ONEOK, Inc. (NYSE:OKE) Shares Sold by Morningstar Investment Management LLC

Key Points

• Morningstar Investment Management LLC reduced its stake in ONEOK, Inc. by 30.3%, owning 23,169 shares after selling 10,091 shares in the first quarter, with holdings valued at $2,299,000.
• Analysts have mixed views on ONEOK, with six giving it a "hold" rating, nine a "buy" rating, and one a "strong buy," resulting in a consensus rating of "Moderate Buy" and an average price target of $104.86.
• ONEOK's recently announced quarterly dividend is set at $1.03 per share, providing an annual yield of 5.03%, with a payout ratio of 80.47%.

Morningstar Investment Management LLC trimmed its position in shares of ONEOK, Inc. (NYSE:OKE - Free Report) by 30.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,169 shares of the utilities provider's stock after selling 10,091 shares during the period. Morningstar Investment Management LLC's holdings in ONEOK were worth $2,299,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of OKE. Marcum Wealth LLC raised its holdings in ONEOK by 1.1% during the 1st quarter. Marcum Wealth LLC now owns 10,250 shares of the utilities provider's stock valued at $1,017,000 after buying an additional 108 shares during the period. West Paces Advisors Inc. raised its holdings in ONEOK by 4.7% during the 4th quarter. West Paces Advisors Inc. now owns 2,527 shares of the utilities provider's stock valued at $254,000 after buying an additional 114 shares during the period. Morey & Quinn Wealth Partners LLC raised its holdings in ONEOK by 0.8% during the 1st quarter. Morey & Quinn Wealth Partners LLC now owns 15,722 shares of the utilities provider's stock valued at $1,560,000 after buying an additional 130 shares during the period. Uniplan Investment Counsel Inc. raised its holdings in ONEOK by 0.3% during the 4th quarter. Uniplan Investment Counsel Inc. now owns 50,970 shares of the utilities provider's stock valued at $5,117,000 after buying an additional 132 shares during the period. Finally, Visionary Wealth Advisors grew its position in ONEOK by 2.1% in the 4th quarter. Visionary Wealth Advisors now owns 6,320 shares of the utilities provider's stock valued at $635,000 after acquiring an additional 132 shares during the last quarter. 69.13% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have commented on OKE shares. Scotiabank set a $92.00 price objective on ONEOK and gave the company a "sector outperform" rating in a research report on Tuesday, July 15th. Stifel Nicolaus cut their price objective on ONEOK from $110.00 to $107.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Wells Fargo & Company dropped their price target on ONEOK from $102.00 to $93.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 1st. JPMorgan Chase & Co. increased their price target on ONEOK from $94.00 to $97.00 and gave the stock an "overweight" rating in a research report on Thursday, July 3rd. Finally, Barclays dropped their price target on ONEOK from $101.00 to $91.00 and set an "equal weight" rating on the stock in a research report on Tuesday, June 3rd. Six investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $104.57.

ONEOK Stock Down 2.3%

Shares of NYSE OKE traded down $1.90 during mid-day trading on Friday, reaching $79.18. 2,406,669 shares of the company were exchanged, compared to its average volume of 3,951,229. The company has a quick ratio of 0.52, a current ratio of 0.67 and a debt-to-equity ratio of 1.35. The stock has a market cap of $49.85 billion, a price-to-earnings ratio of 15.47, a P/E/G ratio of 1.95 and a beta of 0.93. ONEOK, Inc. has a 1 year low of $75.47 and a 1 year high of $118.07. The firm has a 50-day moving average of $81.46 and a 200 day moving average of $88.95.

ONEOK (NYSE:OKE - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The utilities provider reported $1.04 EPS for the quarter, missing analysts' consensus estimates of $1.28 by ($0.24). ONEOK had a net margin of 12.15% and a return on equity of 15.58%. The business had revenue of $6.49 billion during the quarter, compared to analysts' expectations of $8.23 billion. During the same quarter last year, the business posted $1.09 earnings per share. On average, research analysts expect that ONEOK, Inc. will post 5.07 earnings per share for the current year.

ONEOK Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 14th. Stockholders of record on Friday, August 1st will be paid a $1.03 dividend. This represents a $4.12 annualized dividend and a dividend yield of 5.2%. The ex-dividend date is Friday, August 1st. ONEOK's dividend payout ratio (DPR) is presently 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.