Turtle Creek Wealth Advisors LLC Takes Position in ONEOK, Inc. (NYSE:OKE)

Turtle Creek Wealth Advisors LLC purchased a new stake in shares of ONEOK, Inc. (NYSE:OKE - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 13,125 shares of the utilities provider's stock, valued at approximately $1,302,000.

A number of other hedge funds also recently bought and sold shares of OKE. Brighton Jones LLC increased its holdings in ONEOK by 137.1% during the 4th quarter. Brighton Jones LLC now owns 15,278 shares of the utilities provider's stock valued at $1,534,000 after purchasing an additional 8,834 shares during the period. Proficio Capital Partners LLC purchased a new position in ONEOK during the 4th quarter valued at about $258,000. Natixis Advisors LLC increased its holdings in ONEOK by 7.3% during the 4th quarter. Natixis Advisors LLC now owns 479,312 shares of the utilities provider's stock valued at $48,123,000 after purchasing an additional 32,651 shares during the period. Hutchinson Capital Management CA purchased a new position in ONEOK during the 4th quarter valued at about $208,000. Finally, Envestnet Portfolio Solutions Inc. increased its holdings in ONEOK by 5.3% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 7,497 shares of the utilities provider's stock valued at $753,000 after purchasing an additional 374 shares during the period. Hedge funds and other institutional investors own 69.13% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Scotiabank set a $92.00 price objective on ONEOK and gave the company a "sector outperform" rating in a research report on Tuesday. JPMorgan Chase & Co. lifted their price objective on ONEOK from $94.00 to $97.00 and gave the company an "overweight" rating in a research report on Thursday, July 3rd. Barclays cut their price objective on ONEOK from $101.00 to $91.00 and set an "equal weight" rating on the stock in a research report on Tuesday, June 3rd. Wells Fargo & Company cut their price objective on ONEOK from $102.00 to $93.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 1st. Finally, Morgan Stanley lifted their price objective on ONEOK from $111.00 to $133.00 and gave the company an "overweight" rating in a research report on Tuesday, March 25th. Seven equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $103.07.

ONEOK Stock Up 2.6%

OKE stock traded up $2.07 during midday trading on Thursday, hitting $81.24. The company's stock had a trading volume of 3,351,201 shares, compared to its average volume of 3,491,823. The company has a market cap of $51.15 billion, a PE ratio of 15.87, a P/E/G ratio of 1.53 and a beta of 0.93. ONEOK, Inc. has a 12 month low of $75.48 and a 12 month high of $118.07. The company has a current ratio of 0.67, a quick ratio of 0.52 and a debt-to-equity ratio of 1.35. The firm's 50-day moving average is $81.94 and its 200-day moving average is $90.33.

ONEOK (NYSE:OKE - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The utilities provider reported $1.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.28 by ($0.24). The business had revenue of $6.49 billion during the quarter, compared to the consensus estimate of $8.23 billion. ONEOK had a net margin of 12.15% and a return on equity of 15.58%. During the same period last year, the company posted $1.09 earnings per share. On average, equities research analysts forecast that ONEOK, Inc. will post 5.07 earnings per share for the current fiscal year.

ONEOK Announces Dividend

The company also recently declared 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. The ex-dividend date of this dividend is Friday, August 1st. This represents a $4.12 annualized dividend and a dividend yield of 5.07%. ONEOK's payout ratio is 80.47%.

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.