Earnest Partners LLC Lowers Stake in ONEOK, Inc. (NYSE:OKE)

Earnest Partners LLC lessened its position in ONEOK, Inc. (NYSE:OKE) by 7.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 275,938 shares of the utilities provider’s stock after selling 22,224 shares during the quarter. Earnest Partners LLC’s holdings in ONEOK were worth $22,503,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the company. AQR Capital Management LLC increased its position in shares of ONEOK by 0.4% during the 2nd quarter. AQR Capital Management LLC now owns 93,486 shares of the utilities provider’s stock valued at $7,566,000 after purchasing an additional 383 shares during the last quarter. Caxton Associates LP bought a new position in ONEOK during the second quarter valued at approximately $1,225,000. Point72 Europe London LLP purchased a new position in shares of ONEOK during the second quarter worth approximately $15,008,000. Fred Alger Management LLC lifted its holdings in shares of ONEOK by 6.1% in the 2nd quarter. Fred Alger Management LLC now owns 40,470 shares of the utilities provider’s stock worth $3,300,000 after acquiring an additional 2,336 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in shares of ONEOK by 60.6% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 111,685 shares of the utilities provider’s stock valued at $9,108,000 after purchasing an additional 42,133 shares in the last quarter. Hedge funds and other institutional investors own 69.13% of the company’s stock.

Insider Buying and Selling at ONEOK

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 transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.20% of the company’s stock.

ONEOK Trading Down 5.9 %

NYSE:OKE opened at $89.14 on Friday. The company has a 50-day moving average price of $87.84 and a 200-day moving average price of $82.83. The stock has a market cap of $52.06 billion, a price-to-earnings ratio of 20.73, a P/E/G ratio of 4.71 and a beta of 1.67. The company has a current ratio of 0.62, a quick ratio of 0.41 and a debt-to-equity ratio of 1.22. ONEOK, Inc. has a 12 month low of $60.58 and a 12 month high of $96.05.

ONEOK (NYSE:OKE) last issued its quarterly earnings data on Monday, August 5th. The utilities provider reported $1.33 EPS for the quarter, topping the consensus estimate of $1.21 by $0.12. ONEOK had a net margin of 13.41% and a return on equity of 15.54%. The business had revenue of $4.89 billion during the quarter, compared to analyst estimates of $5.52 billion. During the same period last year, the business posted $1.04 earnings per share. Equities analysts predict that ONEOK, Inc. will post 5.09 EPS for the current year.

ONEOK Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Thursday, August 1st were issued 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 yield of 4.44%. ONEOK’s dividend payout ratio (DPR) is 92.09%.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Royal Bank of Canada lifted their target price on shares of ONEOK from $84.00 to $89.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 22nd. Truist Financial lifted their price objective on ONEOK from $81.00 to $83.00 and gave the stock a “hold” rating in a report on Wednesday, July 31st. Scotiabank increased their target price on ONEOK from $88.00 to $102.00 and gave the company a “sector outperform” rating in a report on Friday, August 30th. Tudor Pickering raised ONEOK to a “hold” rating in a research note on Thursday, July 18th. Finally, JPMorgan Chase & Co. increased their price objective on ONEOK from $89.00 to $92.00 and gave the company an “overweight” rating in a research note on Wednesday, June 26th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the 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.