ONEOK (NYSE:OKE) Stock Price Target Raised at Freedom Broker

Key Points

• Freedom Broker raised ONEOK’s price target from $105 to $110 and maintained a “buy” rating, implying approximately 19% upside from the stock’s $92.40 price.
• Analyst sentiment is moderately positive overall, with a consensus rating of “Moderate Buy” and an average price target of $98.65; ratings include one Strong Buy, nine Buys and eleven Holds.
• ONEOK recently exceeded quarterly expectations, reporting $2.13 in earnings per share versus the $1.50 consensus estimate and revenue of $12.46 billion versus $10.54 billion expected. Institutional investors own 69.13% of the company.

ONEOK (NYSE:OKE - Get Free Report) had its price target increased by analysts at Freedom Broker from $105.00 to $110.00 in a research note issued on Monday, Benzinga reports. The firm presently has a "buy" rating on the utilities provider's stock. Freedom Broker's price target suggests a potential upside of 19.05% from the stock's current price.

OKE has been the topic of several other reports. Weiss Ratings upgraded ONEOK from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, October 21st. Barclays reduced their target price on ONEOK from $90.00 to $88.00 and set an "equal weight" rating for the company in a report on Wednesday, July 8th. Citigroup raised their price objective on ONEOK from $97.00 to $108.00 and gave the company a "buy" rating in a report on Thursday, September 3rd. UBS Group set a $93.00 target price on ONEOK in a report on Friday, September 11th. Finally, Seaport Research Partners boosted their price target on shares of ONEOK from $95.00 to $100.00 and gave the company a "buy" rating in a research report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $98.65.

ONEOK Price Performance

ONEOK stock traded down $4.67 during mid-day trading on Monday, hitting $92.40. The stock had a trading volume of 3,530,651 shares, compared to its average volume of 4,141,871. ONEOK has a one year low of $64.02 and a one year high of $99.85. The company has a current ratio of 0.84, a quick ratio of 0.66 and a debt-to-equity ratio of 0.83. The firm has a market capitalization of $58.25 billion, a P/E ratio of 14.35, a P/E/G ratio of 1.80 and a beta of 0.77. The firm's 50 day moving average is $92.86 and its 200 day moving average is $88.59.

ONEOK (NYSE:OKE - Get Free Report) last released its quarterly earnings results on Tuesday, October 27th. The utilities provider reported $2.13 EPS for the quarter, topping the consensus estimate of $1.50 by $0.63. The company had revenue of $12.46 billion during the quarter, compared to analyst estimates of $10.54 billion. ONEOK had a return on equity of 16.36% and a net margin of 9.42%. During the same quarter last year, the business posted $1.49 earnings per share. On average, sell-side analysts forecast that ONEOK will post 6.16 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ONEOK

Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. boosted its position in ONEOK by 8.7% during the 2nd quarter. BlackRock Inc. now owns 64,537,467 shares of the utilities provider's stock worth $5,610,887,000 after purchasing an additional 5,148,768 shares during the period. State Street Corp raised its position in ONEOK by 5.0% in the second quarter. State Street Corp now owns 43,633,749 shares of the utilities provider's stock valued at $3,793,518,000 after purchasing an additional 2,059,368 shares during the period. First Eagle Investment Management LLC lifted its stake in shares of ONEOK by 1.3% during the second quarter. First Eagle Investment Management LLC now owns 11,834,827 shares of the utilities provider's stock worth $1,028,920,000 after purchasing an additional 155,652 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of ONEOK by 3.5% during the first quarter. Dimensional Fund Advisors LP now owns 5,552,597 shares of the utilities provider's stock worth $502,000,000 after purchasing an additional 187,880 shares in the last quarter. Finally, Bank of America Corp DE boosted its position in shares of ONEOK by 5.2% in the first quarter. Bank of America Corp DE now owns 5,504,989 shares of the utilities provider's stock worth $497,596,000 after buying an additional 272,704 shares during the period. 69.13% of the stock is owned by institutional investors and hedge funds.

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.

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