Barnett & Company Inc. Trims Stock Position in ONEOK, Inc. (NYSE:OKE)

Key Points

• Barnett & Company Inc. has reduced its holdings in ONEOK, Inc. by 10.1%, owning 51,716 shares valued at approximately $5.13 million, making it the 6th largest holding in their investment portfolio.
• During the latest earnings report, ONEOK surpassed consensus estimates with an EPS of $1.34 and revenue of $8.21 billion, indicating strong performance relative to analysts' expectations.
• ONEOK declared a quarterly dividend of $1.03 per share, reflecting a 5.5% yield, with a payout ratio of 80.31% and scheduled distribution on August 14th.

Barnett & Company Inc. trimmed its holdings in ONEOK, Inc. (NYSE:OKE - Free Report) by 10.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 51,716 shares of the utilities provider's stock after selling 5,800 shares during the quarter. ONEOK comprises 4.3% of Barnett & Company Inc.'s portfolio, making the stock its 6th biggest holding. Barnett & Company Inc.'s holdings in ONEOK were worth $5,131,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in OKE. Greenline Partners LLC bought a new stake in ONEOK during the 4th quarter worth about $32,000. First Pacific Financial bought a new position in ONEOK during the first quarter worth about $34,000. Vermillion Wealth Management Inc. bought a new position in ONEOK during the fourth quarter worth about $37,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in ONEOK during the fourth quarter worth about $39,000. Finally, MorganRosel Wealth Management LLC bought a new position in ONEOK during the first quarter worth about $39,000. 69.13% of the stock is owned by institutional investors.

ONEOK Price Performance

ONEOK stock traded down $0.55 during midday trading on Thursday, reaching $74.78. The company's stock had a trading volume of 1,844,232 shares, compared to its average volume of 3,967,637. ONEOK, Inc. has a 52 week low of $73.02 and a 52 week high of $118.07. The company has a current ratio of 0.59, a quick ratio of 0.46 and a debt-to-equity ratio of 1.35. The business has a 50-day moving average price of $80.48 and a 200-day moving average price of $87.01. The stock has a market cap of $47.09 billion, a PE ratio of 14.58, a price-to-earnings-growth ratio of 1.76 and a beta of 0.99.

ONEOK (NYSE:OKE - Get Free Report) last released its earnings results on Monday, August 4th. The utilities provider reported $1.34 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.33 by $0.01. ONEOK had a return on equity of 14.90% and a net margin of 11.06%. The firm had revenue of $8.21 billion for the quarter, compared to analysts' expectations of $7.20 billion. During the same quarter in the previous year, the business posted $1.33 earnings per share. On average, sell-side analysts predict that ONEOK, Inc. will post 5.07 EPS for the current year.

ONEOK Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Friday, August 1st will be given a $1.03 dividend. The ex-dividend date is Friday, August 1st. This represents a $4.12 annualized dividend and a yield of 5.5%. ONEOK's dividend payout ratio (DPR) is currently 80.31%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on OKE shares. Wells Fargo & Company lowered their price target on ONEOK from $102.00 to $93.00 and set an "equal weight" rating for the company in a report on Thursday, May 1st. Raymond James Financial reaffirmed an "outperform" rating on shares of ONEOK in a report on Friday, August 1st. TD Cowen initiated coverage on shares of ONEOK in a report on Monday, July 7th. They set a "hold" rating and a $91.00 target price for the company. Barclays set a $83.00 price target on shares of ONEOK in a research report on Thursday. Finally, Stifel Nicolaus lowered 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 analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $103.57.

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.