ONEOK, Inc. (NYSE:OKE) Shares Purchased by State of Michigan Retirement System

State of Michigan Retirement System boosted its stake in ONEOK, Inc. (NYSE:OKE - Free Report) by 6.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 168,281 shares of the utilities provider's stock after buying an additional 9,700 shares during the period. State of Michigan Retirement System's holdings in ONEOK were worth $16,697,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the stock. Mindset Wealth Management LLC increased its position in ONEOK by 0.7% in the fourth quarter. Mindset Wealth Management LLC now owns 16,114 shares of the utilities provider's stock worth $1,618,000 after buying an additional 106 shares during the period. Marcum Wealth LLC grew its stake in shares of ONEOK by 1.1% in the first quarter. Marcum Wealth LLC now owns 10,250 shares of the utilities provider's stock worth $1,017,000 after purchasing an additional 108 shares in the last quarter. 1620 Investment Advisors Inc. grew its stake in shares of ONEOK by 1.9% in the fourth quarter. 1620 Investment Advisors Inc. now owns 5,880 shares of the utilities provider's stock worth $590,000 after purchasing an additional 112 shares in the last quarter. West Paces Advisors Inc. grew its stake in shares of ONEOK by 4.7% in the fourth quarter. West Paces Advisors Inc. now owns 2,527 shares of the utilities provider's stock worth $254,000 after purchasing an additional 114 shares in the last quarter. Finally, Morey & Quinn Wealth Partners LLC grew its stake in shares of ONEOK by 0.8% in the first quarter. Morey & Quinn Wealth Partners LLC now owns 15,722 shares of the utilities provider's stock worth $1,560,000 after purchasing an additional 130 shares in the last quarter. 69.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

OKE has been the subject of several recent analyst reports. Barclays decreased their price target on ONEOK from $101.00 to $91.00 and set an "equal weight" rating for the company in a research note on Tuesday, June 3rd. Morgan Stanley increased their price target on ONEOK from $111.00 to $133.00 and gave the stock an "overweight" rating in a research note on Tuesday, March 25th. Stifel Nicolaus decreased their price target on ONEOK from $110.00 to $107.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. TD Cowen started coverage on ONEOK in a research note on Monday, July 7th. They issued a "hold" rating and a $91.00 price target for the company. Finally, JPMorgan Chase & Co. raised their target price on ONEOK from $94.00 to $97.00 and gave the company an "overweight" rating in a research note on Thursday, July 3rd. Seven analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $103.14.

ONEOK Trading Up 0.6%

NYSE:OKE opened at $81.38 on Friday. The company has a quick ratio of 0.52, a current ratio of 0.67 and a debt-to-equity ratio of 1.35. ONEOK, Inc. has a 1-year low of $75.48 and a 1-year high of $118.07. The firm has a market capitalization of $51.23 billion, a price-to-earnings ratio of 15.89, a price-to-earnings-growth ratio of 1.54 and a beta of 0.93. The stock has a fifty day simple moving average of $81.94 and a 200 day simple moving average of $90.90.

ONEOK (NYSE:OKE - Get Free Report) last released its quarterly earnings results 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 net margin of 12.15% and a return on equity of 15.58%. The company had revenue of $6.49 billion during the quarter, compared to analyst estimates of $8.23 billion. During the same quarter last year, the business earned $1.09 EPS. Sell-side analysts forecast that ONEOK, Inc. will post 5.07 earnings per share for the current year.

ONEOK Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 5th were given a dividend of $1.03 per share. The ex-dividend date was Monday, May 5th. This represents a $4.12 dividend on an annualized basis and a yield of 5.06%. ONEOK's payout ratio is presently 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.

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