ONEOK (NYSE:OKE) Rating Lowered to Sell at ValuEngine

ValuEngine lowered shares of ONEOK (NYSE:OKE) from a hold rating to a sell rating in a research report sent to investors on Thursday, ValuEngine reports.

OKE has been the subject of several other reports. Raymond James reduced their target price on ONEOK from $74.00 to $73.00 and set an outperform rating for the company in a research note on Wednesday, October 23rd. Credit Suisse Group lifted their target price on ONEOK from $70.00 to $72.00 and gave the stock a neutral rating in a research note on Wednesday, August 7th. Zacks Investment Research downgraded ONEOK from a buy rating to a hold rating and set a $81.00 target price for the company. in a research note on Wednesday, September 18th. Barclays set a $79.00 target price on ONEOK and gave the stock a hold rating in a research note on Tuesday, October 15th. Finally, Tudor Pickering assumed coverage on ONEOK in a research note on Friday, November 8th. They set a buy rating and a $74.00 target price for the company. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $74.71.

Shares of NYSE OKE traded up $1.13 during midday trading on Thursday, hitting $71.29. 1,363,362 shares of the company’s stock were exchanged, compared to its average volume of 1,919,858. The company has a quick ratio of 0.95, a current ratio of 1.26 and a debt-to-equity ratio of 2.01. ONEOK has a 12 month low of $50.26 and a 12 month high of $77.21. The company’s 50 day moving average price is $70.76 and its 200 day moving average price is $69.32. The firm has a market capitalization of $28.98 billion, a PE ratio of 25.64, a price-to-earnings-growth ratio of 2.12 and a beta of 1.13.

ONEOK (NYSE:OKE) last issued its earnings results on Tuesday, October 29th. The utilities provider reported $0.74 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.74. ONEOK had a return on equity of 19.56% and a net margin of 11.76%. The company had revenue of $2.26 billion during the quarter, compared to the consensus estimate of $2.36 billion. During the same period in the previous year, the company posted $0.75 EPS. On average, equities research analysts anticipate that ONEOK will post 3.1 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Monday, November 4th were paid a $0.915 dividend. The ex-dividend date of this dividend was Friday, November 1st. This is an increase from ONEOK’s previous quarterly dividend of $0.89. This represents a $3.66 annualized dividend and a yield of 5.13%. ONEOK’s payout ratio is 131.65%.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Evanson Asset Management LLC raised its holdings in ONEOK by 0.3% in the 3rd quarter. Evanson Asset Management LLC now owns 45,538 shares of the utilities provider’s stock valued at $3,356,000 after acquiring an additional 145 shares in the last quarter. Liberty Wealth Management LLC raised its holdings in ONEOK by 25.1% in the 2nd quarter. Liberty Wealth Management LLC now owns 748 shares of the utilities provider’s stock valued at $52,000 after acquiring an additional 150 shares in the last quarter. Synovus Financial Corp raised its holdings in ONEOK by 3.7% in the 2nd quarter. Synovus Financial Corp now owns 4,291 shares of the utilities provider’s stock valued at $296,000 after acquiring an additional 152 shares in the last quarter. Haverford Trust Co. raised its holdings in ONEOK by 5.2% in the 3rd quarter. Haverford Trust Co. now owns 3,110 shares of the utilities provider’s stock valued at $229,000 after acquiring an additional 155 shares in the last quarter. Finally, Moors & Cabot Inc. raised its holdings in ONEOK by 0.3% in the 3rd quarter. Moors & Cabot Inc. now owns 45,389 shares of the utilities provider’s stock valued at $3,348,000 after acquiring an additional 157 shares in the last quarter. Institutional investors and hedge funds own 74.59% of the company’s stock.

About ONEOK

ONEOK, Inc, together with its subsidiaries, engages in the 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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Analyst Recommendations for ONEOK (NYSE:OKE)

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