Cypress Capital Group Sells 5,158 Shares of ONEOK, Inc. (NYSE:OKE)

Cypress Capital Group lessened its holdings in shares of ONEOK, Inc. (NYSE:OKE) by 44.5% in the fourth quarter, Holdings Channel.com reports. The fund owned 6,433 shares of the utilities provider’s stock after selling 5,158 shares during the period. Cypress Capital Group’s holdings in ONEOK were worth $646,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Kieckhefer Group LLC bought a new position in shares of ONEOK during the fourth quarter valued at approximately $30,000. Access Investment Management LLC bought a new position in shares of ONEOK during the third quarter valued at approximately $37,000. Canton Hathaway LLC bought a new position in ONEOK in the fourth quarter worth $40,000. Versant Capital Management Inc raised its holdings in ONEOK by 98.1% in the fourth quarter. Versant Capital Management Inc now owns 525 shares of the utilities provider’s stock worth $53,000 after purchasing an additional 260 shares in the last quarter. Finally, FSA Wealth Management LLC purchased a new position in ONEOK during the third quarter valued at $57,000. Institutional investors own 69.13% of the company’s stock.

ONEOK Trading Down 2.0 %

ONEOK stock opened at $91.95 on Thursday. The business has a 50-day simple moving average of $100.45 and a two-hundred day simple moving average of $99.34. The company has a market cap of $57.40 billion, a P/E ratio of 19.24, a P/E/G ratio of 3.77 and a beta of 1.70. ONEOK, Inc. has a 52-week low of $76.23 and a 52-week high of $118.07. The company has a quick ratio of 0.59, a current ratio of 0.81 and a debt-to-equity ratio of 1.59.

ONEOK (NYSE:OKE) last released its quarterly earnings results on Monday, February 24th. The utilities provider reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.46 by $0.11. The business had revenue of $7 billion during the quarter, compared to the consensus estimate of $6.18 billion. ONEOK had a return on equity of 16.84% and a net margin of 14.05%. Analysts predict that ONEOK, Inc. will post 5.07 EPS for the current year.

ONEOK Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Monday, February 3rd were given a dividend of $1.03 per share. This is a boost from ONEOK’s previous quarterly dividend of $0.99. This represents a $4.12 dividend on an annualized basis and a dividend yield of 4.48%. The ex-dividend date of this dividend was Monday, February 3rd. ONEOK’s payout ratio is presently 79.69%.

Wall Street Analyst Weigh In

OKE has been the subject of several recent research reports. UBS Group raised their price objective on ONEOK from $112.00 to $132.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Truist Financial lifted their price target on ONEOK from $99.00 to $107.00 and gave the stock a “hold” rating in a research report on Tuesday, December 3rd. Wells Fargo & Company lowered their price target on ONEOK from $107.00 to $102.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 26th. US Capital Advisors raised ONEOK from a “moderate buy” rating to a “strong-buy” rating in a research report on Monday, February 3rd. Finally, Barclays assumed coverage on ONEOK in a research report on Thursday, February 6th. They issued an “equal weight” rating and a $105.00 price target for the company. Seven research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $104.15.

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.