Renaissance Investment Group LLC Invests $5.47 Million in ONEOK, Inc. (NYSE:OKE)

Key Points

• Renaissance Investment Group LLC acquired 55,154 shares of ONEOK, Inc., valued at approximately $5,472,000, in the first quarter of the year.
• Analysts have set varying price targets for ONEOK, with the consensus rating being a "Moderate Buy" and a target price of $104.86.
• ONEOK announced a quarterly dividend of $1.03 per share, representing an annualized yield of 5.03%, with dividends to be paid on August 14th.

Renaissance Investment Group LLC purchased a new stake in ONEOK, Inc. (NYSE:OKE - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 55,154 shares of the utilities provider's stock, valued at approximately $5,472,000.

Several other hedge funds have also made changes to their positions in OKE. Geode Capital Management LLC raised its stake in shares of ONEOK by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 14,037,890 shares of the utilities provider's stock worth $1,405,697,000 after acquiring an additional 357,015 shares during the last quarter. Northern Trust Corp raised its stake in shares of ONEOK by 15.2% in the fourth quarter. Northern Trust Corp now owns 6,535,861 shares of the utilities provider's stock worth $656,200,000 after acquiring an additional 864,392 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of ONEOK by 2.6% during the first quarter. Bank of New York Mellon Corp now owns 4,727,250 shares of the utilities provider's stock worth $469,038,000 after buying an additional 117,901 shares during the last quarter. Wellington Management Group LLP grew its holdings in ONEOK by 433.4% during the fourth quarter. Wellington Management Group LLP now owns 4,206,906 shares of the utilities provider's stock valued at $422,373,000 after purchasing an additional 3,418,207 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in ONEOK by 8.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,981,786 shares of the utilities provider's stock valued at $399,783,000 after purchasing an additional 299,115 shares during the period. Hedge funds and other institutional investors own 69.13% of the company's stock.

ONEOK Stock Performance

Shares of NYSE:OKE traded down $1.92 during mid-day trading on Friday, reaching $79.16. 2,406,669 shares of the company traded hands, compared to its average volume of 3,951,229. The company's 50 day moving average price is $81.46 and its 200-day moving average price is $88.95. The firm has a market cap of $49.84 billion, a PE ratio of 15.47, a PEG ratio of 1.95 and a beta of 0.93. 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 52 week low of $75.47 and a 52 week high of $118.07.

ONEOK (NYSE:OKE - Get Free Report) last released its 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 return on equity of 15.58% and a net margin of 12.15%. The business had revenue of $6.49 billion during the quarter, compared to analysts' expectations of $8.23 billion. During the same quarter in the previous year, the business earned $1.09 EPS. On average, equities analysts expect that ONEOK, Inc. will post 5.07 EPS for the current fiscal year.

ONEOK Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Friday, August 1st will be given a dividend of $1.03 per share. The ex-dividend date of this dividend is Friday, August 1st. This represents a $4.12 dividend on an annualized basis and a yield of 5.2%. ONEOK's dividend payout ratio (DPR) is presently 80.47%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on OKE. JPMorgan Chase & Co. upped their price target on shares of ONEOK from $94.00 to $97.00 and gave the stock an "overweight" rating in a research report on Thursday, July 3rd. 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 target price on the stock. Stifel Nicolaus dropped their price target on shares of ONEOK from $110.00 to $107.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Citigroup dropped their price target on shares of ONEOK from $110.00 to $102.00 and set a "buy" rating on the stock in a research report on Tuesday, May 6th. Finally, Wells Fargo & Company dropped their price target on shares of ONEOK from $102.00 to $93.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 1st. Six investment 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's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $104.57.

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.