ING Groep NV Sells 332,490 Shares of ONEOK, Inc. (NYSE:OKE)

Key Points

• ING Groep NV significantly reduced its stake in ONEOK, Inc. by 73.3% during the 1st quarter, selling 332,490 shares and leaving it with 121,030 shares valued at approximately $12 million.
• Recent analyst reports indicate a mixed outlook for ONEOK, with target prices adjusted downwards, including a new target of $92.00 from Scotiabank and a price cut to $93.00 from Wells Fargo.
• ONEOK announced a quarterly dividend of $1.03 per share, reflecting an annualized yield of 5.2%, with the payout expected to be made on August 14th.

ING Groep NV cut its holdings in ONEOK, Inc. (NYSE:OKE - Free Report) by 73.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 121,030 shares of the utilities provider's stock after selling 332,490 shares during the period. ING Groep NV's holdings in ONEOK were worth $12,009,000 as of its most recent SEC filing.

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

Analyst Upgrades and Downgrades

OKE has been the topic of several research reports. Wells Fargo & Company reduced their target price on ONEOK from $102.00 to $93.00 and set an "equal weight" rating on the stock in a report on Thursday, May 1st. Stifel Nicolaus reduced their price objective on ONEOK from $110.00 to $107.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. TD Cowen started coverage on ONEOK in a research report on Monday, July 7th. They set a "hold" rating and a $91.00 target price for the company. Royal Bank Of Canada cut their target price on shares of ONEOK from $100.00 to $94.00 and set a "sector perform" rating for the company in a report on Friday, August 1st. Finally, Raymond James Financial restated an "outperform" rating on shares of ONEOK in a research report on Friday, August 1st. Six equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $104.57.

ONEOK Trading Down 1.3%

Shares of OKE traded down $0.95 during mid-day trading on Friday, reaching $74.53. 3,159,006 shares of the company's stock traded hands, compared to its average volume of 3,989,581. The company has a debt-to-equity ratio of 1.35, a current ratio of 0.59 and a quick ratio of 0.52. The stock's 50-day moving average is $81.07 and its two-hundred day moving average is $87.89. ONEOK, Inc. has a 12 month low of $74.23 and a 12 month high of $118.07. The stock has a market cap of $46.92 billion, a P/E ratio of 14.53, a P/E/G ratio of 1.78 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 for the quarter, topping the consensus estimate of $1.33 by $0.01. The business 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 last year, the company earned $1.33 earnings per share. Research analysts forecast that ONEOK, Inc. will post 5.07 earnings per share for the current fiscal year.

ONEOK Announces Dividend

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

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.