Fortitude Family Office LLC Increases Stake in ONEOK, Inc. (NYSE:OKE)

Fortitude Family Office LLC boosted its stake in shares of ONEOK, Inc. (NYSE:OKE) by 37.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 496 shares of the utilities provider’s stock after purchasing an additional 135 shares during the period. Fortitude Family Office LLC’s holdings in ONEOK were worth $45,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Gibraltar Capital Management Inc. increased its position in shares of ONEOK by 46.7% in the 3rd quarter. Gibraltar Capital Management Inc. now owns 4,712 shares of the utilities provider’s stock valued at $429,000 after acquiring an additional 1,501 shares during the period. abrdn plc grew its stake in ONEOK by 14.8% during the 3rd quarter. abrdn plc now owns 2,149,676 shares of the utilities provider’s stock valued at $195,545,000 after purchasing an additional 277,514 shares during the last quarter. Arbor Investment Advisors LLC acquired a new position in shares of ONEOK in the third quarter valued at about $911,000. Welch Group LLC raised its stake in shares of ONEOK by 1.7% in the third quarter. Welch Group LLC now owns 12,269 shares of the utilities provider’s stock worth $1,118,000 after purchasing an additional 200 shares during the last quarter. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors raised its stake in shares of ONEOK by 3.2% in the third quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 5,974 shares of the utilities provider’s stock worth $544,000 after purchasing an additional 186 shares during the last quarter. Institutional investors and hedge funds own 69.13% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Bank of America started coverage on shares of ONEOK in a report on Thursday, October 17th. They issued a “buy” rating and a $105.00 price target on the stock. Scotiabank raised their target price on shares of ONEOK from $88.00 to $102.00 and gave the stock a “sector outperform” rating in a report on Friday, August 30th. Barclays upped their price target on shares of ONEOK from $82.00 to $94.00 and gave the company an “equal weight” rating in a report on Monday, September 16th. Wells Fargo & Company lifted their price objective on ONEOK from $91.00 to $100.00 and gave the company an “overweight” rating in a research note on Friday, August 30th. Finally, Royal Bank of Canada upped their target price on ONEOK from $89.00 to $98.00 and gave the stock a “sector perform” rating in a research note on Wednesday, October 16th. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, ONEOK presently has an average rating of “Moderate Buy” and an average target price of $94.77.

Insider Buying and Selling

In other ONEOK news, Director Pattye L. Moore sold 3,379 shares of the firm’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $92.01, for a total value of $310,901.79. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.20% of the stock is owned by company insiders.

ONEOK Trading Down 0.5 %

Shares of NYSE:OKE opened at $95.54 on Wednesday. The business’s 50 day moving average price is $93.18 and its 200-day moving average price is $85.56. ONEOK, Inc. has a 1 year low of $63.33 and a 1 year high of $98.43. The firm has a market capitalization of $55.80 billion, a price-to-earnings ratio of 20.81, a price-to-earnings-growth ratio of 4.17 and a beta of 1.67. 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 posted its quarterly earnings data on Monday, August 5th. The utilities provider reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.12. ONEOK had a net margin of 13.41% and a return on equity of 15.54%. The business had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $5.52 billion. During the same period last year, the firm posted $1.04 earnings per share. On average, equities research analysts forecast that ONEOK, Inc. will post 5.1 earnings per share for the current fiscal year.

ONEOK Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Friday, November 1st will be paid a $0.99 dividend. This represents a $3.96 dividend on an annualized basis and a dividend yield of 4.14%. The ex-dividend date of this dividend is Friday, November 1st. ONEOK’s dividend payout ratio is presently 86.27%.

ONEOK Company Profile

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.