Kovitz Investment Group Partners LLC Has $16.90 Million Stake in ONEOK, Inc. (NYSE:OKE)

Kovitz Investment Group Partners LLC boosted its position in shares of ONEOK, Inc. (NYSE:OKE) by 110.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 196,701 shares of the utilities provider’s stock after acquiring an additional 103,382 shares during the period. Kovitz Investment Group Partners LLC’s holdings in ONEOK were worth $16,897,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Matrix Trust Co acquired a new position in ONEOK during the 3rd quarter worth $29,000. Quest Partners LLC acquired a new position in ONEOK during the 2nd quarter worth $28,000. Ridgewood Investments LLC acquired a new position in shares of ONEOK during the second quarter valued at about $31,000. Access Investment Management LLC acquired a new position in shares of ONEOK during the third quarter valued at about $37,000. Finally, Values First Advisors Inc. acquired a new position in shares of ONEOK during the third quarter valued at about $44,000. Institutional investors and hedge funds own 69.13% of the company’s stock.

ONEOK Price Performance

Shares of ONEOK stock opened at $108.94 on Friday. The company has a current ratio of 0.81, a quick ratio of 0.59 and a debt-to-equity ratio of 1.59. The stock has a market capitalization of $63.64 billion, a price-to-earnings ratio of 22.79, a P/E/G ratio of 5.48 and a beta of 1.69. ONEOK, Inc. has a 1-year low of $65.49 and a 1-year high of $118.07. The firm’s 50-day moving average price is $102.06 and its two-hundred day moving average price is $90.78.

ONEOK (NYSE:OKE) last released its quarterly earnings results on Tuesday, October 29th. The utilities provider reported $1.18 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 company had revenue of $5.02 billion for the quarter, compared to the consensus estimate of $5.81 billion. During the same period last year, the company earned $0.99 earnings per share. On average, equities analysts predict that ONEOK, Inc. will post 5.1 earnings per share for the current fiscal year.

ONEOK Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Friday, November 1st were paid a dividend of $0.99 per share. The ex-dividend date was Friday, November 1st. This represents a $3.96 annualized dividend and a dividend yield of 3.64%. ONEOK’s dividend payout ratio (DPR) is currently 82.85%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Scotiabank upped their price objective on shares of ONEOK from $88.00 to $102.00 and gave the company a “sector outperform” rating in a research report on Friday, August 30th. Royal Bank of Canada upped their price objective on shares of ONEOK from $89.00 to $98.00 and gave the company a “sector perform” rating in a research report on Wednesday, October 16th. Truist Financial upped their price objective on shares of ONEOK from $99.00 to $107.00 and gave the company a “hold” rating in a research report on Tuesday. Citigroup upped their price objective on shares of ONEOK from $85.00 to $102.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. Finally, Barclays upped their price objective on shares of ONEOK from $94.00 to $99.00 and gave the company an “equal weight” rating in a research report 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’s stock. According to data from MarketBeat, ONEOK currently has a consensus rating of “Moderate Buy” and a consensus price target of $101.00.

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.