ONEOK (NYSE:OKE) Stock Rated Equal Weight in New Coverage at Barclays

Key Points

• Barclays initiated coverage of ONEOK with an Equal Weight rating and a $94 price target, implying 9.36% upside from the prior close.
• Analyst sentiment is broadly positive: ONEOK has an average “Moderate Buy” rating and a consensus price target of $99.55, with 1 Strong Buy, 9 Buy, and 11 Hold ratings.
• ONEOK reported quarterly EPS of $2.13, beating the $1.50 consensus estimate; revenue of $12.46 billion also exceeded expectations of $10.54 billion.

Equities research analysts at Barclays initiated coverage on shares of ONEOK (NYSE:OKE - Get Free Report) in a research note issued on Tuesday, Benzinga reports. The firm set an "equal weight" rating and a $94.00 price target on the utilities provider's stock. Barclays's price objective points to a potential upside of 9.36% from the company's previous close.

Several other equities analysts have also weighed in on OKE. UBS Group set a $93.00 price objective on ONEOK in a report on Friday, September 11th. US Capital Advisors downgraded shares of ONEOK from a "strong-buy" rating to a "moderate buy" rating in a research note on Thursday, August 20th. Scotiabank boosted their price target on shares of ONEOK from $96.00 to $97.00 and gave the company a "sector perform" rating in a research report on Tuesday, November 3rd. Jefferies Financial Group set a $97.00 price target on shares of ONEOK in a research note on Thursday, October 29th. Finally, Wells Fargo & Company raised their price objective on shares of ONEOK from $98.00 to $106.00 and gave the stock an "overweight" rating in a report on Wednesday, September 2nd. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat.com, ONEOK has an average rating of "Moderate Buy" and an average target price of $99.55.

ONEOK Trading Up 0.9%

NYSE OKE opened at $85.95 on Tuesday. ONEOK has a 12 month low of $66.93 and a 12 month 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 business has a fifty day simple moving average of $92.21 and a 200 day simple moving average of $89.00. The firm has a market capitalization of $54.19 billion, a P/E ratio of 13.61, a PEG ratio of 1.62 and a beta of 0.77.

ONEOK (NYSE:OKE - Get Free Report) last announced its earnings results on Tuesday, October 27th. The utilities provider reported $2.13 earnings per share for the quarter, topping analysts' consensus estimates of $1.50 by $0.63. The firm had revenue of $12.46 billion for the quarter, compared to the consensus estimate of $10.54 billion. ONEOK had a return on equity of 16.36% and a net margin of 9.42%. During the same quarter in the previous year, the business earned $1.49 EPS. On average, analysts predict that ONEOK will post 6.25 EPS for the current fiscal year.

Institutional Inflows and Outflows

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

ONEOK Company Profile

ONEOK, Inc is a U.S. energy midstream company that gathers, processes, transports and stores natural gas and natural gas liquids (NGLs). Its services connect energy producers with processors, refineries, petrochemical facilities and other customers.

The company operates natural gas gathering and processing systems, NGL pipelines and fractionation facilities, as well as crude oil and refined products transportation assets. Its operations span regions including the Permian Basin, the Mid-Continent, the Rocky Mountain area and the Gulf Coast.

ONEOK traces its roots to Oklahoma Natural Gas Company, founded in 1906.

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