ONEOK (OKE) Rating Increased to Overweight at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of ONEOK (NYSE:OKE) from a neutral rating to an overweight rating in a report published on Tuesday, MarketBeat Ratings reports. The firm currently has $74.00 price target on the utilities provider’s stock, down from their previous price target of $75.00.

A number of other brokerages have also recently commented on OKE. Barclays cut shares of ONEOK from an overweight rating to an equal weight rating and dropped their price objective for the stock from $73.00 to $70.00 in a research note on Friday, October 12th. Citigroup raised shares of ONEOK from a neutral rating to a buy rating and set a $67.00 price objective on the stock in a research note on Thursday, November 29th. Goldman Sachs Group started coverage on shares of ONEOK in a research note on Monday, October 8th. They set a neutral rating and a $68.00 price objective on the stock. ValuEngine raised shares of ONEOK from a hold rating to a buy rating in a research note on Friday, October 19th. Finally, Wolfe Research started coverage on shares of ONEOK in a research note on Thursday, December 13th. They set an outperform rating and a $66.00 price objective on the stock. Nine research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. ONEOK currently has a consensus rating of Buy and an average target price of $70.47.

Shares of NYSE:OKE opened at $59.80 on Tuesday. ONEOK has a twelve month low of $50.26 and a twelve month high of $71.99. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.51 and a current ratio of 0.74. The company has a market capitalization of $24.57 billion, a P/E ratio of 33.98, a price-to-earnings-growth ratio of 2.21 and a beta of 0.96.

ONEOK (NYSE:OKE) last issued its quarterly earnings results on Tuesday, October 30th. The utilities provider reported $0.75 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.04. ONEOK had a net margin of 6.96% and a return on equity of 16.32%. The company had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.31 billion. During the same quarter in the prior year, the company earned $0.43 EPS. On average, analysts forecast that ONEOK will post 2.82 earnings per share for the current year.

Institutional investors have recently added to or reduced their stakes in the stock. JNBA Financial Advisors grew its stake in ONEOK by 827.4% in the 3rd quarter. JNBA Financial Advisors now owns 2,031 shares of the utilities provider’s stock valued at $138,000 after acquiring an additional 1,812 shares during the period. TRUE Private Wealth Advisors acquired a new stake in ONEOK in the 3rd quarter valued at $140,000. Sound Income Strategies LLC grew its stake in ONEOK by 1,391.8% in the 4th quarter. Sound Income Strategies LLC now owns 2,745 shares of the utilities provider’s stock valued at $148,000 after acquiring an additional 2,561 shares during the period. Rehmann Capital Advisory Group lifted its holdings in ONEOK by 205.6% in the 2nd quarter. Rehmann Capital Advisory Group now owns 2,442 shares of the utilities provider’s stock valued at $171,000 after purchasing an additional 1,643 shares in the last quarter. Finally, Palo Capital Inc. purchased a new position in ONEOK in the 3rd quarter valued at $175,000. 73.14% of the stock is currently owned by hedge funds and other institutional investors.

ONEOK Company Profile

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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