Inspire Advisors LLC Grows Stock Holdings in ONEOK, Inc. (NYSE:OKE)

Key Points

• Inspire Advisors LLC increased its shareholding in ONEOK, Inc. by 25.9% during Q1, totaling 28,564 shares valued at approximately $2.83 million.
• Wall Street analysts have mixed views, with JPMorgan raising its price target to $97 while others like Citigroup and Barclays reduced their projections to $102 and $91 respectively.
• ONEOK announced a quarterly dividend of $1.03 per share, resulting in an annualized yield of 5.05%, with a payout ratio of 80.47%.

Inspire Advisors LLC grew its holdings in ONEOK, Inc. (NYSE:OKE - Free Report) by 25.9% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 28,564 shares of the utilities provider's stock after buying an additional 5,883 shares during the period. Inspire Advisors LLC's holdings in ONEOK were worth $2,834,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in OKE. Greenline Partners LLC acquired a new stake in ONEOK in the fourth quarter valued at about $32,000. First Pacific Financial acquired a new stake in ONEOK in the first quarter valued at about $34,000. Vermillion Wealth Management Inc. acquired a new stake in ONEOK in the fourth quarter valued at about $37,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in ONEOK in the fourth quarter valued at about $39,000. Finally, MorganRosel Wealth Management LLC acquired a new stake in ONEOK in the first quarter valued at about $39,000. 69.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on OKE. Scotiabank set a $92.00 price objective on shares of ONEOK and gave the company a "sector outperform" rating in a research report on Tuesday, July 15th. Stifel Nicolaus cut their price target on shares of ONEOK from $110.00 to $107.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Raymond James Financial reduced their price target on shares of ONEOK from $115.00 to $110.00 and set an "outperform" rating for the company in a research report on Tuesday, July 22nd. JPMorgan Chase & Co. lifted their price target on shares of ONEOK from $94.00 to $97.00 and gave the company an "overweight" rating in a research report on Thursday, July 3rd. Finally, TD Cowen assumed coverage on shares of ONEOK in a research report on Monday, July 7th. They set a "hold" rating and a $91.00 price target for the company. Six investment 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 MarketBeat.com, ONEOK presently has a consensus rating of "Moderate Buy" and an average price target of $104.86.

ONEOK Price Performance

Shares of OKE traded down $0.81 during mid-day trading on Wednesday, reaching $82.66. 1,134,662 shares of the company's stock were exchanged, compared to its average volume of 3,946,126. 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 company has a 50-day simple moving average of $81.44 and a two-hundred day simple moving average of $89.15. ONEOK, Inc. has a 52-week low of $75.47 and a 52-week high of $118.07. The company has a market cap of $52.04 billion, a price-to-earnings ratio of 16.12, a PEG ratio of 1.94 and a beta of 0.93.

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

ONEOK Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Friday, August 1st will be paid a $1.03 dividend. The ex-dividend date of this dividend is Friday, August 1st. This represents a $4.12 annualized dividend and a yield of 4.98%. ONEOK's payout ratio is currently 80.47%.

ONEOK Company 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.