Van ECK Associates Corp Increases Holdings in ONEOK, Inc. (NYSE:OKE)

Van ECK Associates Corp raised its stake in shares of ONEOK, Inc. (NYSE:OKEFree Report) by 13.4% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 148,538 shares of the utilities provider’s stock after purchasing an additional 17,574 shares during the period. Van ECK Associates Corp’s holdings in ONEOK were worth $9,421,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. ProVise Management Group LLC boosted its holdings in shares of ONEOK by 135.0% during the 3rd quarter. ProVise Management Group LLC now owns 11,952 shares of the utilities provider’s stock valued at $758,000 after purchasing an additional 6,866 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of ONEOK by 9.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 10,255,430 shares of the utilities provider’s stock valued at $650,502,000 after purchasing an additional 889,110 shares during the last quarter. Sequoia Financial Advisors LLC boosted its holdings in shares of ONEOK by 11.7% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 5,470 shares of the utilities provider’s stock valued at $347,000 after purchasing an additional 573 shares during the last quarter. D.A. Davidson & CO. boosted its holdings in shares of ONEOK by 64.7% during the 3rd quarter. D.A. Davidson & CO. now owns 112,501 shares of the utilities provider’s stock valued at $7,136,000 after purchasing an additional 44,212 shares during the last quarter. Finally, Gabelli Funds LLC raised its position in shares of ONEOK by 5.4% during the 3rd quarter. Gabelli Funds LLC now owns 847,188 shares of the utilities provider’s stock valued at $53,737,000 after buying an additional 43,288 shares in the last quarter. Institutional investors own 68.87% of the company’s stock.

ONEOK Stock Performance

ONEOK stock opened at $69.04 on Friday. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.97 and a quick ratio of 0.66. ONEOK, Inc. has a 1-year low of $55.91 and a 1-year high of $72.51. The firm has a market capitalization of $40.22 billion, a P/E ratio of 12.67, a price-to-earnings-growth ratio of 1.93 and a beta of 1.64. The company’s 50-day moving average is $69.47 and its 200 day moving average is $67.18.

ONEOK declared that its Board of Directors has approved a share buyback program on Wednesday, January 17th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the utilities provider to repurchase up to 4.9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its stock is undervalued.

ONEOK Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, February 14th. Stockholders of record on Tuesday, January 30th will be given a dividend of $0.99 per share. The ex-dividend date of this dividend is Monday, January 29th. This is a positive change from ONEOK’s previous quarterly dividend of $0.96. This represents a $3.96 dividend on an annualized basis and a dividend yield of 5.74%. ONEOK’s dividend payout ratio (DPR) is 72.66%.

Insider Transactions at ONEOK

In other news, Director Eduardo A. Rodriguez sold 800 shares of the firm’s stock in a transaction that occurred on Friday, December 22nd. The shares were sold at an average price of $70.29, for a total transaction of $56,232.00. Following the transaction, the director now directly owns 25,154 shares of the company’s stock, valued at $1,768,074.66. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.65% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Royal Bank of Canada upped their target price on shares of ONEOK from $69.00 to $76.00 and gave the company a “sector perform” rating in a research report on Thursday, November 16th. Mizuho upped their target price on shares of ONEOK from $70.00 to $72.00 and gave the company a “neutral” rating in a research report on Friday, October 13th. Raymond James upped their target price on shares of ONEOK from $80.00 to $85.00 and gave the company an “outperform” rating in a research report on Friday, January 19th. Bank of America upgraded shares of ONEOK from a “neutral” rating to a “buy” rating and upped their target price for the company from $72.00 to $83.00 in a research report on Monday, December 4th. Finally, Wolfe Research upgraded shares of ONEOK from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, January 10th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $75.91.

Read Our Latest Research Report on ONEOK

About ONEOK

(Free Report)

ONEOK, Inc engages in gathering, processing, fractionation, storage, transportation, and marketing of natural gas and natural gas liquids (NGL) in the United States. It operates through four segments: Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude.

See Also

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Institutional Ownership by Quarter for ONEOK (NYSE:OKE)

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