Resona Asset Management Co. Ltd. Acquires 27,114 Shares of ONEOK, Inc. (NYSE:OKE)

Key Points

• Resona Asset Management Co. Ltd. increased its stake in ONEOK, Inc. by 15.5%, acquiring an additional 27,114 shares, bringing their total holdings to 202,101 shares valued at $20,029,000.
• Institutions collectively own 69.13% of ONEOK's stock, with several hedge funds like Eagle Global Advisors LLC and Todd Asset Management LLC making significant increases in their positions.
• ONEOK reported earnings of $1.34 per share, exceeding analysts' estimates, with revenue totaling $8.21 billion for the quarter, and has declared a quarterly dividend of $1.03 per share.

Resona Asset Management Co. Ltd. grew its position in ONEOK, Inc. (NYSE:OKE - Free Report) by 15.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 202,101 shares of the utilities provider's stock after purchasing an additional 27,114 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in ONEOK were worth $20,029,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of OKE. Marcum Wealth LLC lifted its stake in ONEOK by 1.1% in the 1st 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. West Paces Advisors Inc. lifted its stake in ONEOK by 4.7% in the 4th 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. Morey & Quinn Wealth Partners LLC lifted its stake in ONEOK by 0.8% in the 1st 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. Uniplan Investment Counsel Inc. lifted its stake in ONEOK by 0.3% in the 4th 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 in the last quarter. Finally, Visionary Wealth Advisors lifted its stake in ONEOK by 2.1% in the 4th quarter. Visionary Wealth Advisors now owns 6,320 shares of the utilities provider's stock worth $635,000 after purchasing an additional 132 shares in the last quarter. 69.13% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on OKE shares. Stifel Nicolaus dropped their target price on shares of ONEOK from $110.00 to $107.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Scotiabank set a $92.00 target price on shares of ONEOK and gave the company a "sector outperform" rating in a research report on Tuesday, July 15th. Wells Fargo & Company dropped their target price on shares of ONEOK from $102.00 to $93.00 and set an "equal weight" rating for the company in a research report on Thursday, May 1st. Barclays set a $83.00 target price on shares of ONEOK in a research report on Thursday. Finally, Raymond James Financial reiterated an "outperform" rating on shares of ONEOK in a research report on Friday, August 1st. Six 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. Based on data from MarketBeat.com, ONEOK presently has a consensus rating of "Moderate Buy" and an average target price of $103.57.

ONEOK Trading Down 0.7%

Shares of NYSE OKE traded down $0.53 during mid-day trading on Thursday, hitting $74.80. The stock had a trading volume of 3,106,860 shares, compared to its average volume of 3,771,225. The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.46 and a current ratio of 0.59. ONEOK, Inc. has a 1 year low of $73.02 and a 1 year high of $118.07. The business has a 50 day moving average price of $80.36 and a two-hundred day moving average price of $86.83. The firm has a market cap of $47.11 billion, a P/E ratio of 14.58, a price-to-earnings-growth ratio of 1.79 and a beta of 0.99.

ONEOK (NYSE:OKE - Get Free Report) last issued its earnings results on Monday, August 4th. The utilities provider reported $1.34 EPS for the quarter, topping the consensus estimate of $1.33 by $0.01. The company had revenue of $8.21 billion for 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 period in the previous year, the firm earned $1.33 earnings per share. On average, equities analysts anticipate that ONEOK, Inc. will post 5.07 EPS for the current fiscal year.

ONEOK Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 14th. Stockholders of record on Friday, August 1st will be issued a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a dividend yield of 5.5%. The ex-dividend date is Friday, August 1st. ONEOK's payout ratio is 80.31%.

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.