JPMorgan Chase & Co. Increases ONEOK (NYSE:OKE) Price Target to $92.00

ONEOK (NYSE:OKE) had its price target lifted by JPMorgan Chase & Co. from $89.00 to $92.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have an overweight rating on the utilities provider’s stock.

OKE has been the subject of several other reports. StockNews.com upgraded shares of ONEOK from a sell rating to a hold rating in a research note on Friday, May 17th. Wells Fargo & Company raised their target price on shares of ONEOK from $81.00 to $85.00 and gave the company an overweight rating in a research note on Thursday, May 2nd. Citigroup raised their target price on shares of ONEOK from $73.00 to $83.00 and gave the company a buy rating in a research note on Tuesday, March 5th. Barclays increased their price target on shares of ONEOK from $73.00 to $80.00 and gave the company an equal weight rating in a report on Thursday, March 7th. Finally, Truist Financial increased their price target on shares of ONEOK from $71.00 to $81.00 and gave the company a hold rating in a report on Thursday, March 21st. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Hold and an average price target of $84.50.

ONEOK Price Performance

OKE opened at $81.55 on Wednesday. The company has a quick ratio of 0.48, a current ratio of 0.70 and a debt-to-equity ratio of 1.24. ONEOK has a 12 month low of $60.52 and a 12 month high of $83.31. The company has a fifty day simple moving average of $80.15 and a 200 day simple moving average of $75.81. The stock has a market cap of $47.60 billion, a P/E ratio of 18.97, a P/E/G ratio of 4.33 and a beta of 1.65.

ONEOK (NYSE:OKE) last released its earnings results on Tuesday, April 30th. The utilities provider reported $1.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.03. The firm had revenue of $4.78 billion during the quarter, compared to analysts’ expectations of $5.84 billion. ONEOK had a return on equity of 15.94% and a net margin of 12.54%. During the same quarter in the prior year, the company earned $2.34 EPS. On average, research analysts expect that ONEOK will post 4.94 EPS for the current year.

ONEOK Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Wednesday, May 1st were paid a $0.99 dividend. The ex-dividend date of this dividend was Tuesday, April 30th. This represents a $3.96 annualized dividend and a dividend yield of 4.86%. ONEOK’s payout ratio is 92.09%.

Hedge Funds Weigh In On ONEOK

Several institutional investors have recently added to or reduced their stakes in the stock. Hilltop Holdings Inc. lifted its holdings in shares of ONEOK by 7.3% in the fourth quarter. Hilltop Holdings Inc. now owns 16,525 shares of the utilities provider’s stock worth $1,160,000 after buying an additional 1,124 shares in the last quarter. Fifth Third Bancorp lifted its holdings in shares of ONEOK by 16.2% in the fourth quarter. Fifth Third Bancorp now owns 21,800 shares of the utilities provider’s stock worth $1,531,000 after buying an additional 3,032 shares in the last quarter. Kestra Private Wealth Services LLC lifted its holdings in shares of ONEOK by 26.6% in the fourth quarter. Kestra Private Wealth Services LLC now owns 24,568 shares of the utilities provider’s stock worth $1,725,000 after buying an additional 5,167 shares in the last quarter. ELCO Management Co. LLC lifted its holdings in shares of ONEOK by 102.3% in the third quarter. ELCO Management Co. LLC now owns 26,432 shares of the utilities provider’s stock worth $1,677,000 after buying an additional 13,367 shares in the last quarter. Finally, Federated Hermes Inc. lifted its holdings in shares of ONEOK by 31.6% in the fourth quarter. Federated Hermes Inc. now owns 160,596 shares of the utilities provider’s stock worth $11,277,000 after buying an additional 38,560 shares in the last quarter. 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.