MGB Wealth Management LLC Decreases Stake in ONEOK, Inc. (NYSE:OKE)

Key Points

• MGB Wealth Management LLC reduced its holdings in ONEOK, Inc. by 35.6% during the first quarter, now holding shares worth approximately $2.37 million.
• Hedge funds have shown mixed interest in ONEOK, with several firms like Greenline Partners LLC and First Pacific Financial acquiring new stakes recently.
• ONEOK announced a quarterly dividend of $1.03 per share, leading to an annualized yield of 5.4%, with a payout ratio of 80.47%.

MGB Wealth Management LLC lessened its stake in ONEOK, Inc. (NYSE:OKE - Free Report) by 35.6% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 23,935 shares of the utilities provider's stock after selling 13,209 shares during the quarter. ONEOK accounts for 0.9% of MGB Wealth Management LLC's investment portfolio, making the stock its 25th largest position. MGB Wealth Management LLC's holdings in ONEOK were worth $2,371,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in OKE. Greenline Partners LLC purchased a new position in ONEOK in the fourth quarter valued at about $32,000. First Pacific Financial acquired a new stake in shares of ONEOK in the 1st quarter worth approximately $34,000. Vermillion Wealth Management Inc. purchased a new position in ONEOK in the 4th quarter valued at approximately $37,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in ONEOK during the fourth quarter worth $39,000. Finally, MorganRosel Wealth Management LLC purchased a new stake in ONEOK during the first quarter worth $39,000. Institutional investors and hedge funds own 69.13% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on OKE shares. JPMorgan Chase & Co. raised their price target on ONEOK from $94.00 to $97.00 and gave the company an "overweight" rating in a research report on Thursday, July 3rd. Citigroup lowered their price objective on shares of ONEOK from $110.00 to $102.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. Raymond James Financial restated an "outperform" rating on shares of ONEOK in a research report on Friday, August 1st. Royal Bank Of Canada lowered their price target on shares of ONEOK from $100.00 to $94.00 and set a "sector perform" rating on the stock in a research report on Friday, August 1st. Finally, Barclays dropped their price objective on shares of ONEOK from $101.00 to $91.00 and set an "equal weight" rating for the company in a research note on Tuesday, June 3rd. Six research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $104.57.

ONEOK Trading Down 1.3%

ONEOK stock traded down $0.95 during trading on Friday, hitting $74.53. The company's stock had a trading volume of 3,159,225 shares, compared to its average volume of 3,619,503. The stock's fifty day moving average is $81.07 and its 200 day moving average is $87.89. The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.52 and a current ratio of 0.59. ONEOK, Inc. has a 1-year low of $74.23 and a 1-year high of $118.07. The stock has a market capitalization of $46.94 billion, a price-to-earnings 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 posted its quarterly earnings data on Monday, August 4th. The utilities provider reported $1.34 EPS for the quarter, beating analysts' consensus estimates of $1.33 by $0.01. ONEOK had a net margin of 11.06% and a return on equity of 14.90%. The company had revenue of $8.21 billion during the quarter, compared to the consensus estimate of $7.20 billion. During the same quarter in the prior year, the company posted $1.33 EPS. As a group, equities research analysts predict that ONEOK, Inc. will post 5.07 EPS for the current year.

ONEOK Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Friday, August 1st will be issued a $1.03 dividend. This represents a $4.12 dividend on an annualized basis and a dividend yield of 5.5%. The ex-dividend date is Friday, August 1st. ONEOK's dividend payout ratio (DPR) is 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.