Wells Fargo & Co Increases ONEOK (NYSE:OKE) Price Target to $83.00

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ONEOK (NYSE:OKE) had its price target raised by equities research analysts at Wells Fargo & Co from $81.00 to $83.00 in a report released on Wednesday, BenzingaRatingsTable reports. The firm currently has an “overweight” rating on the utilities provider’s stock. Wells Fargo & Co‘s price target would suggest a potential upside of 24.40% from the stock’s current price.

Other equities analysts have also issued research reports about the stock. Goldman Sachs Group upgraded shares of ONEOK from a “neutral” rating to a “buy” rating and boosted their target price for the company from $73.00 to $81.00 in a report on Sunday, November 3rd. Scotiabank began coverage on shares of ONEOK in a report on Tuesday, January 28th. They issued a “sector outperform” rating and a $84.00 target price on the stock. Wolfe Research downgraded shares of ONEOK from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, January 8th. Stifel Nicolaus raised shares of ONEOK from a “hold” rating to a “buy” rating and lifted their price target for the company from $71.00 to $81.00 in a research note on Wednesday. Finally, Morgan Stanley began coverage on shares of ONEOK in a research note on Monday, January 6th. They issued an “underweight” rating and a $63.00 price target for the company. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $76.84.

Shares of NYSE:OKE traded down $0.83 during mid-day trading on Wednesday, reaching $66.72. 7,511,608 shares of the company’s stock were exchanged, compared to its average volume of 2,249,400. The firm has a market capitalization of $30.29 billion, a price-to-earnings ratio of 21.73, a PEG ratio of 1.77 and a beta of 1.11. The company has a debt-to-equity ratio of 2.01, a quick ratio of 0.95 and a current ratio of 0.73. ONEOK has a twelve month low of $63.13 and a twelve month high of $78.48. The business’s fifty day moving average price is $75.49 and its 200-day moving average price is $72.88.

ONEOK (NYSE:OKE) last released its earnings results on Monday, February 24th. The utilities provider reported $0.77 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.77. The business had revenue of $2.66 billion for the quarter, compared to analyst estimates of $2.72 billion. ONEOK had a net margin of 12.58% and a return on equity of 20.27%. ONEOK’s revenue for the quarter was down 15.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.70 earnings per share. Analysts predict that ONEOK will post 3.74 EPS for the current fiscal year.

In other news, Director Mark W. Helderman purchased 6,094 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The shares were acquired at an average cost of $73.36 per share, for a total transaction of $447,055.84. 0.60% of the stock is currently owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in OKE. Tarbox Family Office Inc. boosted its holdings in ONEOK by 113.1% during the fourth quarter. Tarbox Family Office Inc. now owns 326 shares of the utilities provider’s stock worth $25,000 after purchasing an additional 173 shares during the last quarter. Northern Oak Wealth Management Inc. purchased a new position in ONEOK during the fourth quarter worth about $26,000. Duncker Streett & Co. Inc. purchased a new position in ONEOK during the fourth quarter worth about $26,000. Princeton Global Asset Management LLC purchased a new position in ONEOK during the fourth quarter worth about $28,000. Finally, M&R Capital Management Inc. purchased a new position in ONEOK during the fourth quarter worth about $30,000. Institutional investors and hedge funds own 73.43% of the company’s stock.

About ONEOK

ONEOK, Inc, together with its subsidiaries, engages in the gathering, processing, storage, and transportation of natural gas in the United States. It operates through Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines segments. The company owns natural gas gathering pipelines and processing plants in the Mid-Continent and Rocky Mountain regions.

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Analyst Recommendations for ONEOK (NYSE:OKE)

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