Westwood Holdings Group Inc. Has $236.17 Million Stake in ONEOK, Inc. (NYSE:OKE)

Key Points

• Westwood Holdings Group Inc. increased its stake in ONEOK, Inc. by 33.3%, now holding approximately 2,380,253 shares worth about $236 million, making it the third largest position in its investment portfolio.
• ONEOK reported a quarterly EPS of $1.34, surpassing analysts' expectations of $1.33, with revenue totaling $8.21 billion compared to expectations of $7.20 billion.
• The company recently announced a $1.03 quarterly dividend to be paid on August 14th, offering an annual yield of 5.2% and a payout ratio of 80.47%.

Westwood Holdings Group Inc. increased its position in shares of ONEOK, Inc. (NYSE:OKE - Free Report) by 33.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,380,253 shares of the utilities provider's stock after purchasing an additional 595,093 shares during the period. ONEOK accounts for approximately 1.8% of Westwood Holdings Group Inc.'s portfolio, making the stock its 3rd largest position. Westwood Holdings Group Inc. owned 0.38% of ONEOK worth $236,169,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Marcum Wealth LLC lifted its stake 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 acquiring an additional 108 shares in the last quarter. West Paces Advisors Inc. lifted 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 valued at $254,000 after acquiring an additional 114 shares in the last quarter. Morey & Quinn Wealth Partners LLC lifted 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 valued at $1,560,000 after acquiring an additional 130 shares in the last quarter. Uniplan Investment Counsel Inc. lifted 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 valued at $5,117,000 after acquiring an additional 132 shares in the last quarter. Finally, Visionary Wealth Advisors lifted 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 valued at $635,000 after acquiring an additional 132 shares in the last quarter. Institutional investors and hedge funds own 69.13% of the company's stock.

ONEOK Price Performance

OKE traded up $0.22 during trading on Thursday, reaching $75.45. The stock had a trading volume of 3,414,841 shares, compared to its average volume of 3,582,113. The stock has a market cap of $47.50 billion, a PE ratio of 14.71, a PEG ratio of 1.78 and a beta of 0.99. 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 one year low of $74.23 and a one year high of $118.07. The business has a 50-day moving average of $81.07 and a 200-day moving average of $87.89.

ONEOK (NYSE:OKE - Get Free Report) last issued its earnings results on Monday, August 4th. The utilities provider reported $1.34 earnings per share (EPS) 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 analyst estimates of $7.20 billion. ONEOK had a return on equity of 14.90% and a net margin of 11.06%. During the same quarter in the prior year, the firm earned $1.33 earnings per share. As a group, equities research analysts anticipate that ONEOK, Inc. will post 5.07 EPS for the current fiscal year.

ONEOK Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Friday, August 1st will be given a $1.03 dividend. The ex-dividend date is Friday, August 1st. This represents a $4.12 annualized dividend and a yield of 5.5%. ONEOK's payout ratio is presently 80.31%.

Analysts Set New Price Targets

OKE has been the topic of several recent analyst reports. Stifel Nicolaus dropped 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. Citigroup dropped their price objective on ONEOK from $110.00 to $102.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. Barclays lowered their target price on ONEOK from $101.00 to $91.00 and set an "equal weight" rating on the stock in a research note on Tuesday, June 3rd. JPMorgan Chase & Co. lifted their target price on ONEOK from $94.00 to $97.00 and gave the stock an "overweight" rating in a research note on Thursday, July 3rd. Finally, Raymond James Financial reiterated an "outperform" rating on shares of ONEOK in a research note on Friday, August 1st. Six research 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 data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $104.57.

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.