Dorsey Wright & Associates Purchases New Holdings in ONEOK, Inc. (OKE)

Dorsey Wright & Associates purchased a new position in shares of ONEOK, Inc. (NYSE:OKE) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 72,024 shares of the utilities provider’s stock, valued at approximately $4,883,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in OKE. Bank of Montreal Can increased its holdings in ONEOK by 11.3% in the 3rd quarter. Bank of Montreal Can now owns 773,557 shares of the utilities provider’s stock valued at $52,440,000 after purchasing an additional 78,287 shares during the last quarter. Legacy Private Trust Co. increased its holdings in ONEOK by 19.9% in the 3rd quarter. Legacy Private Trust Co. now owns 5,975 shares of the utilities provider’s stock valued at $405,000 after purchasing an additional 990 shares during the last quarter. DNB Asset Management AS increased its holdings in ONEOK by 11.0% in the 3rd quarter. DNB Asset Management AS now owns 56,498 shares of the utilities provider’s stock valued at $3,830,000 after purchasing an additional 5,606 shares during the last quarter. Personal Capital Advisors Corp increased its holdings in ONEOK by 6.9% in the 3rd quarter. Personal Capital Advisors Corp now owns 385,895 shares of the utilities provider’s stock valued at $26,160,000 after purchasing an additional 24,922 shares during the last quarter. Finally, State of Alaska Department of Revenue increased its holdings in ONEOK by 20.3% in the 3rd quarter. State of Alaska Department of Revenue now owns 147,866 shares of the utilities provider’s stock valued at $10,021,000 after purchasing an additional 24,969 shares during the last quarter. Institutional investors and hedge funds own 73.19% of the company’s stock.

Several brokerages have commented on OKE. Barclays cut shares of ONEOK from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $73.00 to $70.00 in a research report on Friday. Credit Suisse Group began coverage on shares of ONEOK in a research report on Thursday. They issued a “neutral” rating and a $74.00 price target for the company. Goldman Sachs Group began coverage on shares of ONEOK in a research report on Monday, October 8th. They issued a “neutral” rating and a $68.00 price target for the company. Wells Fargo & Co decreased their price target on shares of ONEOK from $77.00 to $75.00 and set an “outperform” rating for the company in a research report on Thursday, September 13th. Finally, ValuEngine cut shares of ONEOK from a “buy” rating to a “hold” rating in a research report on Wednesday, August 29th. Twelve equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $70.00.

In other news, Director Brian L. Derksen acquired 1,500 shares of the firm’s stock in a transaction dated Monday, August 6th. The stock was acquired at an average cost of $67.60 per share, with a total value of $101,400.00. Following the transaction, the director now owns 5,100 shares in the company, valued at $344,760. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.53% of the stock is currently owned by insiders.

ONEOK stock opened at $65.02 on Friday. The firm has a market cap of $27.88 billion, a PE ratio of 36.94, a PEG ratio of 2.64 and a beta of 0.98. ONEOK, Inc. has a 12-month low of $49.65 and a 12-month high of $71.99. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.56 and a quick ratio of 0.40.

ONEOK (NYSE:OKE) last released its quarterly earnings data on Tuesday, July 31st. The utilities provider reported $0.68 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.01. The business had revenue of $2.96 billion during the quarter, compared to analysts’ expectations of $3.20 billion. ONEOK had a net margin of 6.07% and a return on equity of 14.70%. As a group, sell-side analysts forecast that ONEOK, Inc. will post 2.7 earnings per share for the current year.

About ONEOK

ONEOK, Inc, through its general partner interests in ONEOK Partners, L.P., engages in the gathering, processing, storage, and transportation of natural gas in the United States. The company operates through Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines segments.

Further Reading: Understanding Price to Earnings Ratio (PE)

Institutional Ownership by Quarter for ONEOK (NYSE:OKE)

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