Financial Advocates Investment Management Lowers Stock Holdings in ONEOK, Inc. (NYSE:OKE)

Financial Advocates Investment Management reduced its position in ONEOK, Inc. (NYSE:OKE) by 1.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,226 shares of the utilities provider’s stock after selling 124 shares during the quarter. Financial Advocates Investment Management’s holdings in ONEOK were worth $658,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of OKE. Diversified Trust Co increased its holdings in shares of ONEOK by 8.7% in the first quarter. Diversified Trust Co now owns 4,019 shares of the utilities provider’s stock worth $322,000 after purchasing an additional 323 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in shares of ONEOK by 464.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 198,018 shares of the utilities provider’s stock valued at $15,875,000 after acquiring an additional 162,963 shares in the last quarter. Norden Group LLC boosted its position in shares of ONEOK by 153.1% during the 1st quarter. Norden Group LLC now owns 7,458 shares of the utilities provider’s stock valued at $598,000 after acquiring an additional 4,511 shares during the last quarter. J.W. Cole Advisors Inc. grew its holdings in shares of ONEOK by 10.2% during the first quarter. J.W. Cole Advisors Inc. now owns 11,326 shares of the utilities provider’s stock worth $908,000 after purchasing an additional 1,049 shares in the last quarter. Finally, Private Advisor Group LLC increased its position in shares of ONEOK by 3.7% in the first quarter. Private Advisor Group LLC now owns 63,314 shares of the utilities provider’s stock worth $5,076,000 after purchasing an additional 2,236 shares during the last quarter. Hedge funds and other institutional investors own 69.13% of the company’s stock.

Insider Buying and Selling

In other ONEOK news, Director Pattye L. Moore sold 3,379 shares of ONEOK stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $92.01, for a total transaction of $310,901.79. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have commented on OKE. Morgan Stanley raised shares of ONEOK from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $103.00 to $111.00 in a research note on Monday, September 16th. Bank of America started coverage on ONEOK in a research report on Thursday, October 17th. They set a “buy” rating and a $105.00 price target on the stock. Citigroup upped their price objective on ONEOK from $85.00 to $102.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. Barclays raised their price objective on ONEOK from $82.00 to $94.00 and gave the company an “equal weight” rating in a report on Monday, September 16th. Finally, Truist Financial upped their target price on ONEOK from $83.00 to $99.00 and gave the stock a “hold” rating in a research note on Wednesday. Eight research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $96.54.

ONEOK Stock Down 3.6 %

NYSE OKE opened at $93.36 on Friday. ONEOK, Inc. has a 1 year low of $63.33 and a 1 year high of $98.43. The stock has a market capitalization of $54.53 billion, a PE ratio of 19.53, a PEG ratio of 4.20 and a beta of 1.67. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.81 and a quick ratio of 0.41. The business’s 50-day moving average is $93.66 and its 200 day moving average is $85.82.

ONEOK (NYSE:OKE) last posted its earnings results on Tuesday, October 29th. The utilities provider reported $1.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.23 by ($0.05). ONEOK had a net margin of 14.05% and a return on equity of 16.84%. The business had revenue of $5.02 billion for the quarter, compared to analysts’ expectations of $5.81 billion. During the same period last year, the firm posted $0.99 earnings per share. Sell-side analysts forecast that ONEOK, Inc. will post 5.04 earnings per share for the current year.

ONEOK Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Friday, November 1st will be paid a dividend of $0.99 per share. This represents a $3.96 dividend on an annualized basis and a dividend yield of 4.24%. The ex-dividend date of this dividend is Friday, November 1st. ONEOK’s payout ratio is 82.85%.

ONEOK 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.