Wright Investors Service Inc. increased its stake in shares of ONEOK, Inc. (NYSE:OKE) by 6.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,867 shares of the utilities provider’s stock after purchasing an additional 1,266 shares during the quarter. Wright Investors Service Inc.’s holdings in ONEOK were worth $1,505,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. C J Advisory Inc purchased a new stake in shares of ONEOK during the 1st quarter worth $26,000. Pinnacle Financial Partners Inc. purchased a new stake in ONEOK in the first quarter valued at about $27,000. Buffington Mohr McNeal purchased a new stake in ONEOK in the first quarter valued at about $28,000. JNBA Financial Advisors raised its stake in ONEOK by 91.3% in the second quarter. JNBA Financial Advisors now owns 419 shares of the utilities provider’s stock valued at $29,000 after buying an additional 200 shares during the last quarter. Finally, IMA Wealth Inc. purchased a new stake in ONEOK in the second quarter valued at about $32,000. Hedge funds and other institutional investors own 74.39% of the company’s stock.
A number of equities research analysts have commented on OKE shares. Citigroup increased their price target on ONEOK from $67.00 to $77.00 and gave the company a “buy” rating in a research note on Thursday, May 2nd. UBS Group upgraded ONEOK from a “neutral” rating to a “buy” rating and increased their price target for the company from $69.00 to $75.00 in a research note on Monday. Argus increased their price target on ONEOK to $82.00 and gave the company an “average” rating in a research note on Tuesday, August 6th. Seaport Global Securities cut ONEOK from a “buy” rating to a “neutral” rating and set a $69.07 price target for the company. in a research note on Monday, April 22nd. Finally, Zacks Investment Research cut ONEOK from a “buy” rating to a “hold” rating in a research note on Monday, May 20th. Twelve research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $72.37.
ONEOK (NYSE:OKE) last announced its quarterly earnings data on Tuesday, July 30th. The utilities provider reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.04. ONEOK had a return on equity of 19.30% and a net margin of 10.67%. The firm had revenue of $2.46 billion during the quarter, compared to analysts’ expectations of $2.87 billion. During the same period last year, the business posted $0.68 earnings per share. The company’s revenue for the quarter was down 17.0% compared to the same quarter last year. Equities research analysts anticipate that ONEOK, Inc. will post 3.09 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Tuesday, August 6th were paid a $0.89 dividend. This represents a $3.56 annualized dividend and a dividend yield of 5.23%. This is a boost from ONEOK’s previous quarterly dividend of $0.87. The ex-dividend date of this dividend was Monday, August 5th. ONEOK’s dividend payout ratio (DPR) is presently 128.06%.
ONEOK, Inc, together with its subsidiaries, engages in the gathering, processing, storage, and transportation of natural gas in the United States. It operates through Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines segments. The company owns natural gas gathering pipelines and processing plants in the Mid-Continent and Rocky Mountain regions.
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