King Luther Capital Management Corp Decreases Stake in ONEOK, Inc. (NYSE:OKE)

King Luther Capital Management Corp lowered its holdings in ONEOK, Inc. (NYSE:OKE) by 3.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 34,806 shares of the utilities provider’s stock after selling 1,261 shares during the quarter. King Luther Capital Management Corp’s holdings in ONEOK were worth $2,838,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of OKE. Wellington Management Group LLP raised its stake in shares of 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 worth $82,209,000 after purchasing an additional 1,128,066 shares during the last quarter. M&G Plc bought a new stake in shares of ONEOK in the first quarter worth $77,634,000. Kayne Anderson Capital Advisors LP grew its holdings in shares of 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 worth $297,059,000 after acquiring an additional 825,464 shares during the period. Westwood Holdings Group Inc. grew its holdings in shares of ONEOK by 36.3% in the fourth quarter. Westwood Holdings Group Inc. now owns 2,076,078 shares of the utilities provider’s stock worth $145,782,000 after acquiring an additional 552,824 shares during the period. Finally, Bahl & Gaynor Inc. grew its holdings in shares of ONEOK by 3,648.4% in the second quarter. Bahl & Gaynor Inc. now owns 514,954 shares of the utilities provider’s stock worth $41,995,000 after acquiring an additional 501,216 shares during the period. Hedge funds and other institutional investors own 69.13% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Scotiabank lifted their price objective on ONEOK from $88.00 to $102.00 and gave the stock a “sector outperform” rating in a report on Friday, August 30th. Mizuho lifted their price objective on ONEOK from $81.00 to $85.00 and gave the stock a “neutral” rating in a report on Friday, July 26th. Tudor Pickering raised ONEOK to a “hold” rating in a report on Thursday, July 18th. Barclays lifted their price objective on ONEOK from $82.00 to $94.00 and gave the stock an “equal weight” rating in a report on Monday, September 16th. Finally, Truist Financial boosted their price target on ONEOK from $81.00 to $83.00 and gave the company a “hold” rating in a report on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $92.38.

Insider Buying and Selling

In related news, Director Pattye L. Moore sold 3,379 shares of the business’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $92.01, for a total value of $310,901.79. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.20% of the stock is owned by company insiders.

ONEOK Stock Performance

NYSE OKE opened at $93.97 on Friday. The firm has a market cap of $54.89 billion, a price-to-earnings ratio of 21.85, a price-to-earnings-growth ratio of 4.64 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. The business has a 50-day moving average price of $87.24 and a 200-day moving average price of $82.46. ONEOK, Inc. has a twelve month low of $60.58 and a twelve month high of $95.28.

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

ONEOK Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Thursday, August 1st were given a $0.99 dividend. The ex-dividend date of this dividend was Thursday, August 1st. This represents a $3.96 dividend on an annualized basis and a dividend yield of 4.21%. ONEOK’s dividend payout ratio is currently 92.09%.

ONEOK 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.