Cullen Frost Bankers Inc. Lowers Stake in ONEOK, Inc. (NYSE:OKE)

Cullen Frost Bankers Inc. trimmed its stake in shares of ONEOK, Inc. (NYSE:OKE - Free Report) by 71.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,339 shares of the utilities provider's stock after selling 8,355 shares during the period. Cullen Frost Bankers Inc.'s holdings in ONEOK were worth $331,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Greenline Partners LLC acquired a new position in shares of ONEOK in the fourth quarter valued at approximately $32,000. First Pacific Financial purchased a new position in shares of ONEOK in the 1st quarter valued at $34,000. Vermillion Wealth Management Inc. purchased a new position in shares of ONEOK in the 4th quarter valued at $37,000. Marshall & Sterling Wealth Advisors Inc. purchased a new position in shares of ONEOK in the 4th quarter valued at $39,000. Finally, MorganRosel Wealth Management LLC purchased a new position in shares of ONEOK in the 1st quarter valued at $39,000. 69.13% of the stock is owned by hedge funds and other institutional investors.

ONEOK Price Performance

Shares of NYSE OKE traded up $2.18 during midday trading on Friday, hitting $83.42. The company had a trading volume of 4,553,712 shares, compared to its average volume of 3,492,203. The company has a quick ratio of 0.52, a current ratio of 0.67 and a debt-to-equity ratio of 1.35. ONEOK, Inc. has a twelve month low of $75.48 and a twelve month high of $118.07. The business has a 50-day simple moving average of $81.97 and a two-hundred day simple moving average of $90.21. The firm has a market capitalization of $52.52 billion, a price-to-earnings ratio of 16.29, a price-to-earnings-growth ratio of 1.94 and a beta of 0.93.

ONEOK (NYSE:OKE - Get Free Report) last announced its quarterly earnings data 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 net margin of 12.15% and a return on equity of 15.58%. The company had revenue of $6.49 billion during the quarter, compared to analyst estimates of $8.23 billion. During the same quarter last year, the business earned $1.09 EPS. Equities research analysts anticipate that ONEOK, Inc. will post 5.07 earnings per share for the current year.

ONEOK Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Friday, August 1st will be issued a dividend of $1.03 per share. The ex-dividend date is Friday, August 1st. This represents a $4.12 annualized dividend and a yield of 4.94%. ONEOK's dividend payout ratio (DPR) is currently 80.47%.

Analyst Upgrades and Downgrades

OKE has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. increased their target price on shares of ONEOK from $94.00 to $97.00 and gave the company an "overweight" rating in a research report on Thursday, July 3rd. Barclays dropped their target price on shares of ONEOK from $101.00 to $91.00 and set an "equal weight" rating on the stock in a research report on Tuesday, June 3rd. Scotiabank set a $92.00 target price on shares of ONEOK and gave the company a "sector outperform" rating in a research report on Tuesday. Morgan Stanley raised their price objective on shares of ONEOK from $111.00 to $133.00 and gave the stock an "overweight" rating in a research report on Tuesday, March 25th. Finally, TD Cowen started coverage on shares of ONEOK in a research report on Monday, July 7th. They set a "hold" rating and a $91.00 price objective on the stock. Six research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $103.07.

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.