Raymond James Financial Inc. Boosts Stock Position in ONEOK, Inc. (NYSE:OKE)

Key Points

• Raymond James Financial Inc. increased its stake in ONEOK, Inc. by 41.6%, owning 2,577,433 shares valued at approximately $255.73 million.
• ONEOK reported earnings of $1.34 EPS for the last quarter, exceeding analysts' estimates and generating $8.21 billion in revenue.
• The company announced a quarterly dividend of $1.03, equating to an annual yield of 5.6% and a payout ratio of 80.31%.

Raymond James Financial Inc. boosted its holdings in ONEOK, Inc. (NYSE:OKE - Free Report) by 41.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,577,433 shares of the utilities provider's stock after buying an additional 757,768 shares during the quarter. Raymond James Financial Inc. owned approximately 0.41% of ONEOK worth $255,733,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. Marcum Wealth LLC increased its holdings in ONEOK by 1.1% in the first 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 last quarter. West Paces Advisors Inc. increased its holdings in ONEOK by 4.7% in the fourth 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 last quarter. Morey & Quinn Wealth Partners LLC increased its holdings in ONEOK by 0.8% in the first 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 last quarter. Uniplan Investment Counsel Inc. grew its holdings in shares of ONEOK by 0.3% during the fourth quarter. Uniplan Investment Counsel Inc. now owns 50,970 shares of the utilities provider's stock worth $5,117,000 after purchasing an additional 132 shares during the last quarter. Finally, Visionary Wealth Advisors grew its holdings in shares of ONEOK by 2.1% during the fourth quarter. Visionary Wealth Advisors now owns 6,320 shares of the utilities provider's stock worth $635,000 after purchasing an additional 132 shares during the last quarter. Hedge funds and other institutional investors own 69.13% of the company's stock.

ONEOK Stock Performance

NYSE OKE opened at $74.00 on Friday. The company has a quick ratio of 0.46, a current ratio of 0.59 and a debt-to-equity ratio of 1.35. ONEOK, Inc. has a 52-week low of $73.02 and a 52-week high of $118.07. The business's 50-day moving average price is $80.20 and its 200 day moving average price is $86.55. The firm has a market cap of $46.60 billion, a P/E ratio of 14.42, a P/E/G ratio of 1.75 and a beta of 0.99.

ONEOK (NYSE:OKE - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The utilities provider reported $1.34 EPS for the quarter, beating analysts' consensus estimates of $1.33 by $0.01. The firm had revenue of $8.21 billion during the quarter, compared to the consensus estimate of $7.20 billion. ONEOK had a net margin of 11.06% and a return on equity of 14.90%. During the same quarter last year, the firm earned $1.33 earnings per share. On average, equities research analysts expect 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 was paid on Thursday, August 14th. Investors of record on Friday, August 1st were given a $1.03 dividend. The ex-dividend date was Friday, August 1st. This represents a $4.12 dividend on an annualized basis and a yield of 5.6%. ONEOK's dividend payout ratio (DPR) is presently 80.31%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Scotiabank set a $92.00 price objective on ONEOK and gave the stock a "sector outperform" rating in a report on Tuesday, July 15th. JPMorgan Chase & Co. raised their price objective on ONEOK from $94.00 to $97.00 and gave the stock an "overweight" rating in a report on Thursday, July 3rd. Wells Fargo & Company dropped their price objective on ONEOK from $102.00 to $93.00 and set an "equal weight" rating on the stock in a report on Thursday, May 1st. TD Cowen assumed coverage on ONEOK in a report on Monday, July 7th. They set a "hold" rating and a $91.00 price objective on the stock. Finally, Raymond James Financial reaffirmed an "outperform" rating on shares of ONEOK in a report on Friday, August 1st. Six analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, ONEOK has an average rating of "Moderate Buy" and a consensus price target of $103.57.

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.

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