Alpha Cubed Investments LLC Has $378,000 Stock Position in ONEOK, Inc. (NYSE:OKE)

Alpha Cubed Investments LLC cut its holdings in shares of ONEOK, Inc. (NYSE:OKE) by 21.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,145 shares of the utilities provider’s stock after selling 1,108 shares during the quarter. Alpha Cubed Investments LLC’s holdings in ONEOK were worth $378,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Rise Advisors LLC acquired a new stake in shares of ONEOK during the first quarter worth approximately $25,000. Quest Partners LLC acquired a new stake in shares of ONEOK during the 2nd quarter valued at $28,000. Ridgewood Investments LLC purchased a new position in shares of ONEOK during the 2nd quarter valued at $31,000. American National Bank acquired a new position in shares of ONEOK in the first quarter worth $32,000. Finally, Manchester Capital Management LLC raised its holdings in shares of ONEOK by 66.4% during the first quarter. Manchester Capital Management LLC now owns 456 shares of the utilities provider’s stock worth $37,000 after acquiring an additional 182 shares in the last quarter. Hedge funds and other institutional investors own 69.13% of the company’s stock.

ONEOK Trading Down 1.3 %

Shares of NYSE:OKE opened at $93.57 on Wednesday. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.41 and a current ratio of 0.62. The stock’s 50-day moving average is $89.41 and its 200-day moving average is $83.69. The company has a market cap of $54.61 billion, a P/E ratio of 21.76, a P/E/G ratio of 4.62 and a beta of 1.67. ONEOK, Inc. has a 52-week low of $63.33 and a 52-week high of $96.05.

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

ONEOK Announces Dividend

The business also recently declared 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 dividend on an annualized basis and a yield of 4.23%. The ex-dividend date was Thursday, August 1st. ONEOK’s dividend payout ratio (DPR) is presently 92.09%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Scotiabank boosted their target price on ONEOK from $88.00 to $102.00 and gave the company a “sector outperform” rating in a research note on Friday, August 30th. Mizuho increased 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. JPMorgan Chase & Co. lifted their target price 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. Barclays increased their price target on shares of ONEOK from $82.00 to $94.00 and gave the stock an “equal weight” rating in a research note on Monday, September 16th. Finally, Morgan Stanley raised shares of ONEOK from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $103.00 to $111.00 in a research note on Monday, September 16th. Eight research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $92.38.

Insiders Place Their Bets

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 transaction of $310,901.79. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.20% of the company’s stock.

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.