California State Teachers Retirement System lifted its position in ONEOK, Inc. (NYSE:OKE – Get Rating) by 2.2% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 804,701 shares of the utilities provider’s stock after buying an additional 17,152 shares during the quarter. California State Teachers Retirement System’s holdings in ONEOK were worth $41,233,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of OKE. First Command Bank grew its position in ONEOK by 401.0% in the 2nd quarter. First Command Bank now owns 491 shares of the utilities provider’s stock valued at $27,000 after acquiring an additional 393 shares in the last quarter. Worth Asset Management LLC acquired a new position in shares of ONEOK in the first quarter valued at approximately $30,000. EdgeRock Capital LLC acquired a new position in shares of ONEOK in the third quarter valued at approximately $31,000. CI Investments Inc. increased its stake in ONEOK by 1,003.7% during the 3rd quarter. CI Investments Inc. now owns 596 shares of the utilities provider’s stock worth $31,000 after buying an additional 542 shares during the period. Finally, Heritage Wealth Management LLC purchased a new position in ONEOK in the 2nd quarter valued at approximately $36,000. Institutional investors and hedge funds own 67.16% of the company’s stock.
Analyst Upgrades and Downgrades
A number of analysts have recently weighed in on the company. Seaport Res Ptn reaffirmed a “neutral” rating on shares of ONEOK in a research report on Thursday, February 16th. Mizuho increased their price target on ONEOK from $66.00 to $70.00 and gave the company a “neutral” rating in a research report on Thursday, March 2nd. Wells Fargo & Company raised ONEOK from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $68.00 to $75.00 in a research report on Friday, December 16th. Morgan Stanley raised their target price on shares of ONEOK from $70.00 to $81.00 and gave the company an “equal weight” rating in a report on Monday, January 9th. Finally, Scotiabank initiated coverage on shares of ONEOK in a report on Thursday, March 2nd. They set a “sector perform” rating and a $74.00 price target for the company. Seven analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $73.44.
ONEOK Stock Performance
ONEOK (NYSE:OKE – Get Rating) last issued 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 during the quarter, compared to analysts’ expectations of $6.03 billion. During the same quarter in the prior year, the business posted $0.85 EPS. The company’s revenue for the quarter was down 7.2% on a year-over-year basis. Research analysts forecast 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. Stockholders of record on Monday, January 30th were issued a $0.955 dividend. This is an increase from ONEOK’s previous quarterly dividend of $0.94. This represents a $3.82 annualized dividend and a dividend yield of 6.42%. The ex-dividend date was Friday, January 27th. ONEOK’s payout ratio is presently 99.74%.
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.
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