Investment Management Corp of Ontario Raises Stock Position in ONEOK, Inc. (NYSE:OKE)

Investment Management Corp of Ontario lifted its position in ONEOK, Inc. (NYSE:OKE) by 49.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 19,359 shares of the utilities provider’s stock after buying an additional 6,400 shares during the period. Investment Management Corp of Ontario’s holdings in ONEOK were worth $1,764,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. National Pension Service grew its position in shares of ONEOK by 1.6% in the 3rd quarter. National Pension Service now owns 763,833 shares of the utilities provider’s stock worth $69,608,000 after buying an additional 12,349 shares during the last quarter. Leavell Investment Management Inc. grew its position in shares of ONEOK by 3.8% in the 3rd quarter. Leavell Investment Management Inc. now owns 141,236 shares of the utilities provider’s stock worth $12,871,000 after buying an additional 5,175 shares during the last quarter. Caxton Associates LP purchased a new position in shares of ONEOK in the 2nd quarter worth approximately $1,225,000. Point72 Europe London LLP purchased a new position in shares of ONEOK in the 2nd quarter worth approximately $15,008,000. Finally, Nations Financial Group Inc. IA ADV grew its position in shares of ONEOK by 11.1% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 54,557 shares of the utilities provider’s stock worth $4,972,000 after buying an additional 5,451 shares during the last quarter. Hedge funds and other institutional investors own 69.13% of the company’s stock.

ONEOK Stock Performance

OKE opened at $108.74 on Thursday. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.81 and a quick ratio of 0.59. The firm has a fifty day moving average price of $101.64 and a 200 day moving average price of $90.65. ONEOK, Inc. has a 1 year low of $65.49 and a 1 year high of $118.07. The stock has a market cap of $63.52 billion, a P/E ratio of 22.75, a P/E/G ratio of 5.59 and a beta of 1.69.

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 firm had revenue of $5.02 billion during the quarter, compared to analyst estimates of $5.81 billion. During the same quarter in the prior year, the firm earned $0.99 earnings per share. Equities research analysts anticipate that ONEOK, Inc. will post 5.08 earnings per share for the current year.

ONEOK Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Friday, November 1st were paid a $0.99 dividend. This represents a $3.96 annualized dividend and a dividend yield of 3.64%. The ex-dividend date was Friday, November 1st. ONEOK’s dividend payout ratio is currently 82.85%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Morgan Stanley raised shares of ONEOK from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $103.00 to $111.00 in a research report on Monday, September 16th. Bank of America started coverage on shares of ONEOK in a research note on Thursday, October 17th. They issued a “buy” rating and a $105.00 target price for the company. Royal Bank of Canada lifted their target price on shares of ONEOK from $89.00 to $98.00 and gave the stock a “sector perform” rating in a research note on Wednesday, October 16th. Truist Financial lifted their target price on shares of ONEOK from $99.00 to $107.00 and gave the stock a “hold” rating in a research note on Tuesday. Finally, Barclays lifted their target price on shares of ONEOK from $94.00 to $99.00 and gave the stock an “equal weight” rating in a research note on Monday, November 4th. Seven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $101.00.

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.