ONEOK (NYSE:OKE) Price Target Raised to $89.00 at JPMorgan Chase & Co.

ONEOK (NYSE:OKE) had its price objective increased by JPMorgan Chase & Co. from $88.00 to $89.00 in a research report report published on Friday morning, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the utilities provider’s stock.

Other equities research analysts also recently issued research reports about the stock. Seaport Res Ptn raised shares of ONEOK from a neutral rating to a buy rating in a research note on Thursday, February 8th. StockNews.com raised shares of ONEOK from a sell rating to a hold rating in a research report on Wednesday, March 6th. Wells Fargo & Company increased their price objective on ONEOK from $81.00 to $85.00 and gave the stock an overweight rating in a research note on Thursday. Mizuho lifted their target price on ONEOK from $75.00 to $81.00 and gave the company a neutral rating in a research report on Wednesday, March 20th. Finally, US Capital Advisors lowered shares of ONEOK from an overweight rating to a hold rating in a report on Wednesday, March 20th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, ONEOK currently has a consensus rating of Hold and an average target price of $83.58.

ONEOK Stock Performance

Shares of NYSE:OKE traded up $0.28 during midday trading on Friday, reaching $77.23. 2,235,558 shares of the company’s stock traded hands, compared to its average volume of 2,820,855. The company has a market cap of $45.08 billion, a price-to-earnings ratio of 17.96, a P/E/G ratio of 4.11 and a beta of 1.64. The stock has a 50 day moving average of $78.25 and a 200 day moving average of $71.95. ONEOK has a one year low of $55.91 and a one year high of $81.81. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.67 and a current ratio of 0.70.

ONEOK (NYSE:OKE) last released its quarterly earnings results on Tuesday, April 30th. The utilities provider reported $1.09 EPS for the quarter, beating the consensus estimate of $1.06 by $0.03. ONEOK had a net margin of 12.54% and a return on equity of 15.94%. The firm had revenue of $4.78 billion during the quarter, compared to analyst estimates of $5.84 billion. During the same quarter in the prior year, the firm earned $2.34 EPS. As a group, equities research analysts anticipate that ONEOK will post 4.96 EPS for the current fiscal year.

ONEOK declared that its board has approved a stock repurchase program on Wednesday, January 17th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the utilities provider to reacquire up to 4.9% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

ONEOK Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Wednesday, May 1st will be given a dividend of $0.99 per share. This represents a $3.96 dividend on an annualized basis and a dividend yield of 5.13%. The ex-dividend date is Tuesday, April 30th. ONEOK’s dividend payout ratio is presently 92.09%.

Insider Activity

In related news, Director Wayne Thomas Smith purchased 2,700 shares of the company’s stock in a transaction on Friday, March 1st. The shares were bought at an average cost of $75.25 per share, for a total transaction of $203,175.00. Following the completion of the purchase, the director now directly owns 2,700 shares of the company’s stock, valued at approximately $203,175. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.20% of the company’s stock.

Institutional Trading of ONEOK

A number of large investors have recently made changes to their positions in OKE. Peoples Bank KS acquired a new position in ONEOK in the third quarter valued at $25,000. Rise Advisors LLC acquired a new position in ONEOK in the 1st quarter valued at $25,000. LifeSteps Financial Inc. acquired a new position in ONEOK during the 1st quarter worth approximately $26,000. Beacon Capital Management LLC raised its position in ONEOK by 90.7% in the fourth quarter. Beacon Capital Management LLC now owns 408 shares of the utilities provider’s stock worth $29,000 after acquiring an additional 194 shares in the last quarter. Finally, HHM Wealth Advisors LLC purchased a new stake in ONEOK during the fourth quarter worth about $32,000. 69.13% of the stock is owned by institutional investors and hedge funds.

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.