Royal Bank Of Canada Has Lowered Expectations for ONEOK (NYSE:OKE) Stock Price

ONEOK (NYSE:OKE) had its price objective reduced by Royal Bank Of Canada from $94.00 to $88.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a “sector perform” rating on the utilities provider’s stock. Royal Bank Of Canada’s price target points to a potential upside of 17.65% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. Raymond James Financial restated an “outperform” rating on shares of ONEOK in a report on Friday, August 1st. Scotiabank set a $92.00 target price on shares of ONEOK and gave the company a “sector outperform” rating in a research note on Tuesday, July 15th. Stifel Nicolaus dropped their target price on shares of ONEOK from $110.00 to $107.00 and set a “buy” rating on the stock in a research note on Thursday, May 1st. Wells Fargo & Company dropped their target price on shares of ONEOK from $102.00 to $93.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 1st. Finally, TD Cowen began coverage on shares of ONEOK in a research note on Monday, July 7th. They issued a “hold” rating and a $91.00 target price on the stock. Six equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, ONEOK has an average rating of “Moderate Buy” and a consensus price target of $103.57.

ONEOK Stock Down 0.7%

ONEOK stock opened at $74.80 on Wednesday. ONEOK has a fifty-two week low of $73.02 and a fifty-two week high of $118.07. The stock has a market cap of $47.11 billion, a PE ratio of 14.58, a price-to-earnings-growth ratio of 1.79 and a beta of 0.99. The firm’s 50-day simple moving average is $80.36 and its 200 day simple moving average is $86.83. The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.46 and a current ratio of 0.59.

ONEOK (NYSE:OKE) last released its quarterly earnings results on Monday, August 4th. The utilities provider reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.01. ONEOK had a net margin of 11.06% and a return on equity of 14.90%. The business had revenue of $8.21 billion for the quarter, compared to analysts’ expectations of $7.20 billion. During the same period in the previous year, the company earned $1.33 earnings per share. Research analysts predict that ONEOK will post 5.07 EPS for the current fiscal year.

Institutional Trading of ONEOK

Hedge funds and other institutional investors have recently modified their holdings of the business. Marcum Wealth LLC increased its holdings in ONEOK by 1.1% during the 1st quarter. Marcum Wealth LLC now owns 10,250 shares of the utilities provider’s stock worth $1,017,000 after acquiring an additional 108 shares during the period. West Paces Advisors Inc. increased its holdings in ONEOK by 4.7% during the 4th quarter. West Paces Advisors Inc. now owns 2,527 shares of the utilities provider’s stock worth $254,000 after acquiring an additional 114 shares during the period. Bogart Wealth LLC increased its holdings in ONEOK by 3.1% during the 2nd quarter. Bogart Wealth LLC now owns 4,031 shares of the utilities provider’s stock worth $329,000 after acquiring an additional 122 shares during the period. Presima Securities ULC increased its holdings in ONEOK by 1.4% during the 1st quarter. Presima Securities ULC now owns 9,477 shares of the utilities provider’s stock worth $940,000 after acquiring an additional 127 shares during the period. Finally, Morey & Quinn Wealth Partners LLC increased its holdings in shares of ONEOK by 0.8% in the 1st quarter. Morey & Quinn Wealth Partners LLC now owns 15,722 shares of the utilities provider’s stock worth $1,560,000 after buying an additional 130 shares during the last quarter. 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.