HighTower Advisors LLC Has $40.47 Million Stock Position in ONEOK, Inc. (NYSE:OKE)

Key Points

• HighTower Advisors LLC increased its stake in ONEOK, Inc. by 3.5%, owning approximately $40.47 million worth of the company's shares after acquiring an additional 13,639 shares.
• Analysts have varied opinions on ONEOK, with Citigroup lowering its price target to $102.00 while JPMorgan raised theirs to $97.00, reflecting mixed sentiments in the market.
• ONEOK announced a quarterly dividend of $1.03 per share, translating to an annualized dividend of $4.12 and a yield of 5.5%, with a payout ratio of 80.31%.

HighTower Advisors LLC grew its stake in shares of ONEOK, Inc. (NYSE:OKE - Free Report) by 3.5% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 407,894 shares of the utilities provider's stock after purchasing an additional 13,639 shares during the period. HighTower Advisors LLC owned about 0.07% of ONEOK worth $40,471,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Trajan Wealth LLC increased its holdings in ONEOK by 2.3% during the 1st quarter. Trajan Wealth LLC now owns 53,498 shares of the utilities provider's stock worth $5,308,000 after purchasing an additional 1,203 shares in the last quarter. Public Sector Pension Investment Board increased its holdings in ONEOK by 9.5% during the 1st quarter. Public Sector Pension Investment Board now owns 165,915 shares of the utilities provider's stock worth $16,462,000 after purchasing an additional 14,369 shares in the last quarter. Eagle Global Advisors LLC increased its holdings in ONEOK by 108.2% during the 1st quarter. Eagle Global Advisors LLC now owns 557,070 shares of the utilities provider's stock worth $55,272,000 after purchasing an additional 289,441 shares in the last quarter. Todd Asset Management LLC increased its holdings in ONEOK by 56.7% during the 1st quarter. Todd Asset Management LLC now owns 702,802 shares of the utilities provider's stock worth $69,732,000 after purchasing an additional 254,171 shares in the last quarter. Finally, Independent Advisor Alliance increased its holdings in ONEOK by 11.1% during the 1st quarter. Independent Advisor Alliance now owns 22,737 shares of the utilities provider's stock worth $2,256,000 after purchasing an additional 2,270 shares in the last quarter. 69.13% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on OKE shares. Citigroup decreased their price objective on ONEOK from $110.00 to $102.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. TD Cowen started coverage on ONEOK in a report on Monday, July 7th. They issued a "hold" rating and a $91.00 target price for the company. Wells Fargo & Company reduced their target price on ONEOK from $102.00 to $93.00 and set an "equal weight" rating for the company in a report on Thursday, May 1st. JPMorgan Chase & Co. upped their target price on ONEOK from $94.00 to $97.00 and gave the company an "overweight" rating in a report on Thursday, July 3rd. Finally, Stifel Nicolaus reduced their target price on ONEOK from $110.00 to $107.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Six equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, ONEOK presently has a consensus rating of "Moderate Buy" and an average target price of $104.14.

ONEOK Price Performance

Shares of NYSE OKE opened at $75.30 on Thursday. The stock has a fifty day simple moving average of $80.48 and a two-hundred day simple moving average of $87.01. ONEOK, Inc. has a 1-year low of $73.02 and a 1-year high of $118.07. The firm has a market cap of $47.42 billion, a price-to-earnings ratio of 14.68, a price-to-earnings-growth ratio of 1.76 and a beta of 0.99. The company has a current ratio of 0.59, a quick ratio of 0.46 and a debt-to-equity ratio of 1.35.

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 for the quarter, beating the consensus estimate of $1.33 by $0.01. ONEOK had a return on equity of 14.90% and a net margin of 11.06%. The business had revenue of $8.21 billion during the quarter, compared to analyst estimates of $7.20 billion. During the same period in the prior year, the company earned $1.33 earnings per share. Analysts anticipate that ONEOK, Inc. will post 5.07 earnings per share for the current year.

ONEOK Dividend Announcement

The business 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 dividend of $1.03 per share. The ex-dividend date is Friday, August 1st. This represents a $4.12 annualized dividend and a dividend yield of 5.5%. ONEOK's dividend payout ratio is currently 80.31%.

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.

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