Royal Bank Of Canada Issues Pessimistic Forecast for ONEOK (NYSE:OKE) Stock Price

Key Points

• Royal Bank of Canada has lowered its target price for ONEOK (NYSE:OKE) from $94.00 to $88.00, maintaining a "sector perform" rating, which suggests a potential upside of 17.83% from the stock's previous close.
• Other analysts have mixed opinions on ONEOK, with Citigroup lowering their target from $110.00 to $102.00 while maintaining a "buy" rating, and Wells Fargo reducing their target from $102.00 to $93.00 with an "equal weight" rating.
• Currently, ONEOK's stock has a consensus rating of "Moderate Buy" and a target price of $104.14, with recent trading activity showing shares at $74.69, up by $0.64.

ONEOK (NYSE:OKE - Get Free Report) had its target price reduced by research analysts at Royal Bank Of Canada from $94.00 to $88.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a "sector perform" rating on the utilities provider's stock. Royal Bank Of Canada's price objective indicates a potential upside of 17.83% from the stock's previous close.

Several other equities analysts have also weighed in on OKE. Raymond James Financial reissued an "outperform" rating on shares of ONEOK in a report on Friday, August 1st. Citigroup reduced their price objective on ONEOK from $110.00 to $102.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. Scotiabank set a $92.00 price objective on ONEOK and gave the company a "sector outperform" rating in a report on Tuesday, July 15th. TD Cowen assumed coverage on ONEOK in a report on Monday, July 7th. They set a "hold" rating and a $91.00 price objective for the company. Finally, Wells Fargo & Company reduced their price objective on ONEOK from $102.00 to $93.00 and set an "equal weight" rating for the company in a report on Thursday, May 1st. Six 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 MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $104.14.

ONEOK Stock Performance

Shares of OKE stock traded up $0.64 during trading on Wednesday, hitting $74.69. The company's stock had a trading volume of 978,084 shares, compared to its average volume of 3,964,500. The company has a market cap of $47.03 billion, a PE ratio of 14.55, a P/E/G ratio of 1.74 and a beta of 0.99. The company has a current ratio of 0.59, a quick ratio of 0.46 and a debt-to-equity ratio of 1.35. The business has a fifty day moving average of $80.59 and a 200-day moving average of $87.09. ONEOK has a 52 week low of $73.02 and a 52 week high of $118.07.

ONEOK (NYSE:OKE - Get Free Report) last released its earnings results on Monday, August 4th. The utilities provider reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $7.20 billion. During the same period in the prior year, the company posted $1.33 earnings per share. As a group, research analysts anticipate that ONEOK will post 5.07 earnings per share for the current year.

Institutional Investors Weigh In On ONEOK

Several large investors have recently added to or reduced their stakes in the business. Greenline Partners LLC purchased a new position in shares of ONEOK in the fourth quarter worth about $32,000. Access Investment Management LLC purchased a new position in ONEOK during the 2nd quarter valued at about $33,000. First Pacific Financial purchased a new position in ONEOK during the 1st quarter valued at about $34,000. Vermillion Wealth Management Inc. purchased a new position in shares of ONEOK during the 4th quarter worth approximately $37,000. Finally, Financial Network Wealth Advisors LLC grew its holdings in shares of ONEOK by 2,466.7% during the 1st quarter. Financial Network Wealth Advisors LLC now owns 385 shares of the utilities provider's stock worth $38,000 after acquiring an additional 370 shares during the period. 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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