Prime Capital Investment Advisors LLC Boosts Stock Position in ONEOK, Inc. (NYSE:OKE)

Prime Capital Investment Advisors LLC lifted its holdings in shares of ONEOK, Inc. (NYSE:OKE - Free Report) by 125.3% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 87,386 shares of the utilities provider's stock after purchasing an additional 48,606 shares during the period. Prime Capital Investment Advisors LLC's holdings in ONEOK were worth $6,136,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the business. Fifth Third Bancorp lifted its stake in shares of ONEOK by 16.2% during the fourth quarter. Fifth Third Bancorp now owns 21,800 shares of the utilities provider's stock valued at $1,531,000 after acquiring an additional 3,032 shares during the period. ELCO Management Co. LLC lifted its stake in shares of ONEOK by 102.3% during the third quarter. ELCO Management Co. LLC now owns 26,432 shares of the utilities provider's stock valued at $1,677,000 after acquiring an additional 13,367 shares during the period. Meiji Yasuda Asset Management Co Ltd. lifted its stake in shares of ONEOK by 11.4% during the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 7,729 shares of the utilities provider's stock valued at $490,000 after acquiring an additional 790 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its stake in shares of ONEOK by 15.9% during the second quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 698,627 shares of the utilities provider's stock valued at $43,119,000 after acquiring an additional 95,725 shares during the period. Finally, Insight Folios Inc acquired a new position in shares of ONEOK during the third quarter valued at $4,998,000. Institutional investors own 69.13% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on OKE. Seaport Res Ptn raised ONEOK from a "neutral" rating to a "buy" rating in a research note on Thursday, February 8th. Mizuho increased their target price on ONEOK from $75.00 to $81.00 and gave the company a "neutral" rating in a research note on Wednesday, March 20th. JPMorgan Chase & Co. increased their target price on ONEOK from $81.00 to $85.00 and gave the company an "overweight" rating in a research note on Wednesday, March 13th. Morgan Stanley increased their target price on ONEOK from $84.00 to $85.00 and gave the company an "equal weight" rating in a research note on Tuesday, March 26th. Finally, UBS Group increased their target price on ONEOK from $80.00 to $87.00 and gave the company a "buy" rating in a research note on Tuesday, February 27th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company. According to MarketBeat, ONEOK currently has an average rating of "Hold" and an average price target of $81.73.

ONEOK Stock Up 0.5 %

OKE stock traded up $0.43 during mid-day trading on Friday, reaching $79.65. The company had a trading volume of 1,976,076 shares, compared to its average volume of 2,704,693. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.90 and a quick ratio of 0.67. The stock has a 50 day simple moving average of $74.75 and a two-hundred day simple moving average of $70.14. The company has a market capitalization of $46.49 billion, a price-to-earnings ratio of 14.35, a PEG ratio of 2.47 and a beta of 1.65. ONEOK, Inc. has a 52 week low of $55.91 and a 52 week high of $80.81.

ONEOK (NYSE:OKE - Get Free Report) last released its quarterly earnings data on Monday, February 26th. The utilities provider reported $1.18 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.21 by ($0.03). ONEOK had a net margin of 15.04% and a return on equity of 22.57%. The business had revenue of $5.24 billion during the quarter, compared to analyst estimates of $5.57 billion. During the same period in the previous year, the business earned $1.08 earnings per share. As a group, equities analysts predict that ONEOK, Inc. will post 4.62 earnings per share for the current fiscal year.

ONEOK Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, February 14th. Investors of record on Tuesday, January 30th were issued a dividend of $0.99 per share. This is a boost from ONEOK's previous quarterly dividend of $0.96. This represents a $3.96 annualized dividend and a yield of 4.97%. The ex-dividend date was Monday, January 29th. ONEOK's dividend payout ratio (DPR) is presently 71.35%.

ONEOK declared that its Board of Directors has authorized a stock buyback plan on Wednesday, January 17th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the utilities provider to repurchase up to 4.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling

In other news, Director Wayne Thomas Smith purchased 2,700 shares of the company's stock in a transaction that occurred on Friday, March 1st. The stock was acquired at an average cost of $75.25 per share, with a total value of $203,175.00. Following the acquisition, the director now owns 2,700 shares in the company, valued at approximately $203,175. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.65% of the stock is currently owned by insiders.

About ONEOK

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.