Russell Investments Group Ltd. Boosts Position in ONEOK, Inc. (NYSE:OKE)

Key Points

• Russell Investments Group Ltd. increased its position in ONEOK, Inc. by 32.9% during the 1st quarter, holding over 1.1 million shares worth approximately $109.11 million.
• ONEOK reported a quarterly earnings per share of $1.34, exceeding the consensus estimate of $1.33, with revenues reaching $8.21 billion for the quarter.
• The company declared a quarterly dividend of $1.03 per share, representing an annualized amount of $4.12 and a yield of 5.6%.

Russell Investments Group Ltd. increased its stake in shares of ONEOK, Inc. (NYSE:OKE - Free Report) by 32.9% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,100,247 shares of the utilities provider's stock after purchasing an additional 272,172 shares during the period. Russell Investments Group Ltd. owned approximately 0.18% of ONEOK worth $109,110,000 as of its most recent filing with the Securities & Exchange Commission.

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

Analyst Ratings Changes

A number of analysts have commented on OKE shares. TD Cowen started coverage on shares of ONEOK in a report on Monday, July 7th. They set a "hold" rating and a $91.00 target price for the company. Citigroup reduced their target price on shares of ONEOK from $110.00 to $102.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. Stifel Nicolaus reduced their price objective on shares of ONEOK from $110.00 to $107.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Barclays set a $83.00 target price on shares of ONEOK in a research report on Thursday. Finally, JPMorgan Chase & Co. upped their target price 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. Six analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, ONEOK currently has an average rating of "Moderate Buy" and a consensus price target of $103.57.

ONEOK Price Performance

OKE stock traded down $0.53 during trading on Thursday, hitting $74.80. 3,106,860 shares of the company's stock traded hands, compared to its average volume of 3,771,225. The business has a fifty day simple moving average of $80.36 and a 200 day simple moving average of $86.83. The stock has a market capitalization of $47.11 billion, a price-to-earnings ratio of 14.58, a P/E/G ratio of 1.79 and a beta of 0.99. 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 52 week low of $73.02 and a 52 week high of $118.07.

ONEOK (NYSE:OKE - Get Free Report) last released its earnings results on Monday, August 4th. The utilities provider reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.33 by $0.01. The firm had revenue of $8.21 billion during the quarter, compared to analyst estimates 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 business earned $1.33 EPS. As a group, research analysts expect 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. Stockholders of record on Friday, August 1st will be issued a $1.03 dividend. This represents a $4.12 annualized dividend and a dividend yield of 5.5%. The ex-dividend date is Friday, August 1st. ONEOK's dividend payout ratio (DPR) is 80.31%.

ONEOK 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.