ONEOK (NYSE:OKE) Coverage Initiated at Citigroup

Stock analysts at Citigroup began coverage on shares of ONEOK (NYSE:OKE) in a research note issued on Friday. The firm set a “buy” rating and a $110.00 price target on the utilities provider’s stock. Citigroup’s price target indicates a potential upside of 11.30% from the stock’s current price.

A number of other brokerages have also recently issued reports on OKE. Scotiabank initiated coverage on ONEOK in a report on Friday, January 10th. They set a “sector outperform” rating and a $109.00 price objective for the company. Barclays initiated coverage on ONEOK in a report on Thursday, February 6th. They set an “equal weight” rating and a $105.00 target price for the company. Truist Financial boosted their price objective on ONEOK from $99.00 to $107.00 and gave the company a “hold” rating in a research report on Tuesday, December 3rd. US Capital Advisors raised shares of ONEOK from a “moderate buy” rating to a “strong-buy” rating in a report on Monday, February 3rd. Finally, UBS Group upped their price target on ONEOK from $112.00 to $132.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Seven research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $104.15.

ONEOK Stock Performance

ONEOK stock traded up $2.19 during midday trading on Friday, hitting $98.83. The stock had a trading volume of 281,987 shares, compared to its average volume of 3,884,203. The company has a market capitalization of $57.74 billion, a PE ratio of 20.68, a P/E/G ratio of 3.77 and a beta of 1.70. The firm’s fifty day moving average is $100.91 and its two-hundred day moving average is $99.00. The company has a current ratio of 0.81, a quick ratio of 0.59 and a debt-to-equity ratio of 1.59. ONEOK has a 52-week low of $74.39 and a 52-week high of $118.07.

ONEOK (NYSE:OKE) last posted its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $6.18 billion. ONEOK had a net margin of 14.05% and a return on equity of 16.84%. On average, research analysts forecast that ONEOK will post 5.07 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of ONEOK by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 70,120,264 shares of the utilities provider’s stock valued at $7,040,075,000 after purchasing an additional 558,789 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of ONEOK by 5.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 18,414,781 shares of the utilities provider’s stock worth $1,848,844,000 after buying an additional 934,007 shares during the last quarter. Geode Capital Management LLC lifted its holdings in ONEOK by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 14,037,890 shares of the utilities provider’s stock valued at $1,405,697,000 after acquiring an additional 357,015 shares during the period. Northern Trust Corp grew its stake in ONEOK by 15.2% in the 4th quarter. Northern Trust Corp now owns 6,535,861 shares of the utilities provider’s stock valued at $656,200,000 after acquiring an additional 864,392 shares during the period. Finally, Norges Bank acquired a new position in shares of ONEOK during the 4th quarter worth approximately $539,554,000. 69.13% of the stock is currently owned by institutional investors and hedge funds.

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.