Many on Wall Street remain positive on the company’s primarily fee-based earnings, which account for 90% of total earnings.
Shareholders receive a 5.87% dividend. ONEOK stock has a $65 price target at Raymond James. Note that the consensus target is higher at $67.88, and shares closed on Thursday at $65.62.
Rio Tinto
Shares of this mining company could explode higher if the world economy rebounds strongly in 2023. Rio Tinto PLC (NYSE: RIO), the world’s second-largest mining company, has operations in Australia, Africa, the Americas, Europe and Asia. It is the world’s largest producer of aluminum, second largest producer of iron ore, and a top five producer of alumina, uranium, mined copper, export thermal and coking coal, and diamonds.
In addition, Rio Tinto is also involved in alumina production; primary aluminum smelting; bauxite mining; alumina refining; and ilmenite, rutile and zircon mining, as well as the provision of gypsum.
While the company pays dividends semi-annually instead of quarterly, and the current distribution is 10.08%, this mining powerhouse is a solid stock to own and trading at an incredible 5.58 times earnings. As it is way off the 52-week high, it makes for a good value idea now.
In U.S. dollars, the Goldman Sachs price target is $72.41, while the consensus target is $71.19. Rio Tinto stock closed at $69.58 on Thursday.
While the bear market rally has been stunning, boosted by seasonality and marginally better incoming data, the reality is layoffs are growing and inflation may not ever abate to the Fed’s 2% target. Plus, with Republicans taking back control of the House of Representatives, the profligate government spending of the past two years likely will end, with the national debt at $31 trillion.
It makes sense to move money to these stocks that offer hard assets that are needed regardless of the state of the economy, and all are leaders in their respective sectors.
Originally published at 24/7 Wall St.
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