ONEOK (NYSE:OKE) Reaches New 1-Year High – Here’s What Happened

ONEOK, Inc. (NYSE:OKE)’s stock price hit a new 52-week high on Monday . The company traded as high as $98.21 and last traded at $98.20, with a volume of 80286 shares trading hands. The stock had previously closed at $97.23.

Analysts Set New Price Targets

A number of research analysts have issued reports on OKE shares. JPMorgan Chase & Co. lifted their price objective on ONEOK from $89.00 to $92.00 and gave the company an “overweight” rating in a report on Wednesday, June 26th. Mizuho lifted their price target on shares of ONEOK from $81.00 to $85.00 and gave the company a “neutral” rating in a report on Friday, July 26th. Wells Fargo & Company upped their price objective on shares of ONEOK from $91.00 to $100.00 and gave the stock an “overweight” rating in a research note on Friday, August 30th. Royal Bank of Canada lifted their target price on shares of ONEOK from $89.00 to $98.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 16th. Finally, Tudor Pickering upgraded ONEOK to a “hold” rating in a research report on Thursday, July 18th. Eight research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, ONEOK has an average rating of “Moderate Buy” and a consensus price target of $94.77.

ONEOK Stock Up 0.3 %

The firm’s 50 day moving average price is $91.79 and its 200-day moving average price is $84.71. The company has a current ratio of 0.62, a quick ratio of 0.41 and a debt-to-equity ratio of 1.22. The company has a market cap of $56.95 billion, a P/E ratio of 21.24, a price-to-earnings-growth ratio of 4.82 and a beta of 1.67.

ONEOK (NYSE:OKE) last announced its quarterly earnings data on Monday, August 5th. The utilities provider reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. The firm had revenue of $4.89 billion for the quarter, compared to analysts’ expectations of $5.52 billion. ONEOK had a net margin of 13.41% and a return on equity of 15.54%. During the same period last year, the firm earned $1.04 earnings per share. As a group, equities research analysts expect that ONEOK, Inc. will post 5.09 EPS for the current year.

ONEOK Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Friday, November 1st will be given a $0.99 dividend. The ex-dividend date is Friday, November 1st. This represents a $3.96 dividend on an annualized basis and a dividend yield of 4.06%. ONEOK’s dividend payout ratio is 86.27%.

Insider Activity at ONEOK

In other news, Director Pattye L. Moore sold 3,379 shares of ONEOK stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $92.01, for a total transaction of $310,901.79. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.20% of the company’s stock.

Institutional Trading of ONEOK

Several hedge funds have recently added to or reduced their stakes in OKE. Quest Partners LLC bought a new stake in shares of ONEOK in the second quarter worth about $28,000. Matrix Trust Co bought a new stake in ONEOK during the 3rd quarter worth approximately $29,000. Ridgewood Investments LLC acquired a new stake in ONEOK during the 2nd quarter worth approximately $31,000. Manchester Capital Management LLC boosted its holdings in shares of ONEOK by 66.4% in the first quarter. Manchester Capital Management LLC now owns 456 shares of the utilities provider’s stock valued at $37,000 after buying an additional 182 shares during the period. Finally, Beacon Capital Management LLC increased its position in shares of ONEOK by 56.9% during the first quarter. Beacon Capital Management LLC now owns 640 shares of the utilities provider’s stock worth $51,000 after acquiring an additional 232 shares in the last quarter. Institutional investors and hedge funds 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.