Bridgefront Capital LLC Invests $200,000 in ONEOK, Inc. (NYSE:OKE)

Bridgefront Capital LLC acquired a new position in shares of ONEOK, Inc. (NYSE:OKE – Get Rating) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,905 shares of the utilities provider’s stock, valued at approximately $200,000.

Other large investors also recently modified their holdings of the company. Chilton Capital Management LLC acquired a new stake in shares of ONEOK during the second quarter worth $116,000. AdvisorNet Financial Inc grew its holdings in ONEOK by 10.4% in the third quarter. AdvisorNet Financial Inc now owns 23,657 shares of the utilities provider’s stock worth $1,212,000 after purchasing an additional 2,235 shares during the period. Brinker Capital Investments LLC grew its holdings in ONEOK by 1.1% in the third quarter. Brinker Capital Investments LLC now owns 24,611 shares of the utilities provider’s stock worth $1,261,000 after purchasing an additional 259 shares during the period. Monarch Capital Management Inc. grew its holdings in ONEOK by 90.7% in the third quarter. Monarch Capital Management Inc. now owns 7,779 shares of the utilities provider’s stock worth $399,000 after purchasing an additional 3,700 shares during the period. Finally, State Street Corp grew its holdings in ONEOK by 1.0% in the second quarter. State Street Corp now owns 33,164,685 shares of the utilities provider’s stock worth $1,840,640,000 after purchasing an additional 339,036 shares during the period. 67.16% of the stock is currently owned by institutional investors and hedge funds.

ONEOK Stock Up 0.2 %

NYSE:OKE opened at $61.02 on Friday. ONEOK, Inc. has a 1-year low of $50.50 and a 1-year high of $75.07. The firm’s 50-day moving average price is $67.87 and its 200-day moving average price is $63.38. The company has a market capitalization of $27.29 billion, a PE ratio of 15.93, a P/E/G ratio of 1.40 and a beta of 1.68. The company has a debt-to-equity ratio of 1.96, a current ratio of 0.83 and a quick ratio of 0.64.

ONEOK (NYSE:OKE – Get Rating) last posted its earnings results on Monday, February 27th. The utilities provider reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.06. ONEOK had a net margin of 7.69% and a return on equity of 27.65%. The business had revenue of $5.03 billion for the quarter, compared to analysts’ expectations of $6.03 billion. During the same quarter in the prior year, the business earned $0.85 EPS. The business’s revenue for the quarter was down 7.2% compared to the same quarter last year. On average, equities analysts predict that ONEOK, Inc. will post 5.28 EPS for the current fiscal year.

ONEOK Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, February 14th. Shareholders of record on Monday, January 30th were paid a dividend of $0.955 per share. This is a boost from ONEOK’s previous quarterly dividend of $0.94. The ex-dividend date of this dividend was Friday, January 27th. This represents a $3.82 dividend on an annualized basis and a yield of 6.26%. ONEOK’s dividend payout ratio (DPR) is presently 99.74%.

Analysts Set New Price Targets

A number of research firms have commented on OKE. Wells Fargo & Company upgraded shares of ONEOK from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $68.00 to $75.00 in a report on Friday, December 16th. Seaport Res Ptn reiterated a “neutral” rating on shares of ONEOK in a report on Thursday, February 16th. JPMorgan Chase & Co. lifted their price objective on shares of ONEOK from $75.00 to $78.00 and gave the company an “overweight” rating in a report on Thursday, March 9th. Citigroup began coverage on shares of ONEOK in a report on Thursday, December 8th. They set a “neutral” rating and a $67.00 price objective for the company. Finally, Truist Financial lifted their price objective on shares of ONEOK from $69.00 to $73.00 and gave the company a “buy” rating in a report on Wednesday, December 21st. Eight investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, ONEOK presently has a consensus rating of “Hold” and a consensus target price of $72.90.

ONEOK Company Profile

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ONEOK, Inc engages in gathering, processing, fractionating, transporting, storing and marketing of natural gas. It operates through the following segments: Natural Gas Gathering and Processing, Natural Gas Liquids and Natural Gas Pipelines. The Natural Gas Gathering and Processing segment offers midstream services to producers in North Dakota, Montana, Wyoming, Kansas and Oklahoma.