State of New Jersey Common Pension Fund D Cuts Position in ONEOK, Inc. (NYSE:OKE)

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in ONEOK, Inc. by 2.9%, selling 6,224 shares, bringing its total ownership to 205,569 shares worth $20.4 million.
• ONEOK reported earnings per share (EPS) of $1.34 for the last quarter, exceeding estimates and achieving a net margin of 11.06% with revenues of $8.21 billion.
• The company recently declared a quarterly dividend of $1.03, which represents an annualized yield of 5.6% with a payout ratio of 80.31%.

State of New Jersey Common Pension Fund D lessened its stake in ONEOK, Inc. (NYSE:OKE - Free Report) by 2.9% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 205,569 shares of the utilities provider's stock after selling 6,224 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in ONEOK were worth $20,397,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Merit Financial Group LLC increased its holdings in shares of ONEOK by 11.4% in the 1st quarter. Merit Financial Group LLC now owns 11,505 shares of the utilities provider's stock valued at $1,142,000 after purchasing an additional 1,180 shares in the last quarter. Capital Investment Advisors LLC increased its holdings in shares of ONEOK by 3.9% in the 1st quarter. Capital Investment Advisors LLC now owns 289,997 shares of the utilities provider's stock valued at $28,774,000 after purchasing an additional 10,957 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund increased its holdings in shares of ONEOK by 146.9% in the 1st quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 18,033 shares of the utilities provider's stock valued at $1,789,000 after purchasing an additional 10,728 shares in the last quarter. Ensign Peak Advisors Inc increased its holdings in shares of ONEOK by 6.0% in the 4th quarter. Ensign Peak Advisors Inc now owns 340,480 shares of the utilities provider's stock valued at $34,184,000 after purchasing an additional 19,199 shares in the last quarter. Finally, Advisor Resource Council purchased a new position in shares of ONEOK in the 1st quarter valued at about $511,000. Hedge funds and other institutional investors own 69.13% of the company's stock.

ONEOK Price Performance

ONEOK stock opened at $74.00 on Friday. ONEOK, Inc. has a 12-month low of $73.02 and a 12-month high of $118.07. The stock has a market capitalization of $46.60 billion, a P/E ratio of 14.42, a P/E/G ratio of 1.77 and a beta of 0.99. The firm's 50-day moving average is $80.20 and its two-hundred day moving average is $86.65. The company has a debt-to-equity ratio of 1.35, a current ratio of 0.59 and a quick ratio of 0.46.

ONEOK (NYSE:OKE - Get Free Report) last released its quarterly 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. ONEOK had a net margin of 11.06% and a return on equity of 14.90%. The company had revenue of $8.21 billion for the quarter, compared to analysts' expectations of $7.20 billion. During the same period last year, the company earned $1.33 EPS. Equities analysts predict that ONEOK, Inc. will post 5.07 earnings per share for the current year.

ONEOK Dividend Announcement

The business also recently announced 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 of this dividend was Friday, August 1st. This represents a $4.12 annualized dividend and a dividend yield of 5.6%. ONEOK's dividend payout ratio (DPR) is currently 80.31%.

Analyst Ratings Changes

OKE has been the subject of several recent research reports. Citigroup dropped 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. Scotiabank set a $92.00 target price on shares of ONEOK and gave the company a "sector outperform" rating in a report on Tuesday, July 15th. Royal Bank Of Canada dropped their target price on shares of ONEOK from $94.00 to $88.00 and set a "sector perform" rating for the company in a report on Wednesday. Raymond James Financial restated an "outperform" rating on shares of ONEOK in a report on Friday, August 1st. Finally, JPMorgan Chase & Co. raised their target price on shares of ONEOK from $94.00 to $97.00 and gave the company an "overweight" rating in a report on Thursday, July 3rd. Six analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, ONEOK has an average rating of "Moderate Buy" and a consensus price target of $103.57.

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.

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