Balentine LLC Acquires New Stake in ONEOK, Inc. (OKE)
Balentine LLC acquired a new position in ONEOK, Inc. (NYSE:OKE) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 4,886 shares of the utilities provider’s stock, valued at approximately $271,000.
Several other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of ONEOK by 17.3% in the second quarter. Vanguard Group Inc. now owns 27,197,952 shares of the utilities provider’s stock worth $1,418,645,000 after purchasing an additional 4,002,795 shares in the last quarter. BlackRock Inc. raised its position in ONEOK by 28.4% during the second quarter. BlackRock Inc. now owns 24,014,654 shares of the utilities provider’s stock worth $1,252,605,000 after acquiring an additional 5,317,251 shares in the last quarter. State Street Corp raised its position in ONEOK by 53.7% during the second quarter. State Street Corp now owns 17,416,296 shares of the utilities provider’s stock worth $908,434,000 after acquiring an additional 6,086,061 shares in the last quarter. Kayne Anderson Capital Advisors LP raised its position in ONEOK by 184.7% during the third quarter. Kayne Anderson Capital Advisors LP now owns 9,476,645 shares of the utilities provider’s stock worth $525,098,000 after acquiring an additional 6,148,494 shares in the last quarter. Finally, Neuberger Berman Group LLC raised its position in ONEOK by 6.1% during the second quarter. Neuberger Berman Group LLC now owns 9,098,662 shares of the utilities provider’s stock worth $474,586,000 after acquiring an additional 526,450 shares in the last quarter. 71.02% of the stock is currently owned by institutional investors and hedge funds.
In related news, Director Brian L. Derksen acquired 1,800 shares of the firm’s stock in a transaction on Monday, November 20th. The shares were purchased at an average cost of $51.00 per share, for a total transaction of $91,800.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.00% of the stock is owned by insiders.
OKE has been the topic of several analyst reports. Jefferies Group reaffirmed a “hold” rating and set a $52.00 price target (up from $51.00) on shares of ONEOK in a research report on Friday, September 1st. UBS upped their price target on shares of ONEOK from $60.00 to $61.00 and gave the stock a “buy” rating in a research report on Wednesday, November 1st. Zacks Investment Research lowered shares of ONEOK from a “buy” rating to a “sell” rating in a research report on Tuesday, October 31st. BidaskClub lowered shares of ONEOK from a “hold” rating to a “sell” rating in a research report on Thursday, August 17th. Finally, Barclays initiated coverage on shares of ONEOK in a research report on Tuesday, September 5th. They set an “equal weight” rating and a $58.00 price target on the stock. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the stock. ONEOK presently has a consensus rating of “Hold” and a consensus price target of $59.07.
ONEOK, Inc. (OKE) traded up $0.60 during trading hours on Monday, hitting $53.01. 2,106,600 shares of the company’s stock traded hands, compared to its average volume of 3,221,404. ONEOK, Inc. has a 12-month low of $47.14 and a 12-month high of $59.47. The firm has a market capitalization of $20,325.98, a P/E ratio of 33.13, a P/E/G ratio of 3.40 and a beta of 1.26. The company has a debt-to-equity ratio of 1.47, a quick ratio of 0.41 and a current ratio of 0.55.
ONEOK (NYSE:OKE) last released its quarterly earnings data on Tuesday, October 31st. The utilities provider reported $0.43 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.49 by ($0.06). ONEOK had a net margin of 3.76% and a return on equity of 9.25%. The company had revenue of $2.91 billion during the quarter, compared to analyst estimates of $2.80 billion. During the same quarter in the prior year, the firm earned $0.43 earnings per share. equities research analysts expect that ONEOK, Inc. will post 1.73 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 14th. Shareholders of record on Monday, November 6th were issued a $0.745 dividend. The ex-dividend date was Friday, November 3rd. This represents a $2.98 annualized dividend and a dividend yield of 5.62%. ONEOK’s dividend payout ratio is currently 186.25%.
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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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