Tortoise Capital Advisors L.L.C. Increases Stock Holdings in ONEOK, Inc. (NYSE:OKE)

Tortoise Capital Advisors L.L.C. raised its holdings in ONEOK, Inc. (NYSE:OKE) by 3.5% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,795,313 shares of the utilities provider’s stock after acquiring an additional 232,043 shares during the quarter. ONEOK makes up 7.3% of Tortoise Capital Advisors L.L.C.’s holdings, making the stock its 5th largest holding. Tortoise Capital Advisors L.L.C. owned about 1.16% of ONEOK worth $554,158,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. QRG Capital Management Inc. lifted its stake in shares of ONEOK by 2.2% during the 2nd quarter. QRG Capital Management Inc. now owns 5,572 shares of the utilities provider’s stock worth $454,000 after purchasing an additional 119 shares during the last quarter. Sheets Smith Wealth Management lifted its stake in shares of ONEOK by 0.3% during the 1st quarter. Sheets Smith Wealth Management now owns 52,199 shares of the utilities provider’s stock worth $4,185,000 after purchasing an additional 139 shares during the last quarter. Ameritas Advisory Services LLC lifted its stake in shares of ONEOK by 0.3% during the 2nd quarter. Ameritas Advisory Services LLC now owns 42,597 shares of the utilities provider’s stock worth $3,474,000 after purchasing an additional 140 shares during the last quarter. Monarch Capital Management Inc. lifted its stake in shares of ONEOK by 0.9% during the 2nd quarter. Monarch Capital Management Inc. now owns 15,716 shares of the utilities provider’s stock worth $1,282,000 after purchasing an additional 143 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV lifted its stake in shares of ONEOK by 4.7% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 3,199 shares of the utilities provider’s stock worth $256,000 after purchasing an additional 144 shares during the last quarter. Institutional investors own 69.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on OKE shares. StockNews.com upgraded ONEOK from a “sell” rating to a “hold” rating in a research note on Friday, May 17th. Wells Fargo & Company increased their price target on ONEOK from $91.00 to $100.00 and gave the company an “overweight” rating in a research note on Friday, August 30th. JPMorgan Chase & Co. increased their price target on ONEOK from $89.00 to $92.00 and gave the company an “overweight” rating in a research note on Wednesday, June 26th. Citigroup increased their price target on ONEOK from $85.00 to $102.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, Mizuho increased their price target on ONEOK from $81.00 to $85.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, ONEOK has a consensus rating of “Hold” and an average price target of $89.92.

ONEOK Stock Performance

NYSE OKE opened at $91.06 on Friday. The company has a market cap of $53.15 billion, a PE ratio of 21.18, a price-to-earnings-growth ratio of 3.66 and a beta of 1.67. The stock’s 50 day simple moving average is $85.25 and its 200-day simple moving average is $81.13. ONEOK, Inc. has a 1-year low of $60.58 and a 1-year high of $93.00. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.62 and a quick ratio of 0.41.

ONEOK (NYSE:OKE) last released its earnings results on Monday, August 5th. The utilities provider reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.12. ONEOK had a return on equity of 15.54% and a net margin of 13.41%. The business had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $5.52 billion. During the same quarter last year, the business posted $1.04 earnings per share. As a group, equities research analysts anticipate that ONEOK, Inc. will post 5.05 EPS for the current fiscal year.

ONEOK Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Thursday, August 1st were given a dividend of $0.99 per share. The ex-dividend date was Thursday, August 1st. This represents a $3.96 dividend on an annualized basis and a yield of 4.35%. ONEOK’s payout ratio is 92.09%.

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.