ONEOK, Inc. (NYSE:OKE) was downgraded by investment analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research report issued on Wednesday, July 5th, Marketbeat Ratings reports. They presently have a $54.00 price objective on the utilities provider’s stock. Morgan Stanley’s target price would suggest a potential downside of 4.36% from the company’s previous close.
OKE has been the topic of a number of other reports. BMO Capital Markets reiterated a “hold” rating and set a $53.00 target price on shares of ONEOK in a research note on Monday, April 17th. Zacks Investment Research upgraded ONEOK from a “hold” rating to a “buy” rating and set a $63.00 target price on the stock in a research note on Wednesday, March 8th. Guggenheim assumed coverage on ONEOK in a research note on Monday, April 17th. They set a “buy” rating and a $62.00 target price on the stock. Royal Bank Of Canada reiterated a “hold” rating and set a $58.00 target price on shares of ONEOK in a research note on Friday, May 12th. Finally, UBS AG upgraded ONEOK from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $56.00 to $59.00 in a research note on Wednesday, June 14th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and six have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $57.31.
ONEOK (OKE) traded down 0.28% during mid-day trading on Wednesday, reaching $56.46. 2,403,800 shares of the company traded hands. The stock’s 50-day moving average price is $51.83 and its 200-day moving average price is $53.20. ONEOK has a one year low of $42.79 and a one year high of $59.47. The firm has a market cap of $11.91 billion, a PE ratio of 33.71 and a beta of 1.30.
ONEOK (NYSE:OKE) last issued its quarterly earnings data on Tuesday, May 2nd. The utilities provider reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.45 by $0.04. The company had revenue of $2.75 billion for the quarter, compared to the consensus estimate of $2.82 billion. ONEOK had a net margin of 3.60% and a return on equity of 10.33%. Analysts forecast that ONEOK will post $2.08 earnings per share for the current fiscal year.
In other ONEOK news, Director Eduardo A. Rodriguez sold 2,000 shares of ONEOK stock in a transaction dated Friday, June 16th. The stock was sold at an average price of $50.34, for a total transaction of $100,680.00. Following the completion of the transaction, the director now owns 18,125 shares of the company’s stock, valued at approximately $912,412.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.90% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of OKE. Massmutual Trust Co. FSB ADV acquired a new stake in shares of ONEOK during the first quarter worth about $100,000. Delta Asset Management LLC TN acquired a new stake in shares of ONEOK during the second quarter worth about $103,000. Huntington National Bank increased its stake in shares of ONEOK by 33.7% in the first quarter. Huntington National Bank now owns 2,196 shares of the utilities provider’s stock worth $122,000 after buying an additional 554 shares during the period. Financial Architects Inc increased its stake in shares of ONEOK by 165.4% in the first quarter. Financial Architects Inc now owns 3,755 shares of the utilities provider’s stock worth $208,000 after buying an additional 2,340 shares during the period. Finally, Agran Libbie acquired a new stake in shares of ONEOK during the first quarter worth about $213,000. Hedge funds and other institutional investors own 80.89% of the company’s stock.
ONEOK Company Profile
ONEOK, Inc is an energy midstream service provider in the United States. The Company owns and operates natural gas liquids (NGL) systems, and is engaged in the gathering, processing, storage and transportation of natural gas. THe Company’s operations include a 38,000-mile integrated network of NGL and natural gas pipelines, processing plants, fractionators and storage facilities in the Mid-Continent, Williston, Permian and Rocky Mountain regions.
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