Wesbanco Bank Inc. Decreases Stake in ONEOK, Inc. (NYSE:OKE)

Wesbanco Bank Inc. reduced its stake in ONEOK, Inc. (NYSE:OKE) by 2.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,700 shares of the utilities provider’s stock after selling 275 shares during the period. Wesbanco Bank Inc.’s holdings in ONEOK were worth $1,062,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in OKE. Norges Bank bought a new stake in shares of ONEOK in the 4th quarter worth approximately $539,554,000. Wellington Management Group LLP grew its position in shares of ONEOK by 433.4% in the 4th quarter. Wellington Management Group LLP now owns 4,206,906 shares of the utilities provider’s stock worth $422,373,000 after buying an additional 3,418,207 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of ONEOK by 240.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,790,760 shares of the utilities provider’s stock worth $280,194,000 after buying an additional 1,971,147 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of ONEOK in the 4th quarter worth approximately $182,694,000. Finally, ClearBridge Investments Ltd bought a new stake in shares of ONEOK in the 4th quarter worth approximately $177,045,000. 69.13% of the stock is currently owned by institutional investors.

ONEOK Stock Down 0.7%

Shares of NYSE:OKE opened at $81.13 on Tuesday. The stock has a fifty day simple moving average of $83.11 and a two-hundred day simple moving average of $94.85. The stock has a market capitalization of $51.07 billion, a price-to-earnings ratio of 16.97, a PEG ratio of 3.77 and a beta of 0.94. ONEOK, Inc. has a 12-month low of $75.48 and a 12-month high of $118.07. 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 (NYSE:OKE) last announced its quarterly earnings data on Tuesday, April 29th. The utilities provider reported $1.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.28 by ($0.24). The company had revenue of $6.49 billion for the quarter, compared to analysts’ expectations of $8.23 billion. ONEOK had a net margin of 14.05% and a return on equity of 16.84%. During the same quarter in the previous year, the firm posted $1.09 EPS. On average, research analysts anticipate that ONEOK, Inc. will post 5.07 earnings per share for the current fiscal year.

ONEOK Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 5th were paid a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a yield of 5.08%. The ex-dividend date of this dividend was Monday, May 5th. ONEOK’s payout ratio is 80.47%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on OKE. Stifel Nicolaus cut their price objective on ONEOK from $110.00 to $107.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. Wolfe Research upgraded ONEOK from a “peer perform” rating to an “outperform” rating and set a $110.00 price objective on the stock in a research report on Monday, February 10th. Citigroup dropped their price target on ONEOK from $110.00 to $102.00 and set a “buy” rating on the stock in a research report on Tuesday, May 6th. Wells Fargo & Company dropped their price target on ONEOK from $102.00 to $93.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 1st. Finally, Scotiabank dropped their price target on ONEOK from $96.00 to $93.00 and set a “sector outperform” rating on the stock in a research report on Thursday, June 5th. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $103.69.

ONEOK Company 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.