True North Advisors LLC Cuts Stake in ONEOK, Inc. (NYSE:OKE)

True North Advisors LLC lessened its position in shares of ONEOK, Inc. (NYSE:OKE) by 76.9% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,458 shares of the utilities provider’s stock after selling 11,527 shares during the quarter. True North Advisors LLC’s holdings in ONEOK were worth $315,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in OKE. Rise Advisors LLC purchased a new stake in ONEOK during the first quarter valued at approximately $25,000. Quest Partners LLC purchased a new stake in shares of ONEOK in the 2nd quarter worth $28,000. Ridgewood Investments LLC purchased a new position in ONEOK during the 2nd quarter worth $31,000. American National Bank purchased a new stake in ONEOK in the first quarter valued at about $32,000. Finally, Manchester Capital Management LLC boosted its stake in ONEOK by 66.4% in the 1st quarter. Manchester Capital Management LLC now owns 456 shares of the utilities provider’s stock worth $37,000 after purchasing an additional 182 shares in the last quarter. Hedge funds and other institutional investors own 69.13% of the company’s stock.

Insiders Place Their Bets

In other news, Director Pattye L. Moore sold 3,379 shares of the firm’s stock in a transaction dated Thursday, September 5th. The stock was 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 SEC, which is accessible through the SEC website. 0.20% of the stock is owned by company insiders.

ONEOK Trading Down 1.3 %

NYSE OKE opened at $93.57 on Wednesday. The firm’s 50-day moving average is $89.63 and its two-hundred day moving average is $83.80. The stock has a market capitalization of $54.61 billion, a P/E ratio of 21.76, a PEG ratio of 4.62 and a beta of 1.67. ONEOK, Inc. has a 12 month low of $63.33 and a 12 month high of $96.05. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.62 and a quick ratio of 0.41.

ONEOK (NYSE:OKE) last posted its earnings results on Monday, August 5th. The utilities provider reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.12. The firm had revenue of $4.89 billion for the quarter, compared to analyst estimates of $5.52 billion. ONEOK had a return on equity of 15.54% and a net margin of 13.41%. During the same quarter in the prior year, the company earned $1.04 EPS. On average, sell-side analysts anticipate that ONEOK, Inc. will post 5.09 earnings per share for the current 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 given a dividend of $0.99 per share. The ex-dividend date of this dividend was Thursday, August 1st. This represents a $3.96 annualized dividend and a dividend yield of 4.23%. ONEOK’s dividend payout ratio (DPR) is currently 92.09%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on OKE. Truist Financial increased their price target on ONEOK from $81.00 to $83.00 and gave the stock a “hold” rating in a research report on Wednesday, July 31st. Tudor Pickering raised ONEOK to a “hold” rating in a report on Thursday, July 18th. Barclays upped their price objective on ONEOK from $82.00 to $94.00 and gave the stock an “equal weight” rating in a research report on Monday, September 16th. Wells Fargo & Company boosted their target price 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. Finally, Mizuho raised their price target on shares of ONEOK from $81.00 to $85.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. Eight analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, ONEOK presently has a consensus rating of “Moderate Buy” and a consensus price target of $92.38.

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.