ONEOK (NYSE:OKE) Sets New 52-Week Low - Here's Why

Key Points

• ONEOK has hit a new 52-week low, trading at $72.75 during mid-day, reflecting a drop from its previous closing price of $73.93.
• Recent analyst actions include price target reductions by Stifel Nicolaus and Royal Bank Of Canada, while JPMorgan Chase raised its target, indicating mixed sentiment among analysts.
• The company declared a quarterly dividend of $1.03 per share, representing a 5.6% yield, with a payout ratio of 80.31%.

ONEOK, Inc. (NYSE:OKE - Get Free Report) hit a new 52-week low during mid-day trading on Monday . The company traded as low as $72.75 and last traded at $73.28, with a volume of 206363 shares changing hands. The stock had previously closed at $73.93.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Stifel Nicolaus dropped their price target on ONEOK from $110.00 to $107.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Royal Bank Of Canada dropped their price target on ONEOK from $94.00 to $88.00 and set a "sector perform" rating on the stock in a research note on Wednesday, August 13th. JPMorgan Chase & Co. lifted their price target on ONEOK from $94.00 to $97.00 and gave the stock an "overweight" rating in a research note on Thursday, July 3rd. Wells Fargo & Company dropped their price target on ONEOK from $102.00 to $93.00 and set an "equal weight" rating on the stock in a research note on Thursday, May 1st. Finally, Barclays set a $83.00 target price on ONEOK in a research report on Thursday. Six equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $103.57.

ONEOK Stock Down 0.7%

The business has a 50-day simple moving average of $80.20 and a two-hundred day simple moving average of $86.46. The company has a market cap of $46.22 billion, a price-to-earnings ratio of 14.30, a PEG ratio of 1.75 and a beta of 0.99. The company has a quick ratio of 0.46, a current ratio of 0.59 and a debt-to-equity ratio of 1.35.

ONEOK (NYSE:OKE - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The utilities provider reported $1.34 earnings per share for the quarter, topping analysts' consensus estimates of $1.33 by $0.01. ONEOK had a return on equity of 14.90% and a net margin of 11.06%. The company had revenue of $8.21 billion during the quarter, compared to analysts' expectations of $7.20 billion. During the same quarter in the previous year, the firm earned $1.33 earnings per share. As a group, equities analysts forecast that ONEOK, Inc. will post 5.07 earnings per share for the current fiscal year.

ONEOK Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Friday, August 1st were issued a dividend of $1.03 per share. The ex-dividend date was Friday, August 1st. This represents a $4.12 dividend on an annualized basis and a dividend yield of 5.6%. ONEOK's payout ratio is 80.31%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of OKE. Norges Bank acquired a new position in shares of ONEOK during the second quarter worth approximately $562,832,000. Vanguard Group Inc. raised its holdings in ONEOK by 7.2% in the 1st quarter. Vanguard Group Inc. now owns 75,196,969 shares of the utilities provider's stock valued at $7,461,043,000 after acquiring an additional 5,076,705 shares in the last quarter. Nuveen LLC acquired a new position in ONEOK in the 1st quarter valued at approximately $440,535,000. Boston Partners acquired a new position in ONEOK in the 1st quarter valued at approximately $353,596,000. Finally, First Eagle Investment Management LLC raised its holdings in ONEOK by 130.8% in the 2nd quarter. First Eagle Investment Management LLC now owns 6,256,173 shares of the utilities provider's stock valued at $510,691,000 after acquiring an additional 3,545,256 shares in the last quarter. 69.13% of the stock is currently owned by institutional investors and hedge funds.

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.

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