Adalta Capital Management LLC purchased a new position in shares of ONEOK, Inc. (NYSE:OKE) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 26,854 shares of the utilities provider’s stock, valued at approximately $1,436,000. ONEOK makes up 1.1% of Adalta Capital Management LLC’s investment portfolio, making the stock its 28th biggest position.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. New York State Common Retirement Fund grew its holdings in ONEOK by 1.6% in the 3rd quarter. New York State Common Retirement Fund now owns 552,700 shares of the utilities provider’s stock valued at $30,625,000 after buying an additional 8,800 shares in the last quarter. Neuberger Berman Group LLC grew its holdings in ONEOK by 3.3% in the 3rd quarter. Neuberger Berman Group LLC now owns 9,398,693 shares of the utilities provider’s stock valued at $520,782,000 after buying an additional 300,031 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in ONEOK by 13.2% in the 3rd quarter. Bank of New York Mellon Corp now owns 7,724,860 shares of the utilities provider’s stock valued at $428,034,000 after buying an additional 899,502 shares in the last quarter. Retirement Systems of Alabama grew its holdings in ONEOK by 3.3% in the 3rd quarter. Retirement Systems of Alabama now owns 184,309 shares of the utilities provider’s stock valued at $10,213,000 after buying an additional 5,964 shares in the last quarter. Finally, Cohen & Steers Inc. grew its holdings in ONEOK by 91.3% in the 3rd quarter. Cohen & Steers Inc. now owns 2,570,282 shares of the utilities provider’s stock valued at $142,419,000 after buying an additional 1,226,876 shares in the last quarter. Hedge funds and other institutional investors own 68.50% of the company’s stock.
In related news, VP Sheppard F. Miers III sold 2,200 shares of the stock in a transaction dated Thursday, March 8th. The stock was sold at an average price of $56.70, for a total transaction of $124,740.00. Following the transaction, the vice president now owns 31,244 shares of the company’s stock, valued at approximately $1,771,534.80. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 1.00% of the stock is currently owned by corporate insiders.
ONEOK (NYSE:OKE) last posted its earnings results on Monday, February 26th. The utilities provider reported $0.52 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.51 by $0.01. ONEOK had a return on equity of 10.46% and a net margin of 3.19%. The firm had revenue of $3.79 billion for the quarter, compared to analyst estimates of $4.10 billion. During the same quarter in the prior year, the company earned $0.43 EPS. sell-side analysts expect that ONEOK, Inc. will post 2.48 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, February 14th. Investors of record on Monday, January 29th were paid a dividend of $0.77 per share. This is a positive change from ONEOK’s previous quarterly dividend of $0.75. The ex-dividend date was Friday, January 26th. This represents a $3.08 annualized dividend and a yield of 5.35%. ONEOK’s dividend payout ratio is presently 317.53%.
Several brokerages have issued reports on OKE. BMO Capital Markets set a $68.00 target price on ONEOK and gave the company a “buy” rating in a report on Thursday, March 8th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $61.00 price target (up previously from $55.00) on shares of ONEOK in a research note on Wednesday, February 28th. UBS Group reaffirmed a “buy” rating and issued a $72.00 price target (up previously from $70.00) on shares of ONEOK in a research note on Friday, March 2nd. Robert W. Baird set a $55.00 price target on ONEOK and gave the company a “hold” rating in a research note on Wednesday, February 28th. Finally, TheStreet lowered ONEOK from a “b” rating to a “c+” rating in a research note on Monday, February 26th. Nine equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $61.29.
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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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