ONEOK (NYSE:OKE) Cut to Equal Weight at Wells Fargo & Company

Wells Fargo & Company lowered shares of ONEOK (NYSE:OKE - Free Report) from an overweight rating to an equal weight rating in a research note issued to investors on Wednesday morning, Marketbeat Ratings reports. Wells Fargo & Company currently has $107.00 price target on the utilities provider's stock.

Several other research firms have also issued reports on OKE. Mizuho upgraded ONEOK to a "hold" rating in a research report on Thursday, November 7th. UBS Group boosted their target price on ONEOK from $112.00 to $132.00 and gave the stock a "buy" rating in a research report on Friday, November 15th. Royal Bank of Canada increased their price target on shares of ONEOK from $89.00 to $98.00 and gave the company a "sector perform" rating in a research report on Wednesday, October 16th. Morgan Stanley upgraded shares of ONEOK from an "equal weight" rating to an "overweight" rating and boosted their price objective for the company from $103.00 to $111.00 in a report on Monday, September 16th. Finally, Truist Financial increased their target price on shares of ONEOK from $99.00 to $107.00 and gave the stock a "hold" rating in a report on Tuesday, December 3rd. Eight investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $101.00.

ONEOK Trading Down 4.1 %

OKE stock traded down $4.14 during midday trading on Wednesday, reaching $97.64. The stock had a trading volume of 3,845,635 shares, compared to its average volume of 2,809,744. The firm has a market cap of $57.04 billion, a price-to-earnings ratio of 20.43, a PEG ratio of 5.24 and a beta of 1.69. ONEOK has a twelve month low of $67.05 and a twelve month high of $118.07. The company has a quick ratio of 0.59, a current ratio of 0.81 and a debt-to-equity ratio of 1.59. The business has a fifty day simple moving average of $103.92 and a two-hundred day simple moving average of $92.28.

ONEOK (NYSE:OKE - Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The utilities provider reported $1.18 EPS for the quarter, missing the consensus estimate of $1.23 by ($0.05). ONEOK had a return on equity of 16.84% and a net margin of 14.05%. The business had revenue of $5.02 billion for the quarter, compared to analyst estimates of $5.81 billion. During the same quarter in the prior year, the firm earned $0.99 EPS. As a group, research analysts expect that ONEOK will post 5.1 EPS for the current fiscal year.

ONEOK Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Friday, November 1st were given a $0.99 dividend. This represents a $3.96 dividend on an annualized basis and a yield of 4.06%. The ex-dividend date of this dividend was Friday, November 1st. ONEOK's dividend payout ratio is presently 82.85%.

Institutional Trading of ONEOK

A number of institutional investors have recently made changes to their positions in the business. International Assets Investment Management LLC raised its holdings in ONEOK by 9,439.9% during the third quarter. International Assets Investment Management LLC now owns 3,230,989 shares of the utilities provider's stock worth $294,440,000 after acquiring an additional 3,197,121 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of ONEOK by 3.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 17,480,774 shares of the utilities provider's stock worth $1,593,023,000 after purchasing an additional 661,854 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of ONEOK during the 3rd quarter worth approximately $47,957,000. Bahl & Gaynor Inc. boosted its holdings in shares of ONEOK by 3,648.4% in the 2nd quarter. Bahl & Gaynor Inc. now owns 514,954 shares of the utilities provider's stock valued at $41,995,000 after buying an additional 501,216 shares during the last quarter. Finally, Yaupon Capital Management LP bought a new position in shares of ONEOK in the third quarter valued at $45,194,000. 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.