ONEOK (NYSE:OKE) Given New $96.00 Price Target at Scotiabank

ONEOK (NYSE:OKE - Get Free Report) had its price objective dropped by equities research analysts at Scotiabank from $100.00 to $96.00 in a report released on Tuesday,Benzinga reports. The firm presently has a "sector outperform" rating on the utilities provider's stock. Scotiabank's target price points to a potential upside of 13.33% from the stock's previous close.

Several other analysts have also recently commented on OKE. Morgan Stanley raised their price objective on shares of ONEOK from $111.00 to $133.00 and gave the company an "overweight" rating in a research note on Tuesday, March 25th. US Capital Advisors raised ONEOK from a "moderate buy" rating to a "strong-buy" rating in a research note on Monday, February 3rd. Stifel Nicolaus dropped their price objective on ONEOK from $110.00 to $107.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Citigroup decreased their target price on ONEOK from $110.00 to $102.00 and set a "buy" rating on the stock in a research report on Tuesday, May 6th. Finally, Barclays dropped their price target on ONEOK from $105.00 to $101.00 and set an "equal weight" rating for the company in a research report on Friday, March 7th. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, ONEOK currently has an average rating of "Moderate Buy" and a consensus target price of $104.69.

ONEOK Stock Down 1.1%

OKE opened at $84.71 on Tuesday. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.81 and a quick ratio of 0.59. ONEOK has a 12 month low of $75.48 and a 12 month high of $118.07. The stock has a market capitalization of $52.91 billion, a P/E ratio of 17.72, a P/E/G ratio of 3.77 and a beta of 1.01. The business has a 50 day simple moving average of $88.43 and a 200-day simple moving average of $97.65.

ONEOK (NYSE:OKE - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The utilities provider reported $1.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.28 by ($0.24). The business had revenue of $6.49 billion during the quarter, compared to analysts' expectations of $8.23 billion. ONEOK had a return on equity of 16.84% and a net margin of 14.05%. During the same quarter in the previous year, the company posted $1.09 EPS. On average, equities analysts anticipate that ONEOK will post 5.07 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ONEOK

Institutional investors and hedge funds have recently modified their holdings of the company. Kingswood Wealth Advisors LLC lifted its stake in shares of ONEOK by 57.9% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 14,506 shares of the utilities provider's stock worth $1,456,000 after purchasing an additional 5,321 shares during the period. Simon Quick Advisors LLC purchased a new position in ONEOK during the fourth quarter worth about $251,000. Sumitomo Mitsui Trust Group Inc. boosted its stake in ONEOK by 9.7% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,544,208 shares of the utilities provider's stock worth $155,038,000 after buying an additional 136,071 shares during the last quarter. Cinctive Capital Management LP purchased a new stake in ONEOK in the 4th quarter valued at about $19,909,000. Finally, Americana Partners LLC increased its stake in shares of ONEOK by 258.6% during the 4th quarter. Americana Partners LLC now owns 271,836 shares of the utilities provider's stock valued at $27,292,000 after acquiring an additional 196,038 shares during the last quarter. Hedge funds and other institutional investors own 69.13% of the company's stock.

About ONEOK

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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