The Manufacturers Life Insurance Company cut its stake in ONEOK, Inc. (NYSE:OKE) by 0.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,156,099 shares of the utilities provider’s stock after selling 2,691 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in ONEOK were worth $30,035,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Man Group plc lifted its stake in ONEOK by 123.6% in the 2nd quarter. Man Group plc now owns 23,251 shares of the utilities provider’s stock valued at $772,000 after buying an additional 12,853 shares in the last quarter. IBM Retirement Fund lifted its stake in ONEOK by 39.1% in the 3rd quarter. IBM Retirement Fund now owns 14,257 shares of the utilities provider’s stock valued at $370,000 after buying an additional 4,006 shares in the last quarter. State of Michigan Retirement System lifted its stake in ONEOK by 18.6% in the 2nd quarter. State of Michigan Retirement System now owns 112,309 shares of the utilities provider’s stock worth $3,731,000 after purchasing an additional 17,583 shares in the last quarter. Kentucky Retirement Systems purchased a new position in ONEOK in the 2nd quarter worth approximately $765,000. Finally, Orion Portfolio Solutions LLC lifted its stake in ONEOK by 21.7% in the 2nd quarter. Orion Portfolio Solutions LLC now owns 14,635 shares of the utilities provider’s stock worth $486,000 after purchasing an additional 2,608 shares in the last quarter. 66.65% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts have weighed in on the stock. Wells Fargo & Company raised shares of ONEOK from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $34.00 to $36.00 in a research note on Monday, October 5th. Credit Suisse Group raised their target price on shares of ONEOK from $33.00 to $34.00 and gave the stock a “neutral” rating in a research note on Friday, October 30th. Morgan Stanley decreased their target price on shares of ONEOK from $26.00 to $25.00 and set an “underweight” rating on the stock in a research note on Friday, August 21st. The Goldman Sachs Group lowered shares of ONEOK from a “neutral” rating to a “sell” rating and set a $26.00 target price on the stock. in a research note on Wednesday, October 14th. Finally, Royal Bank of Canada raised their price target on shares of ONEOK from $31.00 to $33.00 and gave the stock a “sector perform” rating in a report on Thursday, July 30th. Five investment analysts have rated the stock with a sell rating, ten have given a hold rating and seven have given a buy rating to the stock. ONEOK presently has an average rating of “Hold” and a consensus price target of $35.26.
NYSE:OKE opened at $32.96 on Friday. The company has a fifty day simple moving average of $29.43 and a two-hundred day simple moving average of $30.50. The company has a market cap of $14.65 billion, a price-to-earnings ratio of 22.73, a price-to-earnings-growth ratio of 1.81 and a beta of 2.02. The company has a quick ratio of 1.15, a current ratio of 1.57 and a debt-to-equity ratio of 2.32. ONEOK, Inc. has a 52 week low of $12.16 and a 52 week high of $78.48.
ONEOK (NYSE:OKE) last posted its quarterly earnings results on Tuesday, October 27th. The utilities provider reported $0.70 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.59 by $0.11. ONEOK had a net margin of 7.24% and a return on equity of 18.38%. During the same period in the prior year, the business earned $0.74 earnings per share. On average, analysts expect that ONEOK, Inc. will post 2.53 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, November 13th. Shareholders of record on Monday, November 2nd were paid a $0.935 dividend. The ex-dividend date of this dividend was Friday, October 30th. This represents a $3.74 annualized dividend and a dividend yield of 11.35%. ONEOK’s dividend payout ratio (DPR) is 121.82%.
ONEOK, Inc, together with its subsidiaries, engages in gathering, processing, storage, and transportation of natural gas in the United States. It operates through Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines segments. The company owns natural gas gathering pipelines and processing plants in the Mid-Continent and Rocky Mountain regions.
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