Comerica Bank Trims Position in ONE Gas, Inc. (NYSE:OGS)

Posted by MarketBeat News on Jan 21st, 2023

Comerica Bank cut its position in ONE Gas, Inc. (NYSE:OGS – Get Rating) by 1.6% in the third quarter, HoldingsChannel.com reports. The firm owned 24,670 shares of the utilities provider’s stock after selling 390 shares during the quarter. Comerica Bank’s holdings in ONE Gas were worth $1,800,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. HighTower Advisors LLC increased its stake in ONE Gas by 1.8% in the 1st quarter. HighTower Advisors LLC now owns 11,783 shares of the utilities provider’s stock worth $1,038,000 after buying an additional 211 shares in the last quarter. AlphaCrest Capital Management LLC grew its position in shares of ONE Gas by 34.8% during the first quarter. AlphaCrest Capital Management LLC now owns 4,448 shares of the utilities provider’s stock worth $392,000 after purchasing an additional 1,148 shares in the last quarter. Natixis Advisors L.P. grew its position in shares of ONE Gas by 5.1% during the first quarter. Natixis Advisors L.P. now owns 14,201 shares of the utilities provider’s stock worth $1,253,000 after purchasing an additional 684 shares in the last quarter. Bank of Montreal Can grew its position in shares of ONE Gas by 2.9% during the first quarter. Bank of Montreal Can now owns 24,354 shares of the utilities provider’s stock worth $2,157,000 after purchasing an additional 682 shares in the last quarter. Finally, APG Asset Management N.V. purchased a new stake in ONE Gas during the 1st quarter valued at approximately $872,000. 83.34% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other ONE Gas news, Director Michael G. Hutchinson sold 1,000 shares of the firm’s stock in a transaction dated Friday, December 9th. The shares were sold at an average price of $76.95, for a total value of $76,950.00. Following the completion of the sale, the director now owns 13,239 shares of the company’s stock, valued at $1,018,741.05. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.38% of the stock is owned by insiders.

Analyst Ratings Changes

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A number of equities research analysts have issued reports on the stock. Bank of America lowered shares of ONE Gas from a “buy” rating to a “neutral” rating and cut their price objective for the company from $85.00 to $79.00 in a report on Friday, December 16th. Stifel Nicolaus cut shares of ONE Gas from a “buy” rating to a “hold” rating and set a $80.00 target price for the company. in a research note on Wednesday, January 11th. Guggenheim lowered ONE Gas from a “neutral” rating to a “sell” rating and set a $64.00 price objective for the company. in a research report on Thursday, December 1st. Morgan Stanley cut their price objective on ONE Gas from $76.00 to $70.00 and set an “equal weight” rating for the company in a research report on Friday, December 2nd. Finally, Wells Fargo & Company raised their price target on ONE Gas to $82.00 in a report on Wednesday, December 14th. One investment analyst has rated the stock with a sell rating and six have given a hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $75.83.

ONE Gas Stock Performance

Shares of NYSE:OGS opened at $76.71 on Friday. ONE Gas, Inc. has a 52 week low of $68.86 and a 52 week high of $92.26. The stock has a market capitalization of $4.15 billion, a P/E ratio of 19.27, a PEG ratio of 3.90 and a beta of 0.66. The firm has a fifty day simple moving average of $78.96 and a two-hundred day simple moving average of $78.82. The company has a quick ratio of 0.56, a current ratio of 0.87 and a debt-to-equity ratio of 0.99.

ONE Gas (NYSE:OGS – Get Rating) last released its quarterly earnings results on Monday, October 31st. The utilities provider reported $0.44 EPS for the quarter, topping the consensus estimate of $0.41 by $0.03. The company had revenue of $359.36 million during the quarter, compared to analyst estimates of $280.05 million. ONE Gas had a return on equity of 8.88% and a net margin of 9.14%. The firm’s revenue was up 31.2% on a year-over-year basis. During the same quarter last year, the business posted $0.38 earnings per share. On average, analysts expect that ONE Gas, Inc. will post 4.07 earnings per share for the current fiscal year.

ONE Gas Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 1st. Shareholders of record on Tuesday, November 15th were paid a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a yield of 3.23%. The ex-dividend date was Monday, November 14th. ONE Gas’s payout ratio is 62.31%.

About ONE Gas

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ONE Gas, Inc, together with its subsidiaries, operates as a regulated natural gas distribution utility company in the United States. The company operates through three divisions: Oklahoma Natural Gas, Kansas Gas Service, and Texas Gas Service. It provides natural gas distribution services to 2.2 million customers in three states.