Inspire Advisors LLC Reduces Position in ONEOK, Inc. (NYSE:OKE)

Inspire Advisors LLC cut its holdings in shares of ONEOK, Inc. (NYSE:OKE) by 21.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 21,234 shares of the utilities provider’s stock after selling 5,875 shares during the quarter. Inspire Advisors LLC’s holdings in ONEOK were worth $1,935,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Rise Advisors LLC purchased a new stake in ONEOK during the first quarter valued at about $25,000. Quest Partners LLC purchased a new stake in shares of ONEOK in the second quarter worth about $28,000. Matrix Trust Co purchased a new stake in shares of ONEOK in the third quarter worth about $29,000. Ridgewood Investments LLC purchased a new stake in shares of ONEOK in the second quarter worth about $31,000. Finally, American National Bank purchased a new stake in shares of ONEOK in the first quarter worth about $32,000. 69.13% of the stock is owned by hedge funds and other institutional investors.

ONEOK Price Performance

Shares of OKE stock traded down $0.20 during trading hours on Friday, hitting $96.24. 600,124 shares of the company’s stock were exchanged, compared to its average volume of 2,739,842. The company has a market capitalization of $56.17 billion, a PE ratio of 22.38, a PEG ratio of 4.68 and a beta of 1.67. ONEOK, Inc. has a 12-month low of $63.33 and a 12-month high of $98.01. The business’s 50 day simple moving average is $91.54 and its 200-day simple moving average is $84.53. The company has a current ratio of 0.62, a quick ratio of 0.41 and a debt-to-equity ratio of 1.22.

ONEOK (NYSE:OKE) last posted its quarterly earnings results on Monday, August 5th. The utilities provider reported $1.33 EPS for the quarter, topping the consensus estimate of $1.21 by $0.12. The firm had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $5.52 billion. ONEOK had a net margin of 13.41% and a return on equity of 15.54%. During the same period last year, the firm posted $1.04 earnings per share. On average, equities research analysts anticipate that ONEOK, Inc. will post 5.09 earnings per share for the current year.

ONEOK Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Friday, November 1st will be paid a $0.99 dividend. This represents a $3.96 annualized dividend and a dividend yield of 4.11%. The ex-dividend date of this dividend is Friday, November 1st. ONEOK’s payout ratio is 92.09%.

Insider Buying and Selling

In related news, Director Pattye L. Moore sold 3,379 shares of ONEOK 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 SEC, which is available through this hyperlink. 0.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on OKE. Bank of America began coverage on shares of ONEOK in a report on Thursday. They issued a “buy” rating and a $105.00 price target on the stock. Morgan Stanley raised shares of ONEOK from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $103.00 to $111.00 in a report on Monday, September 16th. Royal Bank of Canada upped their price objective on shares of ONEOK from $89.00 to $98.00 and gave the stock a “sector perform” rating in a research report on Wednesday. JPMorgan Chase & Co. upped their price objective on shares of ONEOK from $89.00 to $92.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 26th. Finally, Barclays upped their price objective on shares of ONEOK from $82.00 to $94.00 and gave the stock an “equal weight” rating in a research report on Monday, September 16th. Eight investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $94.77.

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.