Several other equities analysts have also recently weighed in on the stock. Wolfe Research raised shares of ONEOK from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 10th. Bank of America raised ONEOK from a “neutral” rating to a “buy” rating and raised their price target for the company from $72.00 to $83.00 in a report on Monday, December 4th. Royal Bank of Canada raised their price target on ONEOK from $69.00 to $76.00 and gave the company a “sector perform” rating in a report on Thursday, November 16th. Truist Financial raised their price target on ONEOK from $68.00 to $71.00 and gave the company a “hold” rating in a report on Wednesday, January 31st. Finally, Raymond James raised their price target on ONEOK from $80.00 to $85.00 and gave the company an “outperform” rating in a report on Friday, January 19th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, ONEOK has an average rating of “Moderate Buy” and a consensus price target of $75.91.
ONEOK Price Performance
ONEOK declared that its Board of Directors has approved a share buyback program on Wednesday, January 17th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the utilities provider to buy up to 4.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its shares are undervalued.
Insider Buying and Selling
In related news, Director Eduardo A. Rodriguez sold 800 shares of the firm’s stock in a transaction on Friday, December 22nd. The stock was sold at an average price of $70.29, for a total value of $56,232.00. Following the transaction, the director now owns 25,154 shares in the company, valued at $1,768,074.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.65% of the stock is owned by company insiders.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in ONEOK by 10.3% in the third quarter. Vanguard Group Inc. now owns 59,237,038 shares of the utilities provider’s stock valued at $3,757,405,000 after acquiring an additional 5,525,010 shares during the last quarter. BlackRock Inc. grew its position in ONEOK by 0.6% in the second quarter. BlackRock Inc. now owns 46,311,090 shares of the utilities provider’s stock valued at $2,858,320,000 after acquiring an additional 285,789 shares during the last quarter. Moneta Group Investment Advisors LLC grew its position in ONEOK by 118,109.3% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 22,562,603 shares of the utilities provider’s stock valued at $1,482,363,000 after acquiring an additional 22,543,516 shares during the last quarter. Deutsche Bank AG grew its position in ONEOK by 37.7% in the third quarter. Deutsche Bank AG now owns 13,292,341 shares of the utilities provider’s stock valued at $843,133,000 after acquiring an additional 3,636,660 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in ONEOK by 21.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 12,408,725 shares of the utilities provider’s stock valued at $871,341,000 after acquiring an additional 2,153,295 shares during the last quarter. Institutional investors own 68.87% of the company’s stock.
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.
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