Oak Thistle LLC Makes New Investment in ONEOK, Inc. (NYSE:OKE)

Oak Thistle LLC bought a new position in shares of ONEOK, Inc. (NYSE:OKE) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 4,961 shares of the utilities provider’s stock, valued at approximately $398,000.

Several other hedge funds have also modified their holdings of the stock. Hilltop Holdings Inc. boosted its position in ONEOK by 7.3% in the 4th quarter. Hilltop Holdings Inc. now owns 16,525 shares of the utilities provider’s stock valued at $1,160,000 after buying an additional 1,124 shares during the last quarter. Fifth Third Bancorp lifted its stake in shares of ONEOK by 16.2% during the fourth quarter. Fifth Third Bancorp now owns 21,800 shares of the utilities provider’s stock valued at $1,531,000 after acquiring an additional 3,032 shares during the period. Kestra Private Wealth Services LLC boosted its holdings in ONEOK by 26.6% in the fourth quarter. Kestra Private Wealth Services LLC now owns 24,568 shares of the utilities provider’s stock valued at $1,725,000 after acquiring an additional 5,167 shares during the last quarter. ELCO Management Co. LLC increased its position in ONEOK by 102.3% in the third quarter. ELCO Management Co. LLC now owns 26,432 shares of the utilities provider’s stock worth $1,677,000 after purchasing an additional 13,367 shares during the period. Finally, Federated Hermes Inc. raised its holdings in ONEOK by 31.6% during the 4th quarter. Federated Hermes Inc. now owns 160,596 shares of the utilities provider’s stock worth $11,277,000 after purchasing an additional 38,560 shares during the last quarter. 69.13% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. StockNews.com upgraded shares of ONEOK from a “sell” rating to a “hold” rating in a research report on Friday, May 17th. Stifel Nicolaus lifted their target price on shares of ONEOK from $81.00 to $88.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. JPMorgan Chase & Co. increased their price target on ONEOK from $89.00 to $92.00 and gave the company an “overweight” rating in a research note on Wednesday, June 26th. Barclays lifted their price objective on ONEOK from $73.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 7th. Finally, US Capital Advisors downgraded ONEOK from an “overweight” rating to a “hold” rating in a report on Wednesday, March 20th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $84.50.

ONEOK Price Performance

NYSE OKE opened at $81.72 on Tuesday. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.48 and a current ratio of 0.70. The stock has a market cap of $47.70 billion, a price-to-earnings ratio of 19.00, a PEG ratio of 4.37 and a beta of 1.65. The business has a 50 day simple moving average of $80.15 and a 200 day simple moving average of $75.87. ONEOK, Inc. has a 52-week low of $60.52 and a 52-week high of $83.31.

ONEOK (NYSE:OKE) last released its quarterly earnings results on Tuesday, April 30th. The utilities provider reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.03. ONEOK had a net margin of 12.54% and a return on equity of 15.94%. The company had revenue of $4.78 billion during the quarter, compared to analysts’ expectations of $5.84 billion. During the same quarter in the prior year, the company earned $2.34 earnings per share. Analysts anticipate that ONEOK, Inc. will post 4.94 earnings per share for the current fiscal year.

ONEOK Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Wednesday, May 1st were issued a dividend of $0.99 per share. This represents a $3.96 annualized dividend and a yield of 4.85%. The ex-dividend date was Tuesday, April 30th. ONEOK’s payout ratio is 92.09%.

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.