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Royal Bank Of Canada Cuts ONEOK (NYSE:OKE) Price Target to $94.00

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Key Points

  • Royal Bank of Canada has reduced its price target for ONEOK from $100.00 to $94.00 while maintaining a "sector perform" rating, indicating an anticipated upside of 18.68% from the stock's current price.
  • Several analysts, including Wells Fargo and Barclays, have also lowered their price targets on ONEOK, while JPMorgan Chase increased its target, reflecting mixed ratings with an average consensus of "Moderate Buy."
  • ONEOK's stock recently traded at $79.21, having experienced a decline, with a price-to-earnings ratio of 15.46 and a market cap of $49.86 billion.
  • Five stocks to consider instead of ONEOK.

ONEOK (NYSE:OKE - Get Free Report) had its price target dropped by Royal Bank Of Canada from $100.00 to $94.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a "sector perform" rating on the utilities provider's stock. Royal Bank Of Canada's price objective indicates a potential upside of 18.68% from the stock's current price.

OKE has been the subject of a number of other research reports. Wells Fargo & Company decreased their price target on ONEOK from $102.00 to $93.00 and set an "equal weight" rating for the company in a research report on Thursday, May 1st. Barclays lowered their target price on ONEOK from $101.00 to $91.00 and set an "equal weight" rating on the stock in a report on Tuesday, June 3rd. JPMorgan Chase & Co. lifted their price objective on ONEOK from $94.00 to $97.00 and gave the stock an "overweight" rating in a report on Thursday, July 3rd. Stifel Nicolaus cut their price objective on ONEOK from $110.00 to $107.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Finally, Citigroup dropped their target price on ONEOK from $110.00 to $102.00 and set a "buy" rating for the company in a research report on Tuesday, May 6th. Six equities 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's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $104.57.

Read Our Latest Report on OKE

ONEOK Price Performance

OKE stock traded down $1.87 during trading on Friday, hitting $79.21. The stock had a trading volume of 1,607,220 shares, compared to its average volume of 3,946,064. ONEOK has a 1-year low of $75.47 and a 1-year high of $118.07. The company's 50 day moving average price is $81.46 and its two-hundred day moving average price is $88.95. The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.52 and a current ratio of 0.67. The stock has a market cap of $49.86 billion, a price-to-earnings ratio of 15.46, a price-to-earnings-growth ratio of 1.95 and a beta of 0.93.

ONEOK (NYSE:OKE - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The utilities provider reported $1.04 earnings per share for the quarter, missing analysts' consensus estimates of $1.28 by ($0.24). The company had revenue of $6.49 billion during the quarter, compared to analysts' expectations of $8.23 billion. ONEOK had a return on equity of 15.58% and a net margin of 12.15%. During the same quarter in the prior year, the company earned $1.09 EPS. On average, sell-side analysts forecast that ONEOK will post 5.07 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in ONEOK by 7.2% in the first quarter. Vanguard Group Inc. now owns 75,196,969 shares of the utilities provider's stock worth $7,461,043,000 after buying an additional 5,076,705 shares in the last quarter. Nuveen LLC acquired a new position in shares of ONEOK in the first quarter worth about $440,535,000. Boston Partners acquired a new position in shares of ONEOK in the first quarter worth about $353,596,000. Charles Schwab Investment Management Inc. raised its position in shares of ONEOK by 13.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 20,957,230 shares of the utilities provider's stock worth $2,079,376,000 after purchasing an additional 2,542,449 shares during the last quarter. Finally, Wellington Management Group LLP raised its holdings in ONEOK by 51.9% in the 1st quarter. Wellington Management Group LLP now owns 6,388,987 shares of the utilities provider's stock valued at $633,915,000 after acquiring an additional 2,182,081 shares during the last quarter. Hedge funds and other institutional investors own 69.13% of the company's stock.

ONEOK Company Profile

(Get Free Report)

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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Analyst Recommendations for ONEOK (NYSE:OKE)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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