OVERSEA CHINESE BANKING Corp Ltd Buys 3,416 Shares of ONEOK, Inc. (NYSE:OKE)

OVERSEA CHINESE BANKING Corp Ltd boosted its stake in shares of ONEOK, Inc. (NYSE:OKE) by 29.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,212 shares of the utilities provider’s stock after purchasing an additional 3,416 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in ONEOK were worth $1,068,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Acadian Asset Management LLC lifted its position in ONEOK by 275.5% during the first quarter. Acadian Asset Management LLC now owns 2,850 shares of the utilities provider’s stock valued at $201,000 after acquiring an additional 2,091 shares during the last quarter. Raymond James Trust N.A. boosted its position in shares of ONEOK by 6.6% in the 1st quarter. Raymond James Trust N.A. now owns 5,339 shares of the utilities provider’s stock worth $377,000 after purchasing an additional 331 shares in the last quarter. Sei Investments Co. grew its stake in ONEOK by 500.5% during the 1st quarter. Sei Investments Co. now owns 167,226 shares of the utilities provider’s stock worth $11,812,000 after buying an additional 139,379 shares during the last quarter. Aviva PLC increased its position in ONEOK by 20.7% during the 1st quarter. Aviva PLC now owns 161,711 shares of the utilities provider’s stock valued at $11,422,000 after buying an additional 27,697 shares in the last quarter. Finally, Prudential PLC acquired a new position in shares of ONEOK during the first quarter valued at about $614,000. Hedge funds and other institutional investors own 69.13% of the company’s stock.

ONEOK Trading Up 2.2 %

OKE stock opened at $79.63 on Monday. ONEOK, Inc. has a 12-month low of $55.91 and a 12-month high of $80.81. The business’s 50-day moving average is $76.74 and its 200 day moving average is $71.17. The company has a current ratio of 0.90, a quick ratio of 0.67 and a debt-to-equity ratio of 1.29. The stock has a market cap of $46.48 billion, a price-to-earnings ratio of 14.35, a PEG ratio of 4.87 and a beta of 1.65.

ONEOK (NYSE:OKE) last issued its quarterly earnings results on Monday, February 26th. The utilities provider reported $1.18 EPS for the quarter, missing the consensus estimate of $1.21 by ($0.03). The firm had revenue of $5.24 billion for the quarter, compared to analysts’ expectations of $5.57 billion. ONEOK had a return on equity of 22.57% and a net margin of 15.04%. During the same quarter in the previous year, the firm posted $1.08 earnings per share. On average, sell-side analysts anticipate that ONEOK, Inc. will post 4.99 EPS for the current fiscal year.

ONEOK Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Wednesday, May 1st will be paid a $0.99 dividend. This represents a $3.96 annualized dividend and a dividend yield of 4.97%. The ex-dividend date of this dividend is Tuesday, April 30th. ONEOK’s dividend payout ratio is currently 71.35%.

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

Analysts Set New Price Targets

Several analysts have weighed in on OKE shares. US Capital Advisors downgraded shares of ONEOK from an “overweight” rating to a “hold” rating in a research report on Wednesday, March 20th. StockNews.com raised ONEOK from a “sell” rating to a “hold” rating in a report on Wednesday, March 6th. Mizuho lifted their target price on ONEOK from $75.00 to $81.00 and gave the stock a “neutral” rating in a report on Wednesday, March 20th. Morgan Stanley increased their price target on shares of ONEOK from $84.00 to $85.00 and gave the stock an “equal weight” rating in a report on Tuesday, March 26th. Finally, Seaport Res Ptn upgraded shares of ONEOK from a “neutral” rating to a “buy” rating in a research note on Thursday, February 8th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, ONEOK currently has a consensus rating of “Hold” and a consensus price target of $82.25.

Insider Buying and Selling at ONEOK

In other ONEOK news, Director Wayne Thomas Smith bought 2,700 shares of the firm’s stock in a transaction on Friday, March 1st. The shares were acquired at an average cost of $75.25 per share, with a total value of $203,175.00. Following the purchase, the director now directly owns 2,700 shares of the company’s stock, valued at approximately $203,175. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. 0.20% of the stock is owned by insiders.

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.