ONEOK, Inc. (NYSE:OKE) Shares Sold by Bridges Investment Management Inc.

Bridges Investment Management Inc. cut its stake in shares of ONEOK, Inc. (NYSE:OKEFree Report) by 9.2% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 2,966 shares of the utilities provider’s stock after selling 300 shares during the period. Bridges Investment Management Inc.’s holdings in ONEOK were worth $208,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in OKE. Peoples Bank KS acquired a new stake in shares of ONEOK during the 3rd quarter valued at approximately $25,000. First Command Bank raised its position in shares of ONEOK by 401.0% during the 2nd quarter. First Command Bank now owns 491 shares of the utilities provider’s stock valued at $27,000 after acquiring an additional 393 shares in the last quarter. Quent Capital LLC raised its position in shares of ONEOK by 97.7% during the 3rd quarter. Quent Capital LLC now owns 437 shares of the utilities provider’s stock valued at $28,000 after acquiring an additional 216 shares in the last quarter. Beacon Capital Management LLC raised its position in shares of ONEOK by 90.7% during the 4th quarter. Beacon Capital Management LLC now owns 408 shares of the utilities provider’s stock valued at $29,000 after acquiring an additional 194 shares in the last quarter. Finally, Resurgent Financial Advisors LLC acquired a new stake in shares of ONEOK during the 4th quarter valued at approximately $29,000. 69.13% of the stock is owned by institutional investors and hedge funds.

ONEOK Stock Down 0.1 %

NYSE OKE traded down $0.05 during trading on Wednesday, reaching $79.95. 444,726 shares of the company’s stock were exchanged, compared to its average volume of 3,022,992. ONEOK, Inc. has a fifty-two week low of $55.91 and a fifty-two week high of $80.53. The firm has a market capitalization of $46.63 billion, a PE ratio of 14.41, a P/E/G ratio of 2.47 and a beta of 1.65. The company has a current ratio of 0.90, a quick ratio of 0.67 and a debt-to-equity ratio of 1.29. The company’s fifty day simple moving average is $74.16 and its 200-day simple moving average is $69.89.

ONEOK (NYSE:OKEGet Free Report) last announced its quarterly earnings results on Monday, February 26th. The utilities provider reported $1.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.21 by ($0.03). ONEOK had a net margin of 15.04% and a return on equity of 22.57%. The firm had revenue of $5.24 billion for the quarter, compared to analyst estimates of $5.57 billion. During the same quarter in the prior year, the firm earned $1.08 earnings per share. Sell-side analysts predict that ONEOK, Inc. will post 4.63 EPS for the current year.

ONEOK Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 14th. Shareholders of record on Tuesday, January 30th were paid a $0.99 dividend. This represents a $3.96 dividend on an annualized basis and a yield of 4.95%. This is a boost from ONEOK’s previous quarterly dividend of $0.96. The ex-dividend date of this dividend was Monday, January 29th. ONEOK’s payout ratio is presently 71.35%.

ONEOK announced that its board has initiated a stock repurchase plan on Wednesday, January 17th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the utilities provider to reacquire up to 4.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on OKE shares. Citigroup upped their price target on ONEOK from $73.00 to $83.00 and gave the company a “buy” rating in a research report on Tuesday, March 5th. US Capital Advisors downgraded ONEOK from an “overweight” rating to a “hold” rating in a research note on Wednesday, March 20th. Raymond James upped their price objective on ONEOK from $80.00 to $85.00 and gave the stock an “outperform” rating in a research note on Friday, January 19th. UBS Group upped their price objective on ONEOK from $80.00 to $87.00 and gave the stock a “buy” rating in a research note on Tuesday, February 27th. Finally, JPMorgan Chase & Co. upped their price objective on ONEOK from $81.00 to $85.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 13th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, ONEOK presently has an average rating of “Hold” and a consensus price target of $81.73.

View Our Latest Stock Report on ONEOK

Insider Transactions at ONEOK

In related news, Director Wayne Thomas Smith purchased 2,700 shares of ONEOK stock in a transaction that occurred on Friday, March 1st. The stock was purchased at an average cost of $75.25 per share, with a total value of $203,175.00. Following the completion of the transaction, the director now owns 2,700 shares of the company’s stock, valued at approximately $203,175. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.65% of the stock is owned by insiders.

ONEOK Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for ONEOK (NYSE:OKE)

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