Deutsche Bank AG Cuts Stake in ONEOK, Inc. (NYSE:OKE)

Key Points

• Deutsche Bank AG reduced its stake in ONEOK, Inc. by 9.0%, owning 8,488,157 shares worth approximately $842 million after selling 834,803 shares in the first quarter.
• ONEOK recently reported $1.34 EPS for the quarter, exceeding analysts' expectations of $1.33, with revenue of $8.21 billion compared to an expected $7.20 billion.
• The company declared a quarterly dividend of $1.03, translating to an annualized dividend of $4.12 and a yield of 5.5%, with an ex-dividend date set for August 1st.

Deutsche Bank AG lowered its position in shares of ONEOK, Inc. (NYSE:OKE - Free Report) by 9.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,488,157 shares of the utilities provider's stock after selling 834,803 shares during the period. Deutsche Bank AG owned approximately 1.36% of ONEOK worth $842,195,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in OKE. Greenline Partners LLC bought a new stake in shares of ONEOK in the 4th quarter worth $32,000. First Pacific Financial bought a new position in shares of ONEOK during the first quarter valued at $34,000. Vermillion Wealth Management Inc. purchased a new stake in shares of ONEOK during the fourth quarter valued at $37,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in ONEOK in the 4th quarter worth about $39,000. Finally, MorganRosel Wealth Management LLC purchased a new position in ONEOK in the 1st quarter worth about $39,000. 69.13% of the stock is currently owned by hedge funds and other institutional investors.

ONEOK Stock Performance

NYSE:OKE traded down $0.95 during mid-day trading on Friday, hitting $74.53. 3,159,225 shares of the company traded hands, compared to its average volume of 3,619,503. The company has a quick ratio of 0.52, a current ratio of 0.59 and a debt-to-equity ratio of 1.35. The stock's fifty day moving average price is $80.95 and its 200-day moving average price is $87.65. The firm has a market cap of $46.94 billion, a price-to-earnings ratio of 14.53, a price-to-earnings-growth ratio of 1.78 and a beta of 0.99. ONEOK, Inc. has a one year low of $74.23 and a one year high of $118.07.

ONEOK (NYSE:OKE - Get Free Report) last announced its quarterly earnings data 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. The company had revenue of $8.21 billion during the quarter, compared to the consensus estimate of $7.20 billion. ONEOK had a return on equity of 14.90% and a net margin of 11.06%. During the same period in the previous year, the company posted $1.33 EPS. Research analysts anticipate that ONEOK, Inc. will post 5.07 earnings per share for the current fiscal year.

ONEOK Announces Dividend

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

Analyst Ratings Changes

OKE has been the topic of a number of recent analyst reports. Royal Bank Of Canada dropped their price target on shares of ONEOK from $100.00 to $94.00 and set a "sector perform" rating on the stock in a report on Friday, August 1st. 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 report on Tuesday, June 3rd. Citigroup decreased their target price on shares of ONEOK from $110.00 to $102.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Scotiabank set a $92.00 price target on ONEOK and gave the company a "sector outperform" rating in a report on Tuesday, July 15th. Finally, TD Cowen assumed coverage on ONEOK in a report on Monday, July 7th. They issued a "hold" rating and a $91.00 price objective for the company. Six research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, ONEOK presently has an average rating of "Moderate Buy" and a consensus price target of $104.57.

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.