ONEOK (NYSE:OKE) Hits New 12-Month Low – Here’s What Happened

Shares of ONEOK, Inc. (NYSE:OKE) hit a new 52-week low during mid-day trading on Monday . The company traded as low as $75.48 and last traded at $77.24, with a volume of 801974 shares traded. The stock had previously closed at $80.86.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on OKE. US Capital Advisors raised ONEOK from a “moderate buy” rating to a “strong-buy” rating in a report on Monday, February 3rd. Wells Fargo & Company lowered their target price on shares of ONEOK from $107.00 to $102.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 26th. Citigroup started coverage on shares of ONEOK in a research report on Friday, February 28th. They set a “buy” rating and a $110.00 price target on the stock. Scotiabank decreased their price objective on shares of ONEOK from $109.00 to $102.00 and set a “sector outperform” rating for the company in a report on Thursday, March 6th. Finally, Barclays dropped their target price on ONEOK from $105.00 to $101.00 and set an “equal weight” rating on the stock in a report on Friday, March 7th. Seven investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, ONEOK has a consensus rating of “Moderate Buy” and an average price target of $105.00.

ONEOK Trading Down 1.4 %

The firm has a 50 day moving average price of $97.08 and a two-hundred day moving average price of $100.30. The firm has a market capitalization of $49.76 billion, a P/E ratio of 16.69, a price-to-earnings-growth ratio of 3.77 and a beta of 1.20. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.59 and a current ratio of 0.81.

ONEOK (NYSE:OKE) last issued its quarterly earnings results on Monday, February 24th. The utilities provider reported $1.57 earnings per share for the quarter, topping analysts’ consensus estimates of $1.46 by $0.11. The firm had revenue of $7 billion for the quarter, compared to analysts’ expectations of $6.18 billion. ONEOK had a return on equity of 16.84% and a net margin of 14.05%. On average, equities research analysts expect that ONEOK, Inc. will post 5.07 EPS for the current fiscal year.

ONEOK Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Monday, February 3rd were issued a dividend of $1.03 per share. This is an increase from ONEOK’s previous quarterly dividend of $0.99. The ex-dividend date was Monday, February 3rd. This represents a $4.12 dividend on an annualized basis and a dividend yield of 5.17%. ONEOK’s payout ratio is currently 79.69%.

Hedge Funds Weigh In On ONEOK

Several institutional investors and hedge funds have recently bought and sold shares of the business. Kieckhefer Group LLC purchased a new position in ONEOK during the fourth quarter valued at approximately $30,000. Greenline Partners LLC acquired a new stake in shares of ONEOK during the 4th quarter valued at $32,000. Vermillion Wealth Management Inc. purchased a new position in shares of ONEOK during the 4th quarter valued at $37,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in shares of ONEOK in the fourth quarter worth $39,000. Finally, Canton Hathaway LLC purchased a new stake in shares of ONEOK during the fourth quarter worth $40,000. Hedge funds and other 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.