Pinnacle West Asset Management Inc. Purchases 150 Shares of ONEOK, Inc. (NYSE:OKE)

Pinnacle West Asset Management Inc. boosted its position in shares of ONEOK, Inc. (NYSE:OKE) by 0.7% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 21,782 shares of the utilities provider’s stock after buying an additional 150 shares during the quarter. ONEOK makes up about 1.4% of Pinnacle West Asset Management Inc.’s portfolio, making the stock its 21st largest position. Pinnacle West Asset Management Inc.’s holdings in ONEOK were worth $1,985,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Tortoise Capital Advisors L.L.C. boosted its position in shares of ONEOK by 3.5% in the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 6,795,313 shares of the utilities provider’s stock worth $554,158,000 after purchasing an additional 232,043 shares during the last quarter. Kayne Anderson Capital Advisors LP grew its holdings in shares of ONEOK by 28.7% in the 1st quarter. Kayne Anderson Capital Advisors LP now owns 3,705,367 shares of the utilities provider’s stock valued at $297,059,000 after buying an additional 825,464 shares during the period. First Eagle Investment Management LLC raised its holdings in shares of ONEOK by 12.3% during the first quarter. First Eagle Investment Management LLC now owns 3,465,068 shares of the utilities provider’s stock worth $277,795,000 after acquiring an additional 378,509 shares during the period. Energy Income Partners LLC boosted its stake in ONEOK by 10.3% in the 1st quarter. Energy Income Partners LLC now owns 3,434,728 shares of the utilities provider’s stock worth $275,362,000 after purchasing an additional 319,487 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in ONEOK by 4.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,340,155 shares of the utilities provider’s stock worth $272,377,000 after purchasing an additional 132,326 shares in the last quarter. 69.13% of the stock is currently owned by institutional investors and hedge funds.

ONEOK Stock Performance

NYSE:OKE traded up $0.23 during mid-day trading on Thursday, hitting $96.99. 351,452 shares of the stock were exchanged, compared to its average volume of 2,721,815. The firm’s 50-day simple moving average is $92.46 and its 200 day simple moving average is $85.04. The stock has a market capitalization of $56.65 billion, a price-to-earnings ratio of 21.14, a price-to-earnings-growth ratio of 4.20 and a beta of 1.67. ONEOK, Inc. has a fifty-two week low of $63.33 and a fifty-two week high of $98.43. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.41 and a current ratio of 0.62.

ONEOK (NYSE:OKE) last announced its earnings results on Monday, August 5th. The utilities provider reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. ONEOK had a net margin of 13.41% and a return on equity of 15.54%. The company had revenue of $4.89 billion during the quarter, compared to analysts’ expectations of $5.52 billion. During the same quarter in the previous year, the business posted $1.04 earnings per share. As a group, equities analysts anticipate that ONEOK, Inc. will post 5.06 EPS for the current fiscal year.

ONEOK Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Friday, November 1st will be issued a dividend of $0.99 per share. The ex-dividend date is Friday, November 1st. This represents a $3.96 annualized dividend and a dividend yield of 4.08%. ONEOK’s dividend payout ratio is presently 86.27%.

Insider Activity

In other news, Director Pattye L. Moore sold 3,379 shares of the company’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $92.01, for a total transaction of $310,901.79. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Royal Bank of Canada boosted their price target on ONEOK from $89.00 to $98.00 and gave the company a “sector perform” rating in a report on Wednesday, October 16th. Truist Financial raised their price target on shares of ONEOK from $81.00 to $83.00 and gave the stock a “hold” rating in a research note on Wednesday, July 31st. Wells Fargo & Company raised their target price on shares of ONEOK from $91.00 to $100.00 and gave the company an “overweight” rating in a research report on Friday, August 30th. Morgan Stanley raised shares of ONEOK from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $103.00 to $111.00 in a research report on Monday, September 16th. Finally, Scotiabank raised their price objective on ONEOK from $88.00 to $102.00 and gave the company a “sector outperform” rating in a report on Friday, August 30th. Eight research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $94.77.

About ONEOK

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.