ONEOK, Inc. $OKE Shares Bought by Garner Asset Management Corp

Garner Asset Management Corp boosted its position in shares of ONEOK, Inc. (NYSE:OKE) by 45.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,859 shares of the utilities provider’s stock after purchasing an additional 8,106 shares during the period. Garner Asset Management Corp’s holdings in ONEOK were worth $1,898,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in ONEOK during the 2nd quarter valued at approximately $562,832,000. First Eagle Investment Management LLC boosted its stake in shares of ONEOK by 130.8% during the 2nd quarter. First Eagle Investment Management LLC now owns 6,256,173 shares of the utilities provider’s stock valued at $510,691,000 after buying an additional 3,545,256 shares during the last quarter. Boston Partners grew its position in shares of ONEOK by 53.7% during the second quarter. Boston Partners now owns 5,509,100 shares of the utilities provider’s stock worth $448,476,000 after buying an additional 1,924,864 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of ONEOK by 1.7% in the second quarter. Vanguard Group Inc. now owns 76,510,971 shares of the utilities provider’s stock worth $6,245,591,000 after buying an additional 1,314,002 shares during the last quarter. Finally, Man Group plc raised its holdings in ONEOK by 292.1% in the second quarter. Man Group plc now owns 1,558,993 shares of the utilities provider’s stock valued at $127,261,000 after acquiring an additional 1,161,352 shares in the last quarter. Institutional investors and hedge funds own 69.13% of the company’s stock.

Analyst Upgrades and Downgrades

OKE has been the subject of several recent analyst reports. Morgan Stanley reissued an “overweight” rating and set a $104.00 price objective on shares of ONEOK in a report on Wednesday, January 28th. Weiss Ratings reiterated a “hold (c)” rating on shares of ONEOK in a research note on Monday, December 29th. Citigroup lowered their price objective on ONEOK from $102.00 to $95.00 and set a “buy” rating for the company in a report on Friday, October 31st. Argus upgraded ONEOK from a “hold” rating to a “buy” rating and set a $79.00 target price for the company in a research report on Thursday, November 6th. Finally, Jefferies Financial Group initiated coverage on ONEOK in a research note on Tuesday, January 20th. They set a “hold” rating and a $80.00 price objective on the stock. Seven investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $85.80.

ONEOK Stock Performance

OKE stock opened at $87.31 on Friday. ONEOK, Inc. has a 1 year low of $64.02 and a 1 year high of $103.64. The stock has a market capitalization of $54.94 billion, a price-to-earnings ratio of 16.05, a PEG ratio of 4.88 and a beta of 0.96. The company has a debt-to-equity ratio of 1.44, a quick ratio of 0.75 and a current ratio of 0.90. The stock’s fifty day moving average is $77.00 and its two-hundred day moving average is $73.67.

ONEOK Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Monday, February 2nd were given a dividend of $1.07 per share. This is a boost from ONEOK’s previous quarterly dividend of $1.03. The ex-dividend date was Monday, February 2nd. This represents a $4.28 dividend on an annualized basis and a yield of 4.9%. ONEOK’s payout ratio is presently 78.68%.

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.