ONEOK (NYSE:OKE) Price Target Increased to $85.00 by Analysts at Wells Fargo & Company

ONEOK (NYSE:OKE - Free Report) had its target price boosted by Wells Fargo & Company from $81.00 to $85.00 in a report published on Thursday, Benzinga reports. They currently have an overweight rating on the utilities provider's stock.

OKE has been the topic of several other reports. JPMorgan Chase & Co. upped their target price on ONEOK from $81.00 to $85.00 and gave the stock an overweight rating in a research report on Wednesday, March 13th. Wolfe Research raised ONEOK from an underperform rating to a peer perform rating in a report on Wednesday, January 10th. Mizuho increased their price objective on ONEOK from $75.00 to $81.00 and gave the company a neutral rating in a report on Wednesday, March 20th. Morgan Stanley increased their price objective on ONEOK from $84.00 to $85.00 and gave the company an equal weight rating in a report on Tuesday, March 26th. Finally, Raymond James increased their price objective on ONEOK from $80.00 to $85.00 and gave the company an outperform rating in a report on Friday, January 19th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $83.25.

ONEOK Stock Up 0.0 %

OKE stock traded up $0.03 during mid-day trading on Thursday, hitting $76.95. The stock had a trading volume of 2,665,927 shares, compared to its average volume of 3,005,011. The company has a current ratio of 0.90, a quick ratio of 0.67 and a debt-to-equity ratio of 1.29. ONEOK has a 1-year low of $55.91 and a 1-year high of $81.81. The company has a fifty day moving average of $78.25 and a 200 day moving average of $71.95. The stock has a market capitalization of $44.91 billion, a price-to-earnings ratio of 17.90, a PEG ratio of 4.81 and a beta of 1.64.

ONEOK (NYSE:OKE - Get Free Report) last issued its earnings results on Tuesday, April 30th. The utilities provider reported $1.09 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.03. ONEOK had a return on equity of 16.87% and a net margin of 12.54%. The company had revenue of $4.78 billion for the quarter, compared to analyst estimates of $5.84 billion. During the same period in the prior year, the firm posted $2.34 EPS. On average, equities analysts expect that ONEOK will post 5.01 EPS for the current fiscal year.

ONEOK announced that its Board of Directors has approved a share buyback program on Wednesday, January 17th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the utilities provider to buy up to 4.9% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's management believes its shares are undervalued.

ONEOK Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Wednesday, May 1st will be given a $0.99 dividend. The ex-dividend date is Tuesday, April 30th. This represents a $3.96 dividend on an annualized basis and a dividend yield of 5.15%. ONEOK's dividend payout ratio is currently 92.09%.

Insiders Place Their Bets

In other news, Director Wayne Thomas Smith acquired 2,700 shares of ONEOK stock in a transaction on Friday, March 1st. The stock was bought at an average price of $75.25 per share, for a total transaction of $203,175.00. Following the transaction, the director now owns 2,700 shares of the company's stock, valued at $203,175. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.20% of the company's stock.

Hedge Funds Weigh In On ONEOK

Several hedge funds and other institutional investors have recently modified their holdings of OKE. Peoples Bank KS bought a new position in shares of ONEOK during the 3rd quarter worth approximately $25,000. Rise Advisors LLC bought a new position in shares of ONEOK during the 1st quarter worth approximately $25,000. LifeSteps Financial Inc. bought a new position in shares of ONEOK during the 1st quarter worth approximately $26,000. Beacon Capital Management LLC lifted its position in shares of ONEOK by 90.7% during the 4th quarter. Beacon Capital Management LLC now owns 408 shares of the utilities provider's stock worth $29,000 after buying an additional 194 shares during the period. Finally, HHM Wealth Advisors LLC bought a new position in shares of ONEOK during the 4th quarter worth approximately $32,000. Institutional investors own 69.13% of the company's stock.

ONEOK Company Profile

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.