Sourcerock Group LLC Takes $13.25 Million Position in ONEOK, Inc. (NYSE:OKE)

Sourcerock Group LLC bought a new position in ONEOK, Inc. (NYSE:OKE - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 132,000 shares of the utilities provider's stock, valued at approximately $13,253,000. ONEOK comprises about 0.9% of Sourcerock Group LLC's investment portfolio, making the stock its 22nd largest position.

Several other hedge funds and other institutional investors also recently modified their holdings of OKE. Norges Bank bought a new stake in shares of ONEOK in the 4th quarter worth about $539,554,000. Wellington Management Group LLP increased its position in shares of ONEOK by 433.4% in the 4th quarter. Wellington Management Group LLP now owns 4,206,906 shares of the utilities provider's stock worth $422,373,000 after purchasing an additional 3,418,207 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of ONEOK by 240.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,790,760 shares of the utilities provider's stock worth $280,194,000 after purchasing an additional 1,971,147 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of ONEOK in the 4th quarter worth about $182,694,000. Finally, ClearBridge Investments Ltd bought a new stake in shares of ONEOK during the 4th quarter valued at about $177,045,000. Institutional investors own 69.13% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on OKE shares. Wolfe Research raised shares of ONEOK from a "peer perform" rating to an "outperform" rating and set a $110.00 price objective for the company in a research report on Monday, February 10th. Citigroup reduced their price target on shares of ONEOK from $110.00 to $102.00 and set a "buy" rating for the company in a research report on Tuesday, May 6th. Barclays lowered their target price on shares of ONEOK from $105.00 to $101.00 and set an "equal weight" rating on the stock in a research note on Friday, March 7th. US Capital Advisors upgraded shares of ONEOK from a "moderate buy" rating to a "strong-buy" rating in a research note on Monday, February 3rd. Finally, Stifel Nicolaus decreased their price target on shares of ONEOK from $110.00 to $107.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Six equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $104.69.

ONEOK Price Performance

Shares of NYSE OKE traded down $0.47 during trading on Thursday, reaching $81.36. The company had a trading volume of 2,557,956 shares, compared to its average volume of 3,275,095. ONEOK, Inc. has a 52 week low of $75.48 and a 52 week high of $118.07. The stock has a market cap of $50.82 billion, a PE ratio of 17.02, a PEG ratio of 3.77 and a beta of 1.01. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.59 and a current ratio of 0.81. The business's 50 day moving average price is $87.94 and its 200-day moving average price is $97.44.

ONEOK (NYSE:OKE - Get Free Report) last issued its quarterly earnings results on Tuesday, April 29th. The utilities provider reported $1.04 EPS for the quarter, missing the consensus estimate of $1.28 by ($0.24). ONEOK had a return on equity of 16.84% and a net margin of 14.05%. The business had revenue of $6.49 billion for the quarter, compared to analyst estimates of $8.23 billion. During the same quarter in the prior year, the firm earned $1.09 EPS. Analysts expect that ONEOK, Inc. will post 5.07 earnings per share for the current year.

ONEOK Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 5th were issued a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a yield of 5.06%. The ex-dividend date was Monday, May 5th. ONEOK's dividend payout ratio is currently 80.47%.

ONEOK Company 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.