ONEOK, Inc. (NYSE:OKE) Shares Sold by ELCO Management Co. LLC

ELCO Management Co. LLC cut its position in ONEOK, Inc. (NYSE:OKE - Free Report) by 26.3% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 17,216 shares of the utilities provider's stock after selling 6,147 shares during the quarter. ONEOK makes up 0.9% of ELCO Management Co. LLC's investment portfolio, making the stock its 27th biggest holding. ELCO Management Co. LLC's holdings in ONEOK were worth $1,708,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Greenline Partners LLC purchased a new stake in ONEOK during the 4th quarter valued at approximately $32,000. First Pacific Financial purchased a new stake in ONEOK during the 1st quarter valued at approximately $34,000. Vermillion Wealth Management Inc. purchased a new stake in ONEOK during the 4th quarter valued at approximately $37,000. Marshall & Sterling Wealth Advisors Inc. purchased a new stake in ONEOK during the 4th quarter valued at approximately $39,000. Finally, MorganRosel Wealth Management LLC purchased a new stake in ONEOK during the 1st quarter valued at approximately $39,000. 69.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have commented on OKE. Barclays reduced their price objective on ONEOK from $101.00 to $91.00 and set an "equal weight" rating for the company in a research note on Tuesday, June 3rd. Wells Fargo & Company reduced their price objective on ONEOK from $102.00 to $93.00 and set an "equal weight" rating for the company in a research note on Thursday, May 1st. Citigroup reduced their price objective on ONEOK from $110.00 to $102.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. JPMorgan Chase & Co. upped their price objective on ONEOK from $94.00 to $97.00 and gave the company an "overweight" rating in a research note on Thursday, July 3rd. Finally, Stifel Nicolaus cut their target price on ONEOK from $110.00 to $107.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Seven analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $103.14.

ONEOK Price Performance

NYSE OKE traded up $0.47 during mid-day trading on Friday, hitting $81.38. The stock had a trading volume of 2,315,889 shares, compared to its average volume of 3,480,782. ONEOK, Inc. has a 52-week low of $75.48 and a 52-week high of $118.07. The company has a market cap of $51.23 billion, a price-to-earnings ratio of 15.89, a P/E/G ratio of 1.55 and a beta of 0.93. The company has a 50 day simple moving average of $81.94 and a 200 day simple moving average of $90.82. 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 (NYSE:OKE - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The utilities provider reported $1.04 earnings per share 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 firm had revenue of $6.49 billion during the quarter, compared to analysts' expectations of $8.23 billion. During the same period in the previous year, the business earned $1.09 earnings per share. Equities analysts forecast that ONEOK, Inc. will post 5.07 EPS for the current fiscal 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 paid a $1.03 dividend. This represents a $4.12 annualized dividend and a yield of 5.06%. The ex-dividend date was Monday, May 5th. ONEOK's payout ratio is currently 80.47%.

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.