The Manufacturers Life Insurance Company cut its holdings in shares of ONEOK, Inc. (NYSE:OKE - Free Report) by 10.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 623,662 shares of the utilities provider's stock after selling 70,609 shares during the period. The Manufacturers Life Insurance Company owned 0.11% of ONEOK worth $62,616,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of OKE. Norges Bank acquired a new position in ONEOK in the fourth quarter valued at $539,554,000. Wellington Management Group LLP raised its stake in ONEOK by 433.4% during 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 acquiring an additional 3,418,207 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in ONEOK by 240.5% during 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 acquiring an additional 1,971,147 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in ONEOK during the 4th quarter worth approximately $182,694,000. Finally, ClearBridge Investments Ltd purchased a new position in shares of ONEOK in the 4th quarter valued at approximately $177,045,000. 69.13% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
OKE has been the subject of several recent research reports. Stifel Nicolaus decreased their price target on ONEOK from $110.00 to $107.00 and set a "buy" rating for the company in a report on Thursday. Scotiabank lowered their target price on shares of ONEOK from $101.00 to $100.00 and set a "sector outperform" rating on the stock in a report on Tuesday. Wells Fargo & Company dropped their price target on shares of ONEOK from $102.00 to $93.00 and set an "equal weight" rating on the stock in a research note on Thursday. Morgan Stanley lifted their price target on ONEOK from $111.00 to $133.00 and gave the company an "overweight" rating in a research note on Tuesday, March 25th. Finally, US Capital Advisors upgraded ONEOK from a "moderate buy" rating to a "strong-buy" rating in a research report on Monday, February 3rd. Seven analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, ONEOK currently has an average rating of "Moderate Buy" and an average target price of $105.62.
Read Our Latest Report on OKE
ONEOK Price Performance
Shares of NYSE OKE traded up $1.84 on Friday, hitting $82.77. The company's stock had a trading volume of 5,505,793 shares, compared to its average volume of 3,212,147. The stock has a 50 day moving average of $90.67 and a 200-day moving average of $98.60. The company has a market capitalization of $51.70 billion, a price-to-earnings ratio of 17.32, a price-to-earnings-growth ratio of 3.77 and a beta of 1.20. ONEOK, Inc. has a 12-month low of $75.48 and a 12-month high of $118.07. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.81 and a quick ratio of 0.59.
ONEOK (NYSE:OKE - Get Free Report) last released its earnings results on Tuesday, April 29th. The utilities provider reported $1.04 EPS for the quarter, missing the consensus estimate of $1.28 by ($0.24). The firm 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 period in the previous year, the firm posted $1.09 earnings per share. As a group, research analysts predict that ONEOK, Inc. will post 5.07 EPS for the current year.
ONEOK Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Monday, May 5th will be issued a $1.03 dividend. The ex-dividend date is Monday, May 5th. This represents a $4.12 dividend on an annualized basis and a dividend yield of 4.98%. ONEOK's dividend payout ratio (DPR) is presently 79.69%.
About ONEOK
(
Free Report)
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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