Heritage Trust Co Lowers Stock Holdings in ONEOK, Inc. (NYSE:OKE)

Key Points

• Heritage Trust Co reduced its holdings in ONEOK, Inc. by 9.1%, bringing its total shares owned to 65,973, valued at approximately $6.5 million.
• ONEOK announced a quarterly dividend of $1.03 per share, resulting in an annualized dividend of $4.12 and a yield of 5.2%.
• Research analysts have mixed ratings on ONEOK, with a Moderate Buy average and target prices ranging from $91.00 to $104.57.

Heritage Trust Co cut its stake in shares of ONEOK, Inc. (NYSE:OKE - Free Report) by 9.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 65,973 shares of the utilities provider's stock after selling 6,621 shares during the period. Heritage Trust Co's holdings in ONEOK were worth $6,546,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Analyst Upgrades and Downgrades

Several equities research analysts have commented on OKE shares. Scotiabank set a $92.00 price objective on ONEOK and gave the stock a "sector outperform" rating in a research note on Tuesday, July 15th. Royal Bank Of Canada dropped their price target on ONEOK from $100.00 to $94.00 and set a "sector perform" rating for the company in a research report on Friday. Citigroup dropped their price target on ONEOK from $110.00 to $102.00 and set a "buy" rating for the company in a research report on Tuesday, May 6th. Raymond James Financial restated an "outperform" rating on shares of ONEOK in a report on Friday. Finally, TD Cowen started coverage on ONEOK in a research report on Monday, July 7th. They issued a "hold" rating and a $91.00 price objective for the company. 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. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $104.57.

ONEOK Stock Down 6.9%

Shares of NYSE OKE traded down $5.49 during mid-day trading on Tuesday, hitting $74.34. The company had a trading volume of 3,862,640 shares, compared to its average volume of 3,952,789. The company has a market capitalization of $46.80 billion, a PE ratio of 14.57, a price-to-earnings-growth ratio of 1.87 and a beta of 0.99. The company has a debt-to-equity ratio of 1.35, a current ratio of 0.67 and a quick ratio of 0.52. ONEOK, Inc. has a 1-year low of $74.50 and a 1-year high of $118.07. The business's 50-day simple moving average is $81.40 and its 200 day simple moving average is $88.30.

ONEOK (NYSE:OKE - Get Free Report) last posted its earnings results on Monday, August 4th. The utilities provider reported $1.34 EPS for the quarter, beating the consensus estimate of $1.33 by $0.01. The firm had revenue of $8.21 billion for the quarter, compared to analyst estimates of $7.20 billion. ONEOK had a return on equity of 15.58% and a net margin of 12.15%. During the same quarter in the prior year, the company posted $1.33 earnings per share. On average, analysts predict that ONEOK, Inc. will post 5.07 earnings per share for the current year.

ONEOK Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Friday, August 1st will be issued a dividend of $1.03 per share. The ex-dividend date of this dividend is Friday, August 1st. This represents a $4.12 annualized dividend and a dividend yield of 5.5%. ONEOK's dividend payout ratio (DPR) is presently 80.47%.

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.