Concurrent Investment Advisors LLC Trims Position in ONEOK, Inc. (NYSE:OKE)

Concurrent Investment Advisors LLC lowered its position in ONEOK, Inc. (NYSE:OKE) by 1.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 61,971 shares of the utilities provider’s stock after selling 849 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in ONEOK were worth $5,647,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. International Assets Investment Management LLC increased its holdings in shares of ONEOK by 9,439.9% during the 3rd quarter. International Assets Investment Management LLC now owns 3,230,989 shares of the utilities provider’s stock worth $294,440,000 after buying an additional 3,197,121 shares during the last quarter. M&G Plc acquired a new position in shares of ONEOK in the 1st quarter valued at $77,634,000. Kayne Anderson Capital Advisors LP lifted its stake 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 purchasing an additional 825,464 shares during the last quarter. Bahl & Gaynor Inc. grew its holdings in shares of ONEOK by 3,648.4% during the 2nd quarter. Bahl & Gaynor Inc. now owns 514,954 shares of the utilities provider’s stock worth $41,995,000 after purchasing an additional 501,216 shares during the period. Finally, Cetera Investment Advisers increased its position in shares of ONEOK by 370.1% during the 1st quarter. Cetera Investment Advisers now owns 615,276 shares of the utilities provider’s stock worth $49,327,000 after purchasing an additional 484,403 shares during the last quarter. 69.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

OKE has been the subject of a number of recent analyst reports. Mizuho lifted their price target on shares of ONEOK from $81.00 to $85.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. Bank of America started coverage on shares of ONEOK in a report on Thursday, October 17th. They issued a “buy” rating and a $105.00 target price for the company. Morgan Stanley upgraded ONEOK from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $103.00 to $111.00 in a research report on Monday, September 16th. Royal Bank of Canada boosted their price objective on ONEOK from $89.00 to $98.00 and gave the company a “sector perform” rating in a report on Wednesday, October 16th. Finally, Truist Financial raised their target price on ONEOK from $83.00 to $99.00 and gave the company a “hold” rating in a report on Wednesday, October 30th. Eight analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $96.92.

ONEOK Stock Up 3.2 %

Shares of OKE stock traded up $3.13 on Wednesday, reaching $101.74. 726,107 shares of the stock were exchanged, compared to its average volume of 2,730,282. ONEOK, Inc. has a twelve month low of $63.33 and a twelve month high of $102.74. The company has a current ratio of 0.81, a quick ratio of 0.59 and a debt-to-equity ratio of 1.59. The company has a market capitalization of $59.43 billion, a price-to-earnings ratio of 20.63, a PEG ratio of 3.98 and a beta of 1.66. The business’s 50 day moving average price is $94.01 and its 200 day moving average price is $86.20.

ONEOK (NYSE:OKE) last released its quarterly earnings data on Tuesday, October 29th. The utilities provider reported $1.18 EPS for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.05). ONEOK had a net margin of 14.05% and a return on equity of 16.84%. The business had revenue of $5.02 billion during the quarter, compared to analysts’ expectations of $5.81 billion. During the same quarter in the previous year, the company posted $0.99 EPS. As a group, sell-side analysts expect that ONEOK, Inc. will post 5.16 earnings per share for the current fiscal year.

ONEOK Announces Dividend

The business 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 $0.99 dividend. This represents a $3.96 annualized dividend and a dividend yield of 3.89%. The ex-dividend date is Friday, November 1st. ONEOK’s payout ratio is 82.85%.

Insider Activity at ONEOK

In related news, Director Pattye L. Moore sold 3,379 shares of the business’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $92.01, for a total value of $310,901.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.20% of the company’s stock.

ONEOK Profile

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.