Exchange Traded Concepts LLC Reduces Stock Position in ONEOK, Inc. (NYSE:OKE)

Exchange Traded Concepts LLC trimmed its position in shares of ONEOK, Inc. (NYSE:OKE) by 2.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 481,305 shares of the utilities provider’s stock after selling 11,490 shares during the quarter. ONEOK accounts for approximately 1.0% of Exchange Traded Concepts LLC’s holdings, making the stock its 14th largest position. Exchange Traded Concepts LLC’s holdings in ONEOK were worth $48,323,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. International Assets Investment Management LLC boosted its position in ONEOK by 9,439.9% in the third quarter. International Assets Investment Management LLC now owns 3,230,989 shares of the utilities provider’s stock worth $294,440,000 after purchasing an additional 3,197,121 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in ONEOK by 3.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 17,480,774 shares of the utilities provider’s stock worth $1,593,023,000 after acquiring an additional 661,854 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in ONEOK in the 3rd quarter worth $47,957,000. Yaupon Capital Management LP bought a new stake in shares of ONEOK in the third quarter worth about $45,194,000. Finally, National Bank of Canada FI lifted its position in shares of ONEOK by 199.9% in the third quarter. National Bank of Canada FI now owns 697,985 shares of the utilities provider’s stock worth $63,605,000 after buying an additional 465,243 shares in the last quarter. 69.13% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have issued reports on OKE. UBS Group lifted their price objective on ONEOK from $112.00 to $132.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Mizuho raised shares of ONEOK to a “hold” rating in a research note on Thursday, November 7th. Wells Fargo & Company downgraded shares of ONEOK from an “overweight” rating to an “equal weight” rating and set a $107.00 price target on the stock. in a report on Wednesday, December 18th. Bank of America started coverage on ONEOK in a research note on Thursday, October 17th. They set a “buy” rating and a $105.00 price target for the company. Finally, Scotiabank assumed coverage on shares of ONEOK in a research report on Friday, January 10th. They set a “sector outperform” rating and a $109.00 target price on the stock. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, ONEOK currently has a consensus rating of “Moderate Buy” and an average price target of $102.92.

ONEOK Stock Performance

OKE opened at $104.97 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. ONEOK, Inc. has a 12-month low of $67.05 and a 12-month high of $118.07. The firm has a 50 day moving average of $106.17 and a two-hundred day moving average of $96.28. The firm has a market capitalization of $61.32 billion, a PE ratio of 21.97, a P/E/G ratio of 4.03 and a beta of 1.70.

ONEOK (NYSE:OKE) last posted its earnings results on Tuesday, October 29th. The utilities provider reported $1.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.05). The business had revenue of $5.02 billion for the quarter, compared to analyst estimates of $5.81 billion. ONEOK had a net margin of 14.05% and a return on equity of 16.84%. During the same quarter in the prior year, the firm earned $0.99 earnings per share. On average, analysts anticipate that ONEOK, Inc. will post 5.1 EPS for the current year.

ONEOK Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Monday, February 3rd will be issued a dividend of $1.03 per share. This represents a $4.12 annualized dividend and a dividend yield of 3.92%. This is a positive change from ONEOK’s previous quarterly dividend of $0.99. The ex-dividend date of this dividend is Monday, February 3rd. ONEOK’s payout ratio is 82.85%.

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.