Bank of Nova Scotia Cuts Stock Position in ONEOK, Inc. (NYSE:OKE)

Bank of Nova Scotia decreased its holdings in shares of ONEOK, Inc. (NYSE:OKEGet Rating) by 35.4% during the second quarter, Holdings Channel.com reports. The fund owned 36,997 shares of the utilities provider’s stock after selling 20,274 shares during the period. Bank of Nova Scotia’s holdings in ONEOK were worth $2,052,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the business. Vanguard Group Inc. grew its stake in shares of ONEOK by 2.1% during the first quarter. Vanguard Group Inc. now owns 51,774,594 shares of the utilities provider’s stock worth $3,656,839,000 after acquiring an additional 1,043,147 shares during the last quarter. State Street Corp grew its stake in shares of ONEOK by 4.8% during the first quarter. State Street Corp now owns 32,825,649 shares of the utilities provider’s stock worth $2,318,476,000 after acquiring an additional 1,493,647 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of ONEOK by 7.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 7,288,822 shares of the utilities provider’s stock worth $514,810,000 after acquiring an additional 527,138 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of ONEOK by 4.8% during the first quarter. Bank of New York Mellon Corp now owns 6,539,398 shares of the utilities provider’s stock worth $461,877,000 after acquiring an additional 302,211 shares during the last quarter. Finally, Cowa LLC grew its stake in shares of ONEOK by 9,775.0% during the first quarter. Cowa LLC now owns 5,324,428 shares of the utilities provider’s stock worth $3,761,000 after acquiring an additional 5,270,510 shares during the last quarter. Hedge funds and other institutional investors own 66.82% of the company’s stock.

ONEOK Trading Down 0.8 %

Shares of NYSE:OKE opened at $64.71 on Thursday. The company has a current ratio of 0.67, a quick ratio of 0.50 and a debt-to-equity ratio of 1.89. The company has a market capitalization of $28.92 billion, a PE ratio of 17.98, a PEG ratio of 2.00 and a beta of 1.71. The business has a 50 day moving average of $58.07 and a two-hundred day moving average of $60.06. ONEOK, Inc. has a 12-month low of $50.50 and a 12-month high of $75.07.

ONEOK Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, November 14th. Stockholders of record on Tuesday, November 1st were paid a dividend of $0.935 per share. This represents a $3.74 annualized dividend and a dividend yield of 5.78%. The ex-dividend date of this dividend was Monday, October 31st. ONEOK’s payout ratio is 103.89%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on OKE shares. Barclays dropped their price target on ONEOK from $62.00 to $59.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 19th. StockNews.com started coverage on ONEOK in a report on Wednesday, October 12th. They set a “hold” rating for the company. Mizuho lifted their target price on ONEOK from $64.00 to $65.00 and gave the stock a “neutral” rating in a report on Wednesday, August 10th. Morgan Stanley decreased their target price on ONEOK from $74.00 to $70.00 and set an “equal weight” rating for the company in a report on Wednesday, October 19th. Finally, Raymond James decreased their target price on ONEOK from $70.00 to $65.00 and set an “outperform” rating for the company in a report on Thursday, October 20th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $67.09.

ONEOK Profile

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ONEOK, Inc, together with its subsidiaries, engages in gathering, processing, storage, and transportation of natural gas in the United States. It operates through Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines segments. The company owns natural gas gathering pipelines and processing plants in the Mid-Continent and Rocky Mountain regions.

Further Reading

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Institutional Ownership by Quarter for ONEOK (NYSE:OKE)

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