Eastern Bank Invests $1.22 Million in ONEOK, Inc. (NYSE:OKE)

Eastern Bank acquired a new stake in ONEOK, Inc. (NYSE:OKE) in the third quarter, HoldingsChannel.com reports. The fund acquired 13,385 shares of the utilities provider’s stock, valued at approximately $1,220,000.

A number of other hedge funds also recently bought and sold shares of OKE. M&G Plc purchased a new position in shares of ONEOK during the 1st quarter worth $77,634,000. Kayne Anderson Capital Advisors LP grew its stake in shares of ONEOK by 28.7% in the 1st quarter. Kayne Anderson Capital Advisors LP now owns 3,705,367 shares of the utilities provider’s stock valued at $297,059,000 after buying an additional 825,464 shares during the period. Bahl & Gaynor Inc. increased its holdings in shares of ONEOK by 3,648.4% during the 2nd quarter. Bahl & Gaynor Inc. now owns 514,954 shares of the utilities provider’s stock worth $41,995,000 after buying an additional 501,216 shares during the last quarter. Cetera Investment Advisers raised its position in shares of ONEOK by 370.1% during the 1st quarter. Cetera Investment Advisers now owns 615,276 shares of the utilities provider’s stock valued at $49,327,000 after buying an additional 484,403 shares during the period. Finally, Strategic Financial Concepts LLC lifted its holdings in ONEOK by 3,137.6% in the second quarter. Strategic Financial Concepts LLC now owns 405,158 shares of the utilities provider’s stock valued at $330,000 after acquiring an additional 392,644 shares during the last quarter. Institutional investors and hedge funds own 69.13% of the company’s stock.

Insider Activity

In related news, Director Pattye L. Moore sold 3,379 shares of the stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $92.01, for a total transaction of $310,901.79. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.20% of the stock is owned by insiders.

ONEOK Price Performance

Shares of OKE stock opened at $97.39 on Wednesday. ONEOK, Inc. has a twelve month low of $63.33 and a twelve month high of $98.43. The company has a current ratio of 0.62, a quick ratio of 0.41 and a debt-to-equity ratio of 1.22. The company has a market capitalization of $56.88 billion, a PE ratio of 21.22, a price-to-earnings-growth ratio of 4.20 and a beta of 1.67. The firm has a fifty day simple moving average of $92.25 and a 200-day simple moving average of $84.96.

ONEOK (NYSE:OKE) last announced its quarterly earnings data on Monday, August 5th. The utilities provider reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.12. ONEOK had a return on equity of 15.54% and a net margin of 13.41%. The firm had revenue of $4.89 billion for the quarter, compared to analysts’ expectations of $5.52 billion. During the same period last year, the business posted $1.04 earnings per share. Equities research analysts anticipate that ONEOK, Inc. will post 5.06 earnings per share for the current fiscal year.

ONEOK Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Friday, November 1st will be issued a $0.99 dividend. This represents a $3.96 annualized dividend and a dividend yield of 4.07%. The ex-dividend date is Friday, November 1st. ONEOK’s dividend payout ratio (DPR) is presently 86.27%.

Analysts Set New Price Targets

A number of equities research analysts have commented on OKE shares. Morgan Stanley upgraded ONEOK from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $103.00 to $111.00 in a research report on Monday, September 16th. Barclays boosted their price objective on shares of ONEOK from $82.00 to $94.00 and gave the company an “equal weight” rating in a report on Monday, September 16th. Tudor Pickering upgraded shares of ONEOK to a “hold” rating in a research report on Thursday, July 18th. Citigroup lifted their target price on shares of ONEOK from $85.00 to $102.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. Finally, JPMorgan Chase & Co. boosted their price target on shares of ONEOK from $89.00 to $92.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 26th. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $94.77.

ONEOK Profile

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.