Conning Inc. increased its stake in ONEOK, Inc. (NYSE:OKE) by 25.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,496 shares of the utilities provider’s stock after acquiring an additional 1,310 shares during the period. Conning Inc.’s holdings in ONEOK were worth $360,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Horseman Capital Management Ltd lifted its stake in shares of ONEOK by 25.0% in the 3rd quarter. Horseman Capital Management Ltd now owns 25,000 shares of the utilities provider’s stock valued at $1,385,000 after acquiring an additional 5,000 shares during the last quarter. Weatherly Asset Management L. P. bought a new stake in shares of ONEOK in the 3rd quarter valued at about $215,000. Linscomb & Williams Inc. bought a new stake in shares of ONEOK in the 3rd quarter valued at about $213,000. Enterprise Financial Services Corp lifted its stake in shares of ONEOK by 332.8% in the 3rd quarter. Enterprise Financial Services Corp now owns 2,268 shares of the utilities provider’s stock valued at $126,000 after acquiring an additional 1,744 shares during the last quarter. Finally, Bollard Group LLC lifted its stake in shares of ONEOK by 1.7% in the 3rd quarter. Bollard Group LLC now owns 145,367 shares of the utilities provider’s stock valued at $8,055,000 after acquiring an additional 2,368 shares during the last quarter. 51.78% of the stock is owned by institutional investors.
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A number of research analysts have commented on the company. Barclays PLC assumed coverage on ONEOK in a research report on Tuesday, September 5th. They set an “equal weight” rating and a $58.00 price target for the company. Morgan Stanley lowered ONEOK from an “overweight” rating to an “equal weight” rating and set a $54.00 price target for the company. in a research report on Wednesday, July 5th. Jefferies Group LLC reaffirmed a “hold” rating and set a $52.00 price target (up previously from $51.00) on shares of ONEOK in a research report on Friday, September 1st. Zacks Investment Research upgraded ONEOK from a “hold” rating to a “strong-buy” rating and set a $65.00 target price on the stock in a report on Tuesday, October 17th. Finally, J P Morgan Chase & Co reiterated a “neutral” rating and set a $58.00 target price on shares of ONEOK in a report on Monday, September 11th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $59.00.
ONEOK (NYSE:OKE) last released its quarterly earnings results on Tuesday, October 31st. The utilities provider reported $0.43 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.49 by ($0.06). ONEOK had a return on equity of 10.00% and a net margin of 3.76%. The firm had revenue of $2.91 billion during the quarter, compared to analysts’ expectations of $2.80 billion. During the same period in the prior year, the firm posted $0.43 earnings per share.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 14th. Shareholders of record on Monday, November 6th will be issued a $0.745 dividend. This represents a $2.98 annualized dividend and a yield of 5.49%. The ex-dividend date of this dividend is Friday, November 3rd. ONEOK’s dividend payout ratio is currently 186.25%.
ONEOK, Inc is an energy midstream service provider in the United States. The Company owns and operates natural gas liquids (NGL) systems, and is engaged in the gathering, processing, storage and transportation of natural gas. THe Company’s operations include a 38,000-mile integrated network of NGL and natural gas pipelines, processing plants, fractionators and storage facilities in the Mid-Continent, Williston, Permian and Rocky Mountain regions.
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