Sound Income Strategies LLC boosted its holdings in shares of ONEOK, Inc. (NYSE:OKE – Get Rating) by 11.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 109,773 shares of the utilities provider’s stock after buying an additional 11,105 shares during the quarter. Sound Income Strategies LLC’s holdings in ONEOK were worth $7,212,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of OKE. Acadian Asset Management LLC grew its position in shares of ONEOK by 275.5% in the first quarter. Acadian Asset Management LLC now owns 2,850 shares of the utilities provider’s stock valued at $201,000 after purchasing an additional 2,091 shares during the last quarter. Raymond James Trust N.A. grew its position in shares of ONEOK by 6.6% in the first quarter. Raymond James Trust N.A. now owns 5,339 shares of the utilities provider’s stock valued at $377,000 after purchasing an additional 331 shares during the last quarter. Sei Investments Co. grew its position in shares of ONEOK by 500.5% in the first quarter. Sei Investments Co. now owns 167,226 shares of the utilities provider’s stock valued at $11,812,000 after purchasing an additional 139,379 shares during the last quarter. Aviva PLC grew its position in shares of ONEOK by 20.7% in the first quarter. Aviva PLC now owns 161,711 shares of the utilities provider’s stock valued at $11,422,000 after purchasing an additional 27,697 shares during the last quarter. Finally, Prudential PLC acquired a new position in shares of ONEOK in the first quarter valued at approximately $614,000. Institutional investors and hedge funds own 67.16% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities analysts have recently commented on OKE shares. Seaport Res Ptn reaffirmed a “neutral” rating on shares of ONEOK in a research report on Thursday, February 16th. JPMorgan Chase & Co. increased their price target on ONEOK from $75.00 to $78.00 and gave the stock an “overweight” rating in a research report on Thursday, March 9th. Citigroup began coverage on ONEOK in a research report on Thursday, December 8th. They set a “neutral” rating and a $67.00 price target on the stock. Scotiabank began coverage on ONEOK in a research report on Thursday, March 2nd. They set a “sector perform” rating and a $74.00 price target on the stock. Finally, Barclays increased their price target on ONEOK from $59.00 to $71.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 18th. Seven analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, ONEOK has a consensus rating of “Hold” and an average target price of $73.44.
ONEOK Price Performance
ONEOK (NYSE:OKE – Get Rating) last announced its quarterly earnings results on Monday, February 27th. The utilities provider reported $1.08 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.06. ONEOK had a return on equity of 27.65% and a net margin of 7.69%. The company had revenue of $5.03 billion during the quarter, compared to analysts’ expectations of $6.03 billion. During the same period in the prior year, the company earned $0.85 EPS. ONEOK’s revenue was down 7.2% compared to the same quarter last year. Analysts expect that ONEOK, Inc. will post 5.28 earnings per share for the current year.
ONEOK Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Tuesday, February 14th. Stockholders of record on Monday, January 30th were paid a $0.955 dividend. This represents a $3.82 dividend on an annualized basis and a dividend yield of 6.42%. This is a boost from ONEOK’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend was Friday, January 27th. ONEOK’s dividend payout ratio is presently 99.74%.
ONEOK, Inc engages in gathering, processing, fractionating, transporting, storing and marketing of natural gas. It operates through the following segments: Natural Gas Gathering and Processing, Natural Gas Liquids and Natural Gas Pipelines. The Natural Gas Gathering and Processing segment offers midstream services to producers in North Dakota, Montana, Wyoming, Kansas and Oklahoma.
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