Orion Portfolio Solutions LLC Cuts Stock Position in ONEOK, Inc. (NYSE:OKE)

Orion Portfolio Solutions LLC trimmed its holdings in shares of ONEOK, Inc. (NYSE:OKE) by 27.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 41,247 shares of the utilities provider’s stock after selling 15,528 shares during the period. Orion Portfolio Solutions LLC’s holdings in ONEOK were worth $4,141,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in OKE. Norges Bank purchased a new stake in shares of ONEOK during the fourth quarter valued at approximately $539,554,000. Raymond James Financial Inc. purchased a new stake in ONEOK during the 4th quarter worth $182,694,000. Mitsubishi UFJ Trust & Banking Corp lifted its holdings in ONEOK by 445.4% in the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 1,526,899 shares of the utilities provider’s stock worth $153,319,000 after buying an additional 1,246,963 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in ONEOK by 5.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 18,414,781 shares of the utilities provider’s stock valued at $1,848,844,000 after buying an additional 934,007 shares during the last quarter. Finally, GQG Partners LLC grew its stake in shares of ONEOK by 217.2% during the fourth quarter. GQG Partners LLC now owns 1,235,012 shares of the utilities provider’s stock valued at $123,995,000 after acquiring an additional 845,715 shares in the last quarter. 69.13% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

OKE has been the subject of a number of analyst reports. Citigroup started coverage on ONEOK in a report on Friday, February 28th. They issued a “buy” rating and a $110.00 price target for the company. Wolfe Research upgraded ONEOK from a “peer perform” rating to an “outperform” rating and set a $110.00 target price for the company in a research note on Monday, February 10th. Barclays decreased their price target on shares of ONEOK from $105.00 to $101.00 and set an “equal weight” rating for the company in a research report on Friday, March 7th. Morgan Stanley upped their price target on shares of ONEOK from $111.00 to $133.00 and gave the company an “overweight” rating in a report on Tuesday, March 25th. Finally, US Capital Advisors raised shares of ONEOK from a “moderate buy” rating to a “strong-buy” rating in a report on Monday, February 3rd. Seven research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, ONEOK presently has a consensus rating of “Moderate Buy” and a consensus price target of $105.00.

ONEOK Price Performance

Shares of NYSE:OKE opened at $98.47 on Monday. The company has a market cap of $61.48 billion, a PE ratio of 20.60, a P/E/G ratio of 3.77 and a beta of 1.70. ONEOK, Inc. has a fifty-two week low of $76.23 and a fifty-two week high of $118.07. The firm has a 50-day simple moving average of $98.32 and a 200 day simple moving average of $100.24. The company has a quick ratio of 0.59, a current ratio of 0.81 and a debt-to-equity ratio of 1.59.

ONEOK (NYSE:OKE) last posted its earnings results on Monday, February 24th. The utilities provider reported $1.57 EPS for the quarter, beating the consensus estimate of $1.46 by $0.11. The company had revenue of $7 billion during the quarter, compared to analyst estimates of $6.18 billion. ONEOK had a return on equity of 16.84% and a net margin of 14.05%. On average, sell-side analysts anticipate that ONEOK, Inc. will post 5.07 EPS for the current year.

ONEOK Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Monday, February 3rd were given a $1.03 dividend. The ex-dividend date of this dividend was Monday, February 3rd. This is a positive change from ONEOK’s previous quarterly dividend of $0.99. This represents a $4.12 annualized dividend and a yield of 4.18%. ONEOK’s dividend payout ratio (DPR) is currently 79.69%.

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.