Cohen Capital Management Inc. lessened its stake in ONEOK, Inc. (NYSE:OKE) by 22.1% in the fourth quarter, Holdings Channel reports. The fund owned 14,123 shares of the utilities provider’s stock after selling 4,000 shares during the period. Cohen Capital Management Inc.’s holdings in ONEOK were worth $755,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in OKE. Tortoise Capital Advisors L.L.C. lifted its stake in shares of ONEOK by 269.7% in the 3rd quarter. Tortoise Capital Advisors L.L.C. now owns 13,348,843 shares of the utilities provider’s stock valued at $739,659,000 after acquiring an additional 9,737,701 shares during the last quarter. Harvest Fund Advisors LLC purchased a new position in ONEOK during the 3rd quarter valued at about $414,256,000. Kayne Anderson Capital Advisors LP increased its holdings in ONEOK by 184.7% during the 3rd quarter. Kayne Anderson Capital Advisors LP now owns 9,476,645 shares of the utilities provider’s stock valued at $525,098,000 after purchasing an additional 6,148,494 shares during the period. State Street Corp increased its holdings in ONEOK by 53.7% during the 2nd quarter. State Street Corp now owns 17,416,296 shares of the utilities provider’s stock valued at $908,434,000 after purchasing an additional 6,086,061 shares during the period. Finally, Vanguard Group Inc. increased its holdings in ONEOK by 17.3% during the 2nd quarter. Vanguard Group Inc. now owns 27,197,952 shares of the utilities provider’s stock valued at $1,418,645,000 after purchasing an additional 4,002,795 shares during the period. 66.22% of the stock is owned by institutional investors.
In other news, Director Brian L. Derksen bought 1,800 shares of ONEOK stock in a transaction on Monday, November 20th. The shares were purchased at an average price of $51.00 per share, for a total transaction of $91,800.00. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.00% of the stock is currently owned by corporate insiders.
ONEOK (NYSE:OKE) last posted its earnings results on Tuesday, October 31st. The utilities provider reported $0.43 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.06). ONEOK had a return on equity of 9.25% and a net margin of 3.76%. The firm had revenue of $2.91 billion for the quarter, compared to analysts’ expectations of $2.80 billion. During the same quarter last year, the company posted $0.43 EPS. research analysts forecast that ONEOK, Inc. will post 1.77 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, February 14th. Shareholders of record on Monday, January 29th will be issued a dividend of $0.77 per share. This is an increase from ONEOK’s previous quarterly dividend of $0.75. The ex-dividend date is Friday, January 26th. This represents a $3.08 dividend on an annualized basis and a dividend yield of 5.28%. ONEOK’s dividend payout ratio is 186.25%.
A number of brokerages recently issued reports on OKE. UBS Group boosted their price target on ONEOK from $60.00 to $61.00 and gave the company a “buy” rating in a report on Wednesday, November 1st. Zacks Investment Research downgraded ONEOK from a “hold” rating to a “sell” rating in a report on Tuesday, December 12th. Wells Fargo & Co upgraded ONEOK from a “market perform” rating to an “outperform” rating in a report on Thursday, January 11th. Bank of America began coverage on ONEOK in a report on Tuesday, January 9th. They set a “neutral” rating on the stock. Finally, Mizuho began coverage on ONEOK in a report on Tuesday, October 10th. They set a “neutral” rating and a $59.00 price target on the stock. Nine investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $59.93.
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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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