Resona Asset Management Co. Ltd. Invests $17.58 Million in ONEOK, Inc. (NYSE:OKE)

Resona Asset Management Co. Ltd. purchased a new stake in shares of ONEOK, Inc. (NYSE:OKE) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 174,987 shares of the utilities provider’s stock, valued at approximately $17,580,000.

Several other hedge funds have also bought and sold shares of the business. Kieckhefer Group LLC purchased a new position in shares of ONEOK during the fourth quarter valued at approximately $30,000. Canton Hathaway LLC bought a new position in ONEOK during the 4th quarter valued at approximately $40,000. J.Safra Asset Management Corp purchased a new position in ONEOK during the fourth quarter valued at $48,000. VSM Wealth Advisory LLC bought a new stake in ONEOK in the fourth quarter worth $50,000. Finally, OFI Invest Asset Management purchased a new stake in shares of ONEOK in the fourth quarter worth $51,000. Institutional investors own 69.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Scotiabank lowered their price target on ONEOK from $109.00 to $102.00 and set a “sector outperform” rating for the company in a research report on Thursday, March 6th. Morgan Stanley lifted their target price on shares of ONEOK from $111.00 to $133.00 and gave the stock an “overweight” rating in a report on Tuesday, March 25th. US Capital Advisors raised shares of ONEOK from a “moderate buy” rating to a “strong-buy” rating in a research report on Monday, February 3rd. Wells Fargo & Company reduced their target price on ONEOK from $107.00 to $102.00 and set an “equal weight” rating for the company in a report on Wednesday, February 26th. Finally, Wolfe Research raised ONEOK from a “peer perform” rating to an “outperform” rating and set a $110.00 target price for the company in a research report on Monday, February 10th. Seven research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $105.00.

ONEOK Stock Performance

Shares of NYSE OKE opened at $80.73 on Friday. The company has a current ratio of 0.81, a quick ratio of 0.59 and a debt-to-equity ratio of 1.59. ONEOK, Inc. has a 12-month low of $76.23 and a 12-month high of $118.07. The firm has a market capitalization of $50.40 billion, a price-to-earnings ratio of 16.89, a price-to-earnings-growth ratio of 3.77 and a beta of 1.20. The firm has a 50 day moving average of $97.08 and a 200 day moving average of $100.26.

ONEOK (NYSE:OKE) last posted its quarterly earnings data on Monday, February 24th. The utilities provider reported $1.57 EPS for the quarter, topping the consensus estimate of $1.46 by $0.11. The firm had revenue of $7 billion during the quarter, compared to analyst estimates of $6.18 billion. ONEOK had a return on equity of 16.84% and a net margin of 14.05%. On average, research analysts anticipate that ONEOK, Inc. will post 5.07 earnings per share for the current year.

ONEOK Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Monday, February 3rd were given a dividend of $1.03 per share. This is a boost from ONEOK’s previous quarterly dividend of $0.99. This represents a $4.12 dividend on an annualized basis and a dividend yield of 5.10%. The ex-dividend date was Monday, February 3rd. ONEOK’s payout ratio is presently 79.69%.

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.