Concorde Asset Management LLC Invests $409,000 in ONEOK, Inc. (NYSE:OKE)

Concorde Asset Management LLC acquired a new stake in ONEOK, Inc. (NYSE:OKE) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 5,020 shares of the utilities provider’s stock, valued at approximately $409,000.

Several other institutional investors and hedge funds have also made changes to their positions in OKE. WCG Wealth Advisors LLC grew its holdings in ONEOK by 109.8% in the 2nd quarter. WCG Wealth Advisors LLC now owns 62,698 shares of the utilities provider’s stock valued at $5,113,000 after buying an additional 32,809 shares in the last quarter. Waterloo Capital L.P. boosted its holdings in ONEOK by 1.6% in the 2nd quarter. Waterloo Capital L.P. now owns 31,989 shares of the utilities provider’s stock valued at $2,609,000 after purchasing an additional 513 shares during the last quarter. Blair William & Co. IL increased its holdings in shares of ONEOK by 0.6% during the 2nd quarter. Blair William & Co. IL now owns 139,751 shares of the utilities provider’s stock worth $11,397,000 after buying an additional 797 shares during the last quarter. Vanguard Personalized Indexing Management LLC raised its position in shares of ONEOK by 16.5% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 43,819 shares of the utilities provider’s stock valued at $3,566,000 after buying an additional 6,192 shares during the period. Finally, Meiji Yasuda Asset Management Co Ltd. grew its position in ONEOK by 108.8% in the second quarter. Meiji Yasuda Asset Management Co Ltd. now owns 20,122 shares of the utilities provider’s stock worth $1,641,000 after acquiring an additional 10,486 shares during the period. 69.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Pattye L. Moore sold 3,379 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $92.01, for a total value of $310,901.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.20% of the company’s stock.

ONEOK Stock Performance

Shares of ONEOK stock opened at $93.90 on Thursday. The firm has a market capitalization of $54.84 billion, a P/E ratio of 21.84, a P/E/G ratio of 4.49 and a beta of 1.67. The company has a quick ratio of 0.41, a current ratio of 0.62 and a debt-to-equity ratio of 1.22. ONEOK, Inc. has a 52 week low of $60.58 and a 52 week high of $95.26. The firm’s 50 day moving average is $86.83 and its two-hundred day moving average is $82.22.

ONEOK (NYSE:OKE) last announced its quarterly earnings results on Monday, August 5th. The utilities provider reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. The firm had revenue of $4.89 billion during the quarter, compared to analysts’ expectations of $5.52 billion. ONEOK had a net margin of 13.41% and a return on equity of 15.54%. During the same period in the previous year, the company earned $1.04 earnings per share. Research analysts forecast that ONEOK, Inc. will post 5.07 EPS for the current fiscal year.

ONEOK Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Thursday, August 1st were issued a $0.99 dividend. This represents a $3.96 annualized dividend and a dividend yield of 4.22%. The ex-dividend date of this dividend was Thursday, August 1st. ONEOK’s payout ratio is currently 92.09%.

Analyst Ratings Changes

A number of brokerages have issued reports on OKE. Scotiabank boosted their target price on ONEOK from $88.00 to $102.00 and gave the company a “sector outperform” rating in a research report on Friday, August 30th. Citigroup boosted their price objective on ONEOK from $85.00 to $102.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. Royal Bank of Canada raised their target price on ONEOK from $84.00 to $89.00 and gave the company a “sector perform” rating in a report on Thursday, August 22nd. Mizuho boosted their price target on shares of ONEOK from $81.00 to $85.00 and gave the stock a “neutral” rating in a research note on Friday, July 26th. Finally, Wells Fargo & Company raised their price objective on shares of ONEOK from $91.00 to $100.00 and gave the company an “overweight” rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, ONEOK currently has an average rating of “Hold” and an average price target of $92.38.

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.