Cypress Capital Group Decreases Position in ONEOK, Inc. (NYSE:OKE)

Cypress Capital Group trimmed its position in ONEOK, Inc. (NYSE:OKE) by 4.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,591 shares of the utilities provider’s stock after selling 545 shares during the quarter. Cypress Capital Group’s holdings in ONEOK were worth $1,056,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of OKE. Quest Partners LLC acquired a new stake in ONEOK during the 2nd quarter worth $28,000. Matrix Trust Co purchased a new position in ONEOK during the 3rd quarter worth $29,000. Ridgewood Investments LLC purchased a new position in ONEOK during the 2nd quarter worth $31,000. Access Investment Management LLC purchased a new stake in shares of ONEOK in the third quarter valued at about $37,000. Finally, Values First Advisors Inc. purchased a new stake in shares of ONEOK in the third quarter valued at about $44,000. 69.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

OKE has been the topic of a number of research analyst reports. UBS Group boosted their price objective on shares of ONEOK from $112.00 to $132.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Citigroup lifted their target price on shares of ONEOK from $85.00 to $102.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. Mizuho raised shares of ONEOK to a “hold” rating in a research report on Thursday, November 7th. Scotiabank boosted their price objective on shares of ONEOK from $88.00 to $102.00 and gave the company a “sector outperform” rating in a research report on Friday, August 30th. Finally, Wells Fargo & Company boosted their price objective on shares of ONEOK from $100.00 to $107.00 and gave the company an “overweight” rating in a research report on Friday, November 1st. Eight investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $100.38.

ONEOK Price Performance

OKE opened at $116.65 on Friday. The company has a quick ratio of 0.59, a current ratio of 0.81 and a debt-to-equity ratio of 1.59. ONEOK, Inc. has a 52-week low of $65.49 and a 52-week high of $117.24. The company has a 50 day moving average of $98.36 and a two-hundred day moving average of $88.59. The company has a market cap of $68.14 billion, a P/E ratio of 24.40, a P/E/G ratio of 5.64 and a beta of 1.66.

ONEOK (NYSE:OKE) last released its quarterly earnings data on Tuesday, October 29th. The utilities provider reported $1.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.23 by ($0.05). ONEOK had a return on equity of 16.84% and a net margin of 14.05%. The business had revenue of $5.02 billion for the quarter, compared to analysts’ expectations of $5.81 billion. During the same quarter in the prior year, the firm earned $0.99 earnings per share. On average, analysts expect that ONEOK, Inc. will post 5.15 earnings per share for the current year.

ONEOK Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Friday, November 1st were paid a dividend of $0.99 per share. The ex-dividend date was Friday, November 1st. This represents a $3.96 annualized dividend and a yield of 3.39%. ONEOK’s dividend payout ratio is currently 82.85%.

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 shares were sold at an average price of $92.01, for a total value of $310,901.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.20% of the company’s stock.

ONEOK Company 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.