Cullen Frost Bankers Inc. Trims Stake in ONEOK, Inc. (NYSE:OKE)

Cullen Frost Bankers Inc. decreased its position in shares of ONEOK, Inc. (NYSE:OKE) by 5.8% during the fourth quarter, Holdings Channel reports. The fund owned 11,694 shares of the utilities provider’s stock after selling 725 shares during the period. Cullen Frost Bankers Inc.’s holdings in ONEOK were worth $1,174,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in OKE. Charles Schwab Investment Management Inc. grew its holdings in shares of ONEOK by 5.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 18,414,781 shares of the utilities provider’s stock worth $1,848,844,000 after acquiring an additional 934,007 shares during the period. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of ONEOK during the 3rd quarter worth approximately $47,957,000. National Pension Service grew its holdings in shares of ONEOK by 65.3% during the 4th quarter. National Pension Service now owns 1,262,741 shares of the utilities provider’s stock worth $126,779,000 after acquiring an additional 498,908 shares during the period. Yaupon Capital Management LP purchased a new position in shares of ONEOK during the 3rd quarter worth approximately $45,194,000. Finally, Strategic Financial Concepts LLC boosted its position in shares of ONEOK by 10,153.8% in the 4th quarter. Strategic Financial Concepts LLC now owns 494,645 shares of the utilities provider’s stock worth $49,662,000 after purchasing an additional 489,821 shares in the last quarter. Hedge funds and other institutional investors own 69.13% of the company’s stock.

ONEOK Price Performance

NYSE OKE opened at $89.59 on Friday. The business’s fifty day moving average price is $100.00 and its 200-day moving average price is $99.29. The stock has a market capitalization of $55.93 billion, a price-to-earnings ratio of 18.74, a PEG ratio of 3.77 and a beta of 1.70. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.81 and a quick ratio of 0.59. ONEOK, Inc. has a 1-year low of $76.23 and a 1-year high of $118.07.

ONEOK (NYSE:OKE) last released its quarterly earnings results on Monday, February 24th. The utilities provider reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.46 by $0.11. The firm had revenue of $7 billion for the quarter, compared to analysts’ expectations of $6.18 billion. ONEOK had a return on equity of 16.84% and a net margin of 14.05%. On average, equities analysts predict that ONEOK, Inc. will post 5.07 earnings per share 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 paid a $1.03 dividend. This represents a $4.12 annualized dividend and a dividend yield of 4.60%. This is a positive change from ONEOK’s previous quarterly dividend of $0.99. The ex-dividend date was Monday, February 3rd. ONEOK’s dividend payout ratio is 79.69%.

Analyst Upgrades and Downgrades

OKE has been the topic of a number of analyst reports. Scotiabank dropped their price target on ONEOK from $109.00 to $102.00 and set a “sector outperform” rating on the stock in a research report on Thursday. US Capital Advisors raised ONEOK from a “moderate buy” rating to a “strong-buy” rating in a research report on Monday, February 3rd. Barclays dropped their price target on ONEOK from $105.00 to $101.00 and set an “equal weight” rating on the stock in a research report on Friday. Wolfe Research raised ONEOK from a “peer perform” rating to an “outperform” rating and set a $110.00 price objective on the stock in a research report on Monday, February 10th. Finally, Truist Financial upped their price objective on ONEOK from $99.00 to $107.00 and gave the company a “hold” rating in a research report on Tuesday, December 3rd. Seven investment 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 company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $103.31.

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.