Scotiabank Issues Pessimistic Forecast for ONEOK (NYSE:OKE) Stock Price

ONEOK (NYSE:OKE - Free Report) had its price target reduced by Scotiabank from $96.00 to $93.00 in a report released on Thursday,Benzinga reports. Scotiabank currently has a sector outperform rating on the utilities provider's stock.

A number of other research firms have also issued reports on OKE. Barclays dropped their target price on shares of ONEOK from $101.00 to $91.00 and set an "equal weight" rating for the company in a report on Tuesday. Wolfe Research raised shares of ONEOK from a "peer perform" rating to an "outperform" rating and set a $110.00 price target on the stock in a research report on Monday, February 10th. Citigroup reduced their price target on shares of ONEOK from $110.00 to $102.00 and set a "buy" rating on the stock in a research report on Tuesday, May 6th. Stifel Nicolaus reduced their target price on shares of ONEOK from $110.00 to $107.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Finally, Morgan Stanley raised their price objective on shares of ONEOK from $111.00 to $133.00 and gave the stock an "overweight" rating in a report on Tuesday, March 25th. Six analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $103.69.

ONEOK Stock Up 0.7%

NYSE OKE traded up $0.58 during trading on Thursday, reaching $81.10. 5,370,772 shares of the company's stock traded hands, compared to its average volume of 3,334,461. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.81 and a quick ratio of 0.59. The firm has a market cap of $50.66 billion, a price-to-earnings ratio of 16.97, a price-to-earnings-growth ratio of 3.77 and a beta of 0.94. The company's 50 day simple moving average is $84.21 and its two-hundred day simple moving average is $95.81. ONEOK has a 12-month low of $75.48 and a 12-month high of $118.07.

ONEOK (NYSE:OKE - Get Free Report) last released its earnings results on Tuesday, April 29th. The utilities provider reported $1.04 earnings per share for the quarter, missing the consensus estimate of $1.28 by ($0.24). ONEOK had a return on equity of 16.84% and a net margin of 14.05%. The company had revenue of $6.49 billion for the quarter, compared to analysts' expectations of $8.23 billion. During the same period in the prior year, the firm posted $1.09 EPS. As a group, sell-side analysts forecast that ONEOK will post 5.07 EPS for the current fiscal year.

ONEOK Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 5th were given a dividend of $1.03 per share. The ex-dividend date of this dividend was Monday, May 5th. This represents a $4.12 dividend on an annualized basis and a yield of 5.08%. ONEOK's dividend payout ratio is currently 80.47%.

Institutional Investors Weigh In On ONEOK

Several institutional investors and hedge funds have recently made changes to their positions in OKE. LaFleur & Godfrey LLC purchased a new stake in shares of ONEOK in the fourth quarter worth approximately $931,000. Brighton Jones LLC boosted its holdings in shares of ONEOK by 137.1% in the fourth quarter. Brighton Jones LLC now owns 15,278 shares of the utilities provider's stock worth $1,534,000 after acquiring an additional 8,834 shares during the period. Mather Group LLC. boosted its holdings in shares of ONEOK by 10.1% in the fourth quarter. Mather Group LLC. now owns 5,401 shares of the utilities provider's stock worth $542,000 after acquiring an additional 494 shares during the period. Stratos Wealth Partners LTD. boosted its holdings in shares of ONEOK by 1.4% in the fourth quarter. Stratos Wealth Partners LTD. now owns 66,465 shares of the utilities provider's stock worth $6,673,000 after acquiring an additional 931 shares during the period. Finally, Stratos Wealth Advisors LLC boosted its stake in ONEOK by 7.3% during the fourth quarter. Stratos Wealth Advisors LLC now owns 3,052 shares of the utilities provider's stock valued at $306,000 after buying an additional 208 shares during the period. Institutional investors own 69.13% of the company's stock.

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.