Inspire Trust Co. N.A. Buys 4,710 Shares of ONEOK, Inc. $OKE

Key Points

• Inspire Trust Co. N.A. has increased its stake in ONEOK, Inc. by 38.3%, acquiring an additional 4,710 shares to bring its total holdings to 17,000 shares valued at approximately $1.69 million.
• ONEOK recently reported earnings of $1.34 per share for the quarter, surpassing analyst estimates and generating revenues of $8.21 billion, well above expectations.
• The company has announced a quarterly dividend of $1.03 per share, leading to an annualized dividend yield of 5.5%, with a payout ratio of 80.31%.

Inspire Trust Co. N.A. lifted its holdings in shares of ONEOK, Inc. (NYSE:OKE - Free Report) by 38.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,000 shares of the utilities provider's stock after buying an additional 4,710 shares during the period. Inspire Trust Co. N.A.'s holdings in ONEOK were worth $1,687,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in OKE. Vanguard Group Inc. lifted its holdings in ONEOK by 7.2% in the first quarter. Vanguard Group Inc. now owns 75,196,969 shares of the utilities provider's stock worth $7,461,043,000 after purchasing an additional 5,076,705 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of ONEOK by 13.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 20,957,230 shares of the utilities provider's stock valued at $2,079,376,000 after acquiring an additional 2,542,449 shares in the last quarter. Invesco Ltd. increased its position in shares of ONEOK by 25.1% during the 1st quarter. Invesco Ltd. now owns 8,339,939 shares of the utilities provider's stock valued at $827,489,000 after purchasing an additional 1,674,706 shares during the period. Northern Trust Corp raised its stake in shares of ONEOK by 15.2% in the 4th quarter. Northern Trust Corp now owns 6,535,861 shares of the utilities provider's stock worth $656,200,000 after buying an additional 864,392 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of ONEOK by 43.5% in the first quarter. Goldman Sachs Group Inc. now owns 5,904,119 shares of the utilities provider's stock valued at $585,807,000 after buying an additional 1,788,433 shares during the period. 69.13% of the stock is owned by institutional investors.

ONEOK Stock Down 1.2%

NYSE:OKE traded down $0.89 during trading hours on Monday, reaching $73.04. The company's stock had a trading volume of 2,516,149 shares, compared to its average volume of 3,965,103. ONEOK, Inc. has a one year low of $72.75 and a one year high of $118.07. The business's 50-day moving average is $80.20 and its 200-day moving average is $86.46. The company has a debt-to-equity ratio of 1.35, a current ratio of 0.59 and a quick ratio of 0.46. The company has a market cap of $46.00 billion, a price-to-earnings ratio of 14.24, a price-to-earnings-growth ratio of 1.75 and a beta of 0.99.

ONEOK (NYSE:OKE - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The utilities provider reported $1.34 earnings per share for the quarter, beating analysts' consensus estimates of $1.33 by $0.01. The business had revenue of $8.21 billion for 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 business earned $1.33 EPS. Equities research analysts predict that ONEOK, Inc. will post 5.07 EPS for the current year.

ONEOK Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Friday, August 1st were issued a $1.03 dividend. The ex-dividend date of this dividend was Friday, August 1st. This represents a $4.12 dividend on an annualized basis and a yield of 5.6%. ONEOK's dividend payout ratio (DPR) is 80.31%.

Analyst Ratings Changes

A number of research analysts recently issued reports on OKE shares. Raymond James Financial reaffirmed an "outperform" rating on shares of ONEOK in a report on Friday, August 1st. Royal Bank Of Canada decreased their price target on shares of ONEOK from $94.00 to $88.00 and set a "sector perform" rating on the stock in a research report on Wednesday, August 13th. 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. TD Cowen assumed coverage on ONEOK in a report on Monday, July 7th. They set a "hold" rating and a $91.00 target price for the company. Finally, Scotiabank set a $92.00 price target on ONEOK and gave the company a "sector outperform" rating in a research report on Tuesday, July 15th. Six 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 company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $103.57.

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.