ONEOK (NYSE:OKE) Reaches New 52-Week Low - Here's What Happened

Key Points

• ONEOK's stock price reached a new 52-week low of $75.32 during trading, down from a previous close of $79.83, with a trading volume of over 2.37 million shares.
• A number of analysts have issued mixed ratings on ONEOK, with six holding a "hold" rating, nine giving a buy rating, and JPMorgan Chase & Co. raising their target price to $97.00, reflecting a consensus rating of "Moderate Buy."
• The company announced a quarterly dividend of $1.03 per share, representing a 5.4% yield, and has a payout ratio of 80.47%.

ONEOK, Inc. (NYSE:OKE - Get Free Report)'s stock price hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $75.32 and last traded at $75.60, with a volume of 2373126 shares traded. The stock had previously closed at $79.83.

Analyst Ratings Changes

A number of analysts have issued reports on OKE shares. TD Cowen started coverage on shares of ONEOK in a research note on Monday, July 7th. They set a "hold" rating and a $91.00 price target on the stock. Royal Bank Of Canada cut their price target on shares of ONEOK from $100.00 to $94.00 and set a "sector perform" rating on the stock in a research note on Friday. Raymond James Financial reiterated an "outperform" rating on shares of ONEOK in a research note on Friday. Scotiabank set a $92.00 price target on shares of ONEOK and gave the stock a "sector outperform" rating in a research note on Tuesday, July 15th. Finally, JPMorgan Chase & Co. upped their target price on shares of ONEOK from $94.00 to $97.00 and gave the stock an "overweight" rating in a research note on Thursday, July 3rd. Six research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $104.57.

ONEOK Price Performance

The firm has a market capitalization of $47.78 billion, a price-to-earnings ratio of 14.78, a P/E/G ratio of 1.87 and a beta of 0.99. The company has a fifty day moving average price of $81.40 and a two-hundred day moving average price of $88.30. The company has a quick ratio of 0.52, a current ratio of 0.67 and a debt-to-equity ratio of 1.35.

ONEOK (NYSE:OKE - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The utilities provider reported $1.34 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.01. The business had revenue of $8.21 billion during the quarter, compared to the consensus estimate of $7.20 billion. ONEOK had a return on equity of 15.58% and a net margin of 12.15%. During the same period in the prior year, the company earned $1.33 earnings per share. On average, equities research analysts expect that ONEOK, Inc. will post 5.07 EPS for the current fiscal year.

ONEOK Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Friday, August 1st will be issued a dividend of $1.03 per share. The ex-dividend date of this dividend is Friday, August 1st. This represents a $4.12 annualized dividend and a dividend yield of 5.4%. ONEOK's dividend payout ratio (DPR) is currently 80.47%.

Institutional Investors Weigh In On ONEOK

Several hedge funds have recently modified their holdings of the stock. Marcum Wealth LLC increased its holdings in shares of ONEOK by 1.1% in the 1st quarter. Marcum Wealth LLC now owns 10,250 shares of the utilities provider's stock valued at $1,017,000 after acquiring an additional 108 shares during the last quarter. West Paces Advisors Inc. boosted its position in ONEOK by 4.7% during the 4th quarter. West Paces Advisors Inc. now owns 2,527 shares of the utilities provider's stock valued at $254,000 after purchasing an additional 114 shares during the period. Bogart Wealth LLC boosted its position in ONEOK by 3.1% during the 2nd quarter. Bogart Wealth LLC now owns 4,031 shares of the utilities provider's stock valued at $329,000 after purchasing an additional 122 shares during the period. Presima Securities ULC boosted its position in ONEOK by 1.4% during the 1st quarter. Presima Securities ULC now owns 9,477 shares of the utilities provider's stock worth $940,000 after acquiring an additional 127 shares during the period. Finally, Morey & Quinn Wealth Partners LLC boosted its position in ONEOK by 0.8% during the 1st quarter. Morey & Quinn Wealth Partners LLC now owns 15,722 shares of the utilities provider's stock worth $1,560,000 after acquiring an additional 130 shares during the period. 69.13% of the stock is owned by institutional investors and hedge funds.

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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