Wace LLP now owns 971,913 shares of the utilities provider’s stock worth $97,580,000 after buying an additional 713,685 shares during the last quarter. Farringdon Capital Ltd. bought a new position in ONEOK during the 4th quarter valued at about $1,399,000. Finally, Capital Square LLC grew its holdings in ONEOK by 5.1% during the 4th quarter. Capital Square LLC now owns 3,270 shares of the utilities provider’s stock valued at $342,000 after purchasing an additional 160 shares during the last quarter. Hedge funds and other institutional investors own 69.13% of the company’s stock.

ONEOK Company Profile

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.