Truvestments Capital LLC Buys New Position in ONEOK, Inc. (NYSE:OKE)

Truvestments Capital LLC purchased a new position in shares of ONEOK, Inc. (NYSE:OKE) during the third quarter, Holdings Channel.com reports. The fund purchased 2,527 shares of the utilities provider’s stock, valued at approximately $230,000.

A number of other large investors have also modified their holdings of OKE. Price T Rowe Associates Inc. MD increased its stake in ONEOK by 1.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 792,631 shares of the utilities provider’s stock valued at $63,546,000 after purchasing an additional 11,982 shares in the last quarter. B. Riley Wealth Advisors Inc. grew its holdings in shares of ONEOK by 1.3% during the first quarter. B. Riley Wealth Advisors Inc. now owns 76,937 shares of the utilities provider’s stock valued at $6,168,000 after buying an additional 1,017 shares during the last quarter. California State Teachers Retirement System increased its position in shares of ONEOK by 7.2% in the 1st quarter. California State Teachers Retirement System now owns 1,230,021 shares of the utilities provider’s stock valued at $98,611,000 after acquiring an additional 82,159 shares during the period. Castleark Management LLC raised its stake in ONEOK by 15.7% in the 1st quarter. Castleark Management LLC now owns 17,220 shares of the utilities provider’s stock worth $1,381,000 after acquiring an additional 2,340 shares during the last quarter. Finally, Coppell Advisory Solutions Corp. acquired a new stake in ONEOK during the 1st quarter worth about $218,000. Hedge funds and other institutional investors own 69.13% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on OKE. Wells Fargo & Company raised their price objective on ONEOK from $100.00 to $107.00 and gave the stock an “overweight” rating in a research note on Friday, November 1st. UBS Group raised their price target on shares of ONEOK from $112.00 to $132.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Citigroup upped their price objective on shares of ONEOK from $85.00 to $102.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. Barclays raised their target price on shares of ONEOK from $94.00 to $99.00 and gave the stock an “equal weight” rating in a report on Monday, November 4th. Finally, Mizuho upgraded ONEOK to a “hold” rating in a research note on Thursday, November 7th. Eight equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $100.38.

ONEOK Stock Performance

NYSE:OKE opened at $111.46 on Tuesday. The stock has a market capitalization of $65.11 billion, a P/E ratio of 23.32, a PEG ratio of 5.84 and a beta of 1.66. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.59 and a current ratio of 0.81. ONEOK, Inc. has a fifty-two week low of $65.49 and a fifty-two week high of $118.07. The company has a 50 day moving average price of $99.23 and a 200 day moving average price of $89.22.

ONEOK (NYSE:OKE) last issued its quarterly earnings data on Tuesday, October 29th. The utilities provider reported $1.18 earnings per share for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.05). The firm had revenue of $5.02 billion during the quarter, compared to analyst estimates of $5.81 billion. ONEOK had a net margin of 14.05% and a return on equity of 16.84%. During the same period in the previous year, the firm posted $0.99 earnings per share. Equities research analysts forecast that ONEOK, Inc. will post 5.15 EPS for the current year.

ONEOK Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Friday, November 1st were given a dividend of $0.99 per share. The ex-dividend date of this dividend was Friday, November 1st. This represents a $3.96 annualized dividend and a dividend yield of 3.55%. ONEOK’s dividend payout ratio is presently 82.85%.

Insider Activity

In related news, Director Pattye L. Moore sold 3,379 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $92.01, for a total transaction of $310,901.79. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.20% of the company’s stock.

About ONEOK

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.