ONEOK (NYSE:OKE) Share Price Crosses Below 200 Day Moving Average - What's Next?

Key Points

• ONEOK shares fell below their 200-day moving average of $88.84, trading as low as $87.55 and last quoted at $88.40.
• Analyst sentiment is mixed but leans positive: MarketBeat reports a “Moderate Buy” consensus and a $99.25 average price target, while recent target increases include Mizuho’s $101 and Wells Fargo’s $106.
• ONEOK beat quarterly estimates, reporting $2.13 in earnings per share versus $1.50 expected, and declared a $1.07 quarterly dividend, equivalent to a 4.8% yield at the article’s cited price.

ONEOK, Inc. (NYSE:OKE - Get Free Report)'s stock price crossed below its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $88.84 and traded as low as $87.55. ONEOK shares last traded at $88.3980, with a volume of 5,614,250 shares trading hands.

Trending Headlines about ONEOK

Here are the key news stories impacting ONEOK this week:

• Positive Sentiment: Higher targets from analysts: Mizuho raised its price target to $101, and Scotiabank increased its target from $96 to $97. Scotiabank kept a “sector perform” rating, so its higher target was not a stronger endorsement. Mizuho target increase Scotiabank rating and target
• Positive Sentiment: Momentum-screen recognition: Zacks described ONEOK as a top-ranked momentum stock, which may attract attention from investors using momentum-based screens. The article is a style-score feature, not a new company announcement. Zacks momentum-stock article
• Neutral Sentiment: Analyst views remain mixed: A roundup noted conflicting sentiment on ONEOK and EQT, suggesting the target increases do not represent a unanimous view. Analyst sentiment roundup
• Neutral Sentiment: No clear fresh downside catalyst in the cited coverage: Other items discuss investment-firm views and dividend-stock considerations, but the provided headlines do not identify a new operational or financial setback for ONEOK. Investment-firm views on ONEOK Dividend-stock article

Analyst Upgrades and Downgrades

Several research firms recently commented on OKE. Wells Fargo & Company raised their price target on shares of ONEOK from $98.00 to $106.00 and gave the stock an "overweight" rating in a report on Wednesday, September 2nd. Stifel Nicolaus set a $100.00 price target on shares of ONEOK in a research report on Friday, October 9th. UBS Group set a $93.00 price objective on ONEOK in a research report on Friday, September 11th. Royal Bank Of Canada increased their target price on shares of ONEOK from $90.00 to $96.00 and gave the company a "sector perform" rating in a research note on Wednesday, October 21st. Finally, TD Cowen reiterated a "hold" rating on shares of ONEOK in a research report on Friday, October 16th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat, ONEOK has a consensus rating of "Moderate Buy" and a consensus target price of $99.25.

ONEOK Trading Down 3.9%

The firm has a market cap of $55.73 billion, a P/E ratio of 13.73, a PEG ratio of 1.70 and a beta of 0.77. The business has a 50 day moving average of $92.75 and a two-hundred day moving average of $88.84. The company has a current ratio of 0.84, a quick ratio of 0.66 and a debt-to-equity ratio of 0.83.

ONEOK (NYSE:OKE - Get Free Report) last issued its quarterly earnings data on Tuesday, October 27th. The utilities provider reported $2.13 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.63. The business had revenue of $12.46 billion during the quarter, compared to analysts' expectations of $10.54 billion. ONEOK had a net margin of 9.42% and a return on equity of 16.36%. During the same quarter in the previous year, the company earned $1.49 EPS. Analysts predict that ONEOK, Inc. will post 6.18 earnings per share for the current year.

ONEOK Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 16th. Shareholders of record on Monday, November 2nd will be given a $1.07 dividend. This represents a $4.28 annualized dividend and a yield of 4.8%. The ex-dividend date is Monday, November 2nd. ONEOK's dividend payout ratio is 66.46%.

Institutional Investors Weigh In On ONEOK

A number of large investors have recently bought and sold shares of the stock. StoneRidge PMG Advisors LLC purchased a new position in ONEOK in the 3rd quarter worth approximately $727,000. Formidable Asset Management LLC boosted its stake in ONEOK by 14.2% during the 3rd quarter. Formidable Asset Management LLC now owns 19,294 shares of the utilities provider's stock valued at $1,677,000 after purchasing an additional 2,400 shares during the last quarter. Focused Wealth Management Inc boosted its stake in ONEOK by 6.4% during the 3rd quarter. Focused Wealth Management Inc now owns 4,358 shares of the utilities provider's stock valued at $372,000 after purchasing an additional 263 shares during the last quarter. Rakuten Investment Management Inc. increased its holdings in shares of ONEOK by 9.8% in the 3rd quarter. Rakuten Investment Management Inc. now owns 113,123 shares of the utilities provider's stock worth $9,826,000 after purchasing an additional 10,075 shares in the last quarter. Finally, Soltis Investment Advisors LLC increased its holdings in shares of ONEOK by 482.8% in the 3rd quarter. Soltis Investment Advisors LLC now owns 13,783 shares of the utilities provider's stock worth $1,175,000 after purchasing an additional 11,418 shares in the last quarter. 69.13% of the stock is currently owned by institutional investors and hedge funds.

ONEOK Company Profile

ONEOK, Inc is an energy infrastructure company that operates midstream assets across the United States. Its business includes the gathering, processing, storage and transportation of natural gas, as well as the gathering, fractionation, storage and transportation of natural gas liquids (NGLs). The company also provides transportation and storage services for refined petroleum products, crude oil and other related commodities.

ONEOK serves major producing and consuming regions, including the Mid-Continent, Rocky Mountain, Permian and Gulf Coast areas.

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