ONEOK (NYSE:OKE) Price Target Increased to $81.00 by Analysts at Truist Financial

ONEOK (NYSE:OKEFree Report) had its price target hoisted by Truist Financial from $71.00 to $81.00 in a research note released on Thursday morning, Benzinga reports. The firm currently has a hold rating on the utilities provider’s stock.

OKE has been the topic of several other reports. Seaport Res Ptn raised shares of ONEOK from a neutral rating to a buy rating in a research note on Thursday, February 8th. Mizuho raised their price objective on shares of ONEOK from $75.00 to $81.00 and gave the company a neutral rating in a research note on Wednesday. Raymond James raised their price objective on shares of ONEOK from $80.00 to $85.00 and gave the company an outperform rating in a research note on Friday, January 19th. Bank of America raised shares of ONEOK from a neutral rating to a buy rating and raised their price objective for the company from $72.00 to $83.00 in a research note on Monday, December 4th. Finally, JPMorgan Chase & Co. raised their price objective on shares of ONEOK from $81.00 to $85.00 and gave the company an overweight rating in a research note on Wednesday, March 13th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, ONEOK has a consensus rating of Hold and an average price target of $81.40.

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ONEOK Stock Performance

NYSE:OKE opened at $79.45 on Thursday. ONEOK has a 12-month low of $55.91 and a 12-month high of $79.89. The company has a quick ratio of 0.67, a current ratio of 0.90 and a debt-to-equity ratio of 1.29. The firm has a market capitalization of $46.34 billion, a PE ratio of 14.32, a price-to-earnings-growth ratio of 2.27 and a beta of 1.65. The firm has a 50-day moving average price of $72.43 and a 200 day moving average price of $68.99.

ONEOK (NYSE:OKEGet Free Report) last posted its quarterly earnings results on Monday, February 26th. The utilities provider reported $1.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.21 by ($0.03). The business had revenue of $5.24 billion during the quarter, compared to analyst estimates of $5.57 billion. ONEOK had a return on equity of 22.57% and a net margin of 15.04%. During the same period last year, the company earned $1.08 EPS. Research analysts anticipate that ONEOK will post 4.99 earnings per share for the current fiscal year.

ONEOK Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 14th. Stockholders of record on Tuesday, January 30th were given a $0.99 dividend. This represents a $3.96 dividend on an annualized basis and a dividend yield of 4.98%. The ex-dividend date of this dividend was Monday, January 29th. This is an increase from ONEOK’s previous quarterly dividend of $0.96. ONEOK’s dividend payout ratio (DPR) is 71.35%.

ONEOK announced that its Board of Directors has approved a stock repurchase program on Wednesday, January 17th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the utilities provider to reacquire up to 4.9% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other ONEOK news, Director Wayne Thomas Smith acquired 2,700 shares of the business’s stock in a transaction on Friday, March 1st. The stock was purchased at an average price of $75.25 per share, with a total value of $203,175.00. Following the acquisition, the director now directly owns 2,700 shares of the company’s stock, valued at approximately $203,175. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.65% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ONEOK

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Addis & Hill Inc acquired a new position in shares of ONEOK in the 4th quarter valued at approximately $519,000. MONECO Advisors LLC increased its position in ONEOK by 66.9% during the 4th quarter. MONECO Advisors LLC now owns 6,160 shares of the utilities provider’s stock worth $433,000 after purchasing an additional 2,469 shares in the last quarter. Wellington Management Group LLP increased its position in ONEOK by 2,643.5% during the 4th quarter. Wellington Management Group LLP now owns 1,170,739 shares of the utilities provider’s stock worth $82,209,000 after purchasing an additional 1,128,066 shares in the last quarter. Transcendent Capital Group LLC acquired a new position in ONEOK during the 4th quarter worth approximately $696,000. Finally, ARK & TLK Investments LLC acquired a new position in ONEOK during the 4th quarter worth approximately $244,000. 68.87% of the stock is currently owned by institutional investors and hedge funds.

About ONEOK

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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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Analyst Recommendations for ONEOK (NYSE:OKE)

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