Sandy Spring Bank Cuts Holdings in ONEOK, Inc. (OKE)
Sandy Spring Bank trimmed its position in shares of ONEOK, Inc. (NYSE:OKE) by 3.0% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 28,615 shares of the utilities provider’s stock after selling 870 shares during the quarter. Sandy Spring Bank’s holdings in ONEOK were worth $1,493,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of OKE. Nationwide Fund Advisors boosted its position in shares of ONEOK by 5.4% in the 1st quarter. Nationwide Fund Advisors now owns 60,542 shares of the utilities provider’s stock worth $3,356,000 after purchasing an additional 3,127 shares in the last quarter. US Bancorp DE boosted its position in shares of ONEOK by 0.8% in the 1st quarter. US Bancorp DE now owns 21,077 shares of the utilities provider’s stock worth $1,169,000 after purchasing an additional 172 shares in the last quarter. UBS Asset Management Americas Inc. boosted its position in shares of ONEOK by 7.2% in the 1st quarter. UBS Asset Management Americas Inc. now owns 610,774 shares of the utilities provider’s stock worth $33,861,000 after purchasing an additional 40,837 shares in the last quarter. Karp Capital Management Corp bought a new stake in shares of ONEOK in the 1st quarter worth approximately $8,496,000. Finally, Sei Investments Co. boosted its position in shares of ONEOK by 62.1% in the 1st quarter. Sei Investments Co. now owns 73,492 shares of the utilities provider’s stock worth $4,074,000 after purchasing an additional 28,155 shares in the last quarter. 51.23% of the stock is currently owned by institutional investors and hedge funds.
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OKE has been the topic of a number of analyst reports. Argus raised ONEOK from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a research report on Wednesday, June 21st. BidaskClub raised ONEOK from a “strong sell” rating to a “sell” rating in a research report on Tuesday, June 27th. Morgan Stanley cut ONEOK from an “overweight” rating to an “equal weight” rating and set a $54.00 price target on the stock. in a research report on Wednesday, July 5th. Jefferies Group LLC reissued a “hold” rating and issued a $52.00 price target (up from $51.00) on shares of ONEOK in a research report on Friday, September 1st. Finally, Barclays PLC initiated coverage on ONEOK in a research report on Tuesday, September 5th. They issued an “equal weight” rating and a $58.00 price target on the stock. Ten analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $57.57.
ONEOK, Inc. (NYSE:OKE) traded down 1.20% during trading on Friday, reaching $56.20. The company had a trading volume of 13,014,886 shares. ONEOK, Inc. has a 12-month low of $45.41 and a 12-month high of $59.47. The stock has a 50 day moving average of $54.00 and a 200-day moving average of $52.92. The stock has a market capitalization of $21.36 billion, a P/E ratio of 35.21 and a beta of 1.32.
ONEOK (NYSE:OKE) last announced its earnings results on Tuesday, August 1st. The utilities provider reported $0.33 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by ($0.12). The firm had revenue of $2.73 billion during the quarter, compared to analyst estimates of $2.64 billion. ONEOK had a net margin of 3.26% and a return on equity of 8.62%. During the same quarter last year, the business earned $0.40 earnings per share. On average, analysts forecast that ONEOK, Inc. will post $1.68 earnings per share for the current fiscal year.
ONEOK, Inc is an energy midstream service provider in the United States. The Company owns and operates natural gas liquids (NGL) systems, and is engaged in the gathering, processing, storage and transportation of natural gas. THe Company’s operations include a 38,000-mile integrated network of NGL and natural gas pipelines, processing plants, fractionators and storage facilities in the Mid-Continent, Williston, Permian and Rocky Mountain regions.
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