ONEOK (NYSE:OKE) Share Price Breaks Below 200 Day Moving Average – Should You Sell?

ONEOK, Inc. (NYSE:OKE)’s stock price crossed below its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $88.84 and traded as low as $87.55. ONEOK shares last traded at $88.3980, with a volume of 5,614,250 shares traded.

Trending Headlines about ONEOK

Here are the key news stories impacting ONEOK this week:

• Positive Sentiment: Higher targets from analysts: Mizuho raised its price target to $101, and Scotiabank increased its target from $96 to $97. Scotiabank kept a “sector perform” rating, so its higher target was not a stronger endorsement. Mizuho target increase Scotiabank rating and target
• Positive Sentiment: Momentum-screen recognition: Zacks described ONEOK as a top-ranked momentum stock, which may attract attention from investors using momentum-based screens. The article is a style-score feature, not a new company announcement. Zacks momentum-stock article
• Neutral Sentiment: Analyst views remain mixed: A roundup noted conflicting sentiment on ONEOK and EQT, suggesting the target increases do not represent a unanimous view. Analyst sentiment roundup
• Neutral Sentiment: No clear fresh downside catalyst in the cited coverage: Other items discuss investment-firm views and dividend-stock considerations, but the provided headlines do not identify a new operational or financial setback for ONEOK. Investment-firm views on ONEOK Dividend-stock article

Wall Street Analyst Weigh In

A number of analysts have recently commented on OKE shares. Seaport Research Partners lifted their price target on shares of ONEOK from $95.00 to $100.00 and gave the stock a “buy” rating in a research note on Monday, August 3rd. Morgan Stanley increased their price objective on shares of ONEOK from $105.00 to $112.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 9th. Capital One Financial initiated coverage on shares of ONEOK in a report on Tuesday, September 22nd. They issued an “overweight” rating and a $110.00 target price on the stock. Mizuho lifted their target price on shares of ONEOK from $91.00 to $95.00 in a research report on Friday, July 10th. Finally, US Capital Advisors downgraded shares of ONEOK from a “strong-buy” rating to a “moderate buy” rating in a research report on Thursday, August 20th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and eleven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $99.25.

ONEOK Price Performance

The firm has a 50-day simple moving average of $92.75 and a 200-day simple moving average of $88.84. The firm has a market capitalization of $55.73 billion, a PE ratio of 13.73, a PEG ratio of 1.70 and a beta of 0.77. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.84 and a quick ratio of 0.66.

ONEOK (NYSE:OKE) last released its quarterly earnings results on Tuesday, October 27th. The utilities provider reported $2.13 EPS for the quarter, beating the consensus estimate of $1.50 by $0.63. ONEOK had a net margin of 9.42% and a return on equity of 16.36%. The firm had revenue of $12.46 billion during the quarter, compared to analyst estimates of $10.54 billion. During the same quarter in the prior year, the firm earned $1.49 EPS. As a group, equities analysts forecast that ONEOK, Inc. will post 6.18 earnings per share for the current year.

ONEOK Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 16th. Shareholders of record on Monday, November 2nd will be issued a dividend of $1.07 per share. This represents a $4.28 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date of this dividend is Monday, November 2nd. ONEOK’s dividend payout ratio is currently 66.46%.

Institutional Investors Weigh In On ONEOK

A number of hedge funds have recently modified their holdings of the business. StoneRidge PMG Advisors LLC bought a new stake in ONEOK during the third quarter valued at about $727,000. Formidable Asset Management LLC raised its stake in shares of ONEOK by 14.2% in the third quarter. Formidable Asset Management LLC now owns 19,294 shares of the utilities provider’s stock worth $1,677,000 after buying an additional 2,400 shares during the period. Focused Wealth Management Inc raised its stake in shares of ONEOK by 6.4% in the third quarter. Focused Wealth Management Inc now owns 4,358 shares of the utilities provider’s stock worth $372,000 after buying an additional 263 shares during the period. Rakuten Investment Management Inc. lifted its position in shares of ONEOK by 9.8% during the 3rd quarter. Rakuten Investment Management Inc. now owns 113,123 shares of the utilities provider’s stock valued at $9,826,000 after buying an additional 10,075 shares in the last quarter. Finally, Soltis Investment Advisors LLC lifted its position in shares of ONEOK by 482.8% during the 3rd quarter. Soltis Investment Advisors LLC now owns 13,783 shares of the utilities provider’s stock valued at $1,175,000 after buying an additional 11,418 shares in the last quarter. Institutional investors own 69.13% of the company’s stock.

About ONEOK

ONEOK, Inc is an energy infrastructure company that operates midstream assets across the United States. Its business includes the gathering, processing, storage and transportation of natural gas, as well as the gathering, fractionation, storage and transportation of natural gas liquids (NGLs). The company also provides transportation and storage services for refined petroleum products, crude oil and other related commodities.

ONEOK serves major producing and consuming regions, including the Mid-Continent, Rocky Mountain, Permian and Gulf Coast areas.