ONEOK, Inc. (OKE) Monthly Stock Report
Publication Date: September 22, 2024
Company Overview
ONEOK, Inc. (OKE) is a key player in the Oil & Gas Midstream industry, headquartered in Tulsa, Oklahoma. Established in 1906, the company specializes in the gathering, processing, fractionation, storage, transportation, and marketing of natural gas and natural gas liquids (NGLs) across the United States. ONEOK operates through four primary segments: Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude. With a strong presence in the Mid-Continent and Rocky Mountain regions, the company boasts extensive pipeline networks and processing plants, essential for facilitating midstream services for NGL producers. As of now, the stock is trading at $93.97, slightly below the target mean price of $94.48, with a promising target high price of $111.00, which presents an upside potential of approximately 18.3%.
Investment Recommendation and Market Sentiment
Analyst sentiment surrounding ONEOK remains positive, with a recommendation to “buy” the stock based on a target high price of $111.00. The company’s recent financial performance is solid, reporting total revenues of approximately $19.1 billion, indicating a strong market position within the midstream sector. Additionally, there are 584,073,984 shares outstanding, with only 9,125,041 shares shorted, representing a mere 1.78% of the float. This low short interest ratio suggests overall optimism among investors regarding the company’s future performance. The broad range of analyst projections, including a target low price of $83.00 and a mean price of $94.48, supports the notion of potential growth in the coming months.
Technical Performance and Recent Trends
ONEOK’s stock has shown resilience in recent months, trading close to its fifty-two week high of $95.28 and significantly above its fifty-day average price of $87.08. The fifty-two week low at $60.58 underscores the stock’s impressive recovery and growth in value over the past year. Recent momentum indicates that the stock is currently moving through robust support and resistance levels, further validating the favorable trends noted in previous sections. As analysts continue to monitor the company’s earnings and cash flow generation capabilities, the outlook for ONEOK remains optimistic, reflecting its status as a strong investment opportunity in the energy sector.
| Metric | Value |
|---|---|
| Market Cap | $54.9b |
| Total Debt | $21.9b |
| Total Cash | $36.0m |
| Shares Outstanding | 584.1m |
| Float Shares | 582.0m |
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