ONEOK (OKE) Research Coverage Started at Goldman Sachs Group

Goldman Sachs Group assumed coverage on shares of ONEOK (NYSE:OKE) in a report published on Monday morning, The Fly reports. The brokerage issued a neutral rating on the utilities provider’s stock.

OKE has been the topic of several other research reports. Wells Fargo & Co boosted their price target on ONEOK from $69.00 to $77.00 and gave the stock an outperform rating in a research report on Thursday, August 2nd. Zacks Investment Research raised ONEOK from a hold rating to a buy rating and set a $77.00 price target on the stock in a research report on Tuesday, July 3rd. Barclays boosted their price target on ONEOK from $66.00 to $72.00 and gave the stock a buy rating in a research report on Tuesday, June 12th. Bank of America lifted their target price on ONEOK from $70.00 to $71.00 and gave the stock a neutral rating in a research note on Thursday, August 2nd. Finally, ValuEngine downgraded ONEOK from a buy rating to a hold rating in a research note on Wednesday, August 29th. Ten analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $69.53.

NYSE:OKE opened at $68.40 on Monday. The company has a market cap of $27.88 billion, a price-to-earnings ratio of 38.86, a P/E/G ratio of 2.64 and a beta of 0.98. ONEOK has a twelve month low of $49.65 and a twelve month high of $71.99. The company has a current ratio of 0.56, a quick ratio of 0.40 and a debt-to-equity ratio of 1.04.

ONEOK (NYSE:OKE) last posted its quarterly earnings results on Tuesday, July 31st. The utilities provider reported $0.68 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.01. The firm had revenue of $2.96 billion for the quarter, compared to analyst estimates of $3.20 billion. ONEOK had a return on equity of 14.70% and a net margin of 6.07%. Research analysts forecast that ONEOK will post 2.7 EPS for the current fiscal year.

In other ONEOK news, Director Brian L. Derksen bought 1,500 shares of ONEOK stock in a transaction dated Monday, August 6th. The stock was bought at an average cost of $67.60 per share, for a total transaction of $101,400.00. Following the purchase, the director now owns 5,100 shares of the company’s stock, valued at approximately $344,760. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.53% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OKE. Summit Trail Advisors LLC boosted its stake in ONEOK by 6,007.8% in the 1st quarter. Summit Trail Advisors LLC now owns 4,703,755 shares of the utilities provider’s stock valued at $4,704,000 after purchasing an additional 4,626,743 shares during the period. BlackRock Inc. boosted its stake in ONEOK by 9.8% in the 2nd quarter. BlackRock Inc. now owns 36,629,660 shares of the utilities provider’s stock valued at $2,557,848,000 after purchasing an additional 3,276,879 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in ONEOK in the 2nd quarter valued at $94,768,000. Brookfield Asset Management Inc. boosted its stake in ONEOK by 88.4% in the 1st quarter. Brookfield Asset Management Inc. now owns 2,507,178 shares of the utilities provider’s stock valued at $142,709,000 after purchasing an additional 1,176,134 shares during the period. Finally, Zimmer Partners LP bought a new stake in ONEOK in the 1st quarter valued at $55,679,000. Institutional investors and hedge funds own 73.19% of the company’s stock.

About ONEOK

ONEOK, Inc, through its general partner interests in ONEOK Partners, L.P., engages in the gathering, processing, storage, and transportation of natural gas in the United States. The company operates through Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines segments.

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Analyst Recommendations for ONEOK (NYSE:OKE)

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