Quest Partners LLC Invests $28,000 in ONEOK, Inc. (NYSE:OKE)

Quest Partners LLC acquired a new stake in shares of ONEOK, Inc. (NYSE:OKE) during the second quarter, according to its most recent filing with the SEC. The fund acquired 345 shares of the utilities provider’s stock, valued at approximately $28,000.

A number of other institutional investors have also added to or reduced their stakes in OKE. Wellington Management Group LLP raised its stake in ONEOK by 2,643.5% in the fourth quarter. Wellington Management Group LLP now owns 1,170,739 shares of the utilities provider’s stock valued at $82,209,000 after purchasing an additional 1,128,066 shares in the last quarter. M&G Plc purchased a new position in ONEOK in the first quarter worth $77,634,000. Kayne Anderson Capital Advisors LP increased its stake in ONEOK by 28.7% in the first quarter. Kayne Anderson Capital Advisors LP now owns 3,705,367 shares of the utilities provider’s stock valued at $297,059,000 after acquiring an additional 825,464 shares during the last quarter. Westwood Holdings Group Inc. raised its position in ONEOK by 36.3% during the fourth quarter. Westwood Holdings Group Inc. now owns 2,076,078 shares of the utilities provider’s stock valued at $145,782,000 after purchasing an additional 552,824 shares in the last quarter. Finally, Cetera Investment Advisers lifted its stake in ONEOK by 370.1% during the first quarter. Cetera Investment Advisers now owns 615,276 shares of the utilities provider’s stock worth $49,327,000 after purchasing an additional 484,403 shares during the last quarter. Hedge funds and other institutional investors own 69.13% of the company’s stock.

Insider Transactions at ONEOK

In other ONEOK news, Director Pattye L. Moore sold 3,379 shares of the firm’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $92.01, for a total transaction of $310,901.79. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.20% of the company’s stock.

ONEOK Price Performance

Shares of OKE stock opened at $93.97 on Friday. The business’s fifty day moving average is $87.24 and its 200 day moving average is $82.42. The company has a quick ratio of 0.41, a current ratio of 0.62 and a debt-to-equity ratio of 1.22. The stock has a market cap of $54.89 billion, a price-to-earnings ratio of 21.85, a PEG ratio of 4.64 and a beta of 1.67. ONEOK, Inc. has a twelve month low of $60.58 and a twelve month high of $95.28.

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

ONEOK Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Thursday, August 1st were issued a $0.99 dividend. This represents a $3.96 annualized dividend and a yield of 4.21%. The ex-dividend date was Thursday, August 1st. ONEOK’s dividend payout ratio (DPR) is 92.09%.

Wall Street Analysts Forecast Growth

OKE has been the topic of several recent research reports. Wells Fargo & Company increased their price objective on ONEOK from $91.00 to $100.00 and gave the company an “overweight” rating in a research report on Friday, August 30th. JPMorgan Chase & Co. upped their price objective on shares of ONEOK from $89.00 to $92.00 and gave the company an “overweight” rating in a research note on Wednesday, June 26th. Tudor Pickering upgraded shares of ONEOK to a “hold” rating in a research report on Thursday, July 18th. Royal Bank of Canada boosted their price target on shares of ONEOK from $84.00 to $89.00 and gave the stock a “sector perform” rating in a research note on Thursday, August 22nd. Finally, Truist Financial raised their price objective on ONEOK from $81.00 to $83.00 and gave the company a “hold” rating in a research note on Wednesday, July 31st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price 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.