Cushing Asset Management LP trimmed its stake in ONEOK, Inc. (NYSE:OKE) by 7.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,799,380 shares of the utilities provider’s stock after selling 139,760 shares during the period. ONEOK comprises approximately 2.9% of Cushing Asset Management LP’s investment portfolio, making the stock its 10th biggest position. Cushing Asset Management LP owned approximately 0.44% of ONEOK worth $96,176,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently bought and sold shares of OKE. Delpha Capital Management LLC acquired a new stake in ONEOK in the fourth quarter valued at $134,000. Tower Research Capital LLC TRC increased its holdings in ONEOK by 562.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 2,735 shares of the utilities provider’s stock valued at $147,000 after purchasing an additional 2,322 shares during the period. Fieldpoint Private Securities LLC acquired a new stake in ONEOK in the third quarter valued at $150,000. Sun Life Financial INC increased its holdings in ONEOK by 82.1% in the third quarter. Sun Life Financial INC now owns 2,796 shares of the utilities provider’s stock valued at $155,000 after purchasing an additional 1,261 shares during the period. Finally, Steward Partners Investment Advisory LLC acquired a new stake in ONEOK in the third quarter valued at $169,000. Institutional investors and hedge funds own 68.50% of the company’s stock.
OKE has been the subject of a number of recent research reports. Zacks Investment Research upgraded ONEOK from a “sell” rating to a “hold” rating in a report on Friday, December 22nd. Bank of America initiated coverage on ONEOK in a report on Tuesday, January 9th. They issued a “neutral” rating for the company. Royal Bank of Canada upgraded ONEOK from a “sector perform” rating to an “outperform” rating in a report on Tuesday, January 16th. Barclays upgraded ONEOK from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $58.00 to $67.00 in a report on Wednesday, January 17th. Finally, BMO Capital Markets reaffirmed a “buy” rating and set a $64.00 price target on shares of ONEOK in a research report on Tuesday, January 16th. Nine investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $61.29.
ONEOK (NYSE:OKE) last issued its quarterly earnings results on Monday, February 26th. The utilities provider reported $0.52 EPS for the quarter, beating the Zacks’ consensus estimate of $0.51 by $0.01. The business had revenue of $3.79 billion for the quarter, compared to analysts’ expectations of $4.10 billion. ONEOK had a net margin of 3.19% and a return on equity of 10.46%. During the same quarter in the prior year, the firm posted $0.43 earnings per share. equities research analysts expect that ONEOK, Inc. will post 2.48 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 14th. Stockholders of record on Monday, January 29th were given a dividend of $0.77 per share. This represents a $3.08 dividend on an annualized basis and a dividend yield of 5.35%. The ex-dividend date was Friday, January 26th. This is a boost from ONEOK’s previous quarterly dividend of $0.75. ONEOK’s dividend payout ratio is 317.53%.
In other news, VP Sheppard F. Miers III sold 2,200 shares of the stock in a transaction dated Thursday, March 8th. The shares were 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.00% of the stock is owned by corporate insiders.
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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