Redwood Investment Management LLC Reduces Stock Position in ONEOK, Inc. (NYSE:OKE)

Redwood Investment Management LLC cut its holdings in ONEOK, Inc. (NYSE:OKE - Free Report) by 15.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,835 shares of the utilities provider's stock after selling 3,375 shares during the period. Redwood Investment Management LLC's holdings in ONEOK were worth $1,791,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Norges Bank purchased a new position in ONEOK in the fourth quarter valued at approximately $539,554,000. Wellington Management Group LLP boosted its holdings in shares of ONEOK by 433.4% in the 4th quarter. Wellington Management Group LLP now owns 4,206,906 shares of the utilities provider's stock valued at $422,373,000 after buying an additional 3,418,207 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of ONEOK by 240.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,790,760 shares of the utilities provider's stock valued at $280,194,000 after buying an additional 1,971,147 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in ONEOK in the fourth quarter valued at $182,694,000. Finally, ClearBridge Investments Ltd acquired a new position in ONEOK in the fourth quarter valued at $177,045,000. 69.13% of the stock is owned by hedge funds and other institutional investors.

ONEOK Stock Performance

NYSE OKE opened at $85.99 on Friday. The company has a current ratio of 0.81, a quick ratio of 0.59 and a debt-to-equity ratio of 1.59. The business's 50 day moving average is $88.73 and its two-hundred day moving average is $97.76. The stock has a market capitalization of $53.71 billion, a price-to-earnings ratio of 17.99, a PEG ratio of 3.77 and a beta of 1.01. ONEOK, Inc. has a 12-month low of $75.48 and a 12-month high of $118.07.

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 analysts' expectations of $8.23 billion. ONEOK had a return on equity of 16.84% and a net margin of 14.05%. During the same quarter in the previous year, the company posted $1.09 EPS. Research analysts expect that ONEOK, Inc. will post 5.07 EPS for the current year.

ONEOK Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 5th were issued a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a yield of 4.79%. The ex-dividend date was Monday, May 5th. ONEOK's dividend payout ratio is currently 80.47%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on OKE. Citigroup reduced their target price on ONEOK from $110.00 to $102.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. Wells Fargo & Company cut their target price on shares of ONEOK from $102.00 to $93.00 and set an "equal weight" rating on the stock in a report on Thursday, May 1st. Wolfe Research upgraded shares of ONEOK from a "peer perform" rating to an "outperform" rating and set a $110.00 price target for the company in a research note on Monday, February 10th. Morgan Stanley raised their price objective on shares of ONEOK from $111.00 to $133.00 and gave the stock an "overweight" rating in a research report on Tuesday, March 25th. Finally, Stifel Nicolaus reduced their target price on shares of ONEOK from $110.00 to $107.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Seven investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $105.00.

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.

Want to see what other hedge funds are holding OKE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ONEOK, Inc. (NYSE:OKE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.