Traynor Capital Management Inc. Acquires New Stake in ONEOK, Inc. $OKE

Traynor Capital Management Inc. bought a new position in ONEOK, Inc. (NYSE:OKE) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 11,533 shares of the utilities provider’s stock, valued at approximately $842,000.

Other large investors have also recently made changes to their positions in the company. City Holding Co. purchased a new position in ONEOK in the 3rd quarter worth about $28,000. Global Wealth Strategies & Associates bought a new position in ONEOK in the 3rd quarter worth about $29,000. Financial Consulate Inc. purchased a new position in shares of ONEOK during the third quarter worth approximately $29,000. Access Investment Management LLC bought a new position in ONEOK in the second quarter worth approximately $33,000. Finally, Twin Peaks Wealth Advisors LLC bought a new position in shares of ONEOK during the 2nd quarter worth $34,000. 69.13% of the stock is owned by hedge funds and other institutional investors.

ONEOK Trading Up 2.1%

ONEOK stock opened at $79.34 on Thursday. The stock has a 50-day moving average price of $73.66 and a 200 day moving average price of $73.43. The company has a market capitalization of $49.93 billion, a price-to-earnings ratio of 14.59, a price-to-earnings-growth ratio of 4.40 and a beta of 0.94. ONEOK, Inc. has a 52 week low of $64.02 and a 52 week high of $103.64. The company has a quick ratio of 0.75, a current ratio of 0.90 and a debt-to-equity ratio of 1.44.

ONEOK (NYSE:OKE) last posted its quarterly earnings results on Tuesday, October 28th. The utilities provider reported $1.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.48 by $0.01. ONEOK had a net margin of 10.58% and a return on equity of 15.12%. The company had revenue of $8.63 billion during the quarter, compared to analyst estimates of $8.23 billion. During the same period last year, the firm posted $1.18 EPS. Sell-side analysts anticipate that ONEOK, Inc. will post 5.07 EPS for the current year.

ONEOK Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 13th. Investors of record on Monday, February 2nd will be issued a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a dividend yield of 5.4%. This is a boost from ONEOK’s previous quarterly dividend of $1.03. The ex-dividend date of this dividend is Monday, February 2nd. ONEOK’s dividend payout ratio is 75.74%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Raymond James Financial reissued an “outperform” rating and issued a $82.00 price objective (down previously from $100.00) on shares of ONEOK in a research note on Friday, October 24th. Jefferies Financial Group assumed coverage on shares of ONEOK in a research report on Tuesday, January 20th. They set a “hold” rating and a $80.00 target price for the company. Scotiabank reaffirmed an “outperform” rating and issued a $91.00 price target on shares of ONEOK in a report on Friday, January 16th. Morgan Stanley reaffirmed an “overweight” rating and set a $104.00 price target on shares of ONEOK in a research report on Wednesday. Finally, TD Cowen decreased their price objective on ONEOK from $78.00 to $76.00 and set a “hold” rating for the company in a report on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $87.31.

Insider Transactions at ONEOK

In other ONEOK news, Director Brian L. Derksen purchased 2,500 shares of the stock in a transaction on Monday, November 3rd. The shares were bought at an average cost of $66.00 per share, with a total value of $165,000.00. Following the completion of the acquisition, the director owned 21,200 shares in the company, valued at $1,399,200. This trade represents a 13.37% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.20% of the stock is owned by corporate insiders.

About ONEOK

ONEOK, Inc (NYSE: OKE) is a publicly traded midstream energy company headquartered in Tulsa, Oklahoma. The company owns and operates a portfolio of natural gas and natural gas liquids (NGL) pipelines, processing facilities, fractionators and storage and terminal assets. Its operations are focused on gathering, processing, transporting, fractionating and marketing NGLs and interstate natural gas, providing critical infrastructure that connects hydrocarbon production to refineries, petrochemical plants and other end markets.

ONEOK’s asset base includes pipeline systems and processing plants that move and condition natural gas, along with infrastructure for the transportation, storage and fractionation of NGLs such as ethane, propane and butane.