J. L. Bainbridge & Co. Inc. Buys Shares of 2,107 ONEOK, Inc. (NYSE:OKE)

J. L. Bainbridge & Co. Inc. bought a new stake in ONEOK, Inc. (NYSE:OKE) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 2,107 shares of the utilities provider’s stock, valued at approximately $212,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in OKE. Charles Schwab Investment Management Inc. lifted its stake 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 valued at $1,848,844,000 after buying an additional 934,007 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of ONEOK by 1.0% during the 3rd quarter. Geode Capital Management LLC now owns 13,680,875 shares of the utilities provider’s stock valued at $1,242,449,000 after buying an additional 138,430 shares in the last quarter. Amundi lifted its stake in shares of ONEOK by 5.3% during the 4th quarter. Amundi now owns 4,105,596 shares of the utilities provider’s stock valued at $422,261,000 after buying an additional 207,324 shares in the last quarter. Janus Henderson Group PLC lifted its stake in shares of ONEOK by 0.3% during the 3rd quarter. Janus Henderson Group PLC now owns 3,751,172 shares of the utilities provider’s stock valued at $341,844,000 after buying an additional 11,189 shares in the last quarter. Finally, Chickasaw Capital Management LLC lifted its stake in ONEOK by 15.2% in the 4th quarter. Chickasaw Capital Management LLC now owns 1,992,336 shares of the utilities provider’s stock worth $200,031,000 after purchasing an additional 263,545 shares in the last quarter. 69.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on OKE shares. UBS Group increased their target price on shares of ONEOK from $112.00 to $132.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Scotiabank lowered their target price on shares of ONEOK from $109.00 to $102.00 and set a “sector outperform” rating on the stock in a research note on Thursday, March 6th. Citigroup started coverage on shares of ONEOK in a research note on Friday, February 28th. They issued a “buy” rating and a $110.00 target price on the stock. Wells Fargo & Company lowered their target price on shares of ONEOK from $107.00 to $102.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 26th. Finally, Truist Financial increased 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, December 3rd. Seven analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $103.31.

ONEOK Price Performance

OKE stock opened at $96.52 on Friday. 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 52 week low of $76.23 and a 52 week high of $118.07. The firm’s fifty day moving average is $99.21 and its 200 day moving average is $99.49. The firm has a market cap of $60.26 billion, a P/E ratio of 20.19, a P/E/G ratio of 3.77 and a beta of 1.70.

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

ONEOK Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Monday, February 3rd were issued a $1.03 dividend. This represents a $4.12 dividend on an annualized basis and a yield of 4.27%. The ex-dividend date was Monday, February 3rd. This is a positive change from ONEOK’s previous quarterly dividend of $0.99. ONEOK’s dividend payout ratio (DPR) is 79.69%.

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.