Pinnacle Associates Ltd. Invests $254,000 in ONEOK, Inc. (OKE) Stock
Pinnacle Associates Ltd. purchased a new position in ONEOK, Inc. (NYSE:OKE) during the 3rd quarter, according to its most recent disclosure with the SEC. The fund purchased 4,585 shares of the utilities provider’s stock, valued at approximately $254,000.
Several other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of ONEOK by 17.3% during the 2nd quarter. Vanguard Group Inc. now owns 27,197,952 shares of the utilities provider’s stock worth $1,418,645,000 after purchasing an additional 4,002,795 shares in the last quarter. BlackRock Inc. grew its holdings in shares of ONEOK by 28.4% during the 2nd quarter. BlackRock Inc. now owns 24,014,654 shares of the utilities provider’s stock worth $1,252,605,000 after purchasing an additional 5,317,251 shares in the last quarter. State Street Corp grew its holdings in shares of ONEOK by 53.7% during the 2nd quarter. State Street Corp now owns 17,416,296 shares of the utilities provider’s stock worth $908,434,000 after purchasing an additional 6,086,061 shares in the last quarter. Kayne Anderson Capital Advisors LP grew its holdings in shares of ONEOK by 184.7% during the 3rd quarter. Kayne Anderson Capital Advisors LP now owns 9,476,645 shares of the utilities provider’s stock worth $525,098,000 after purchasing an additional 6,148,494 shares in the last quarter. Finally, Neuberger Berman Group LLC grew its holdings in shares of ONEOK by 6.1% during the 2nd quarter. Neuberger Berman Group LLC now owns 9,098,662 shares of the utilities provider’s stock worth $474,586,000 after purchasing an additional 526,450 shares in the last quarter. 71.02% of the stock is currently owned by institutional investors.
Shares of ONEOK, Inc. (OKE) traded up $0.05 during mid-day trading on Wednesday, reaching $52.34. The company had a trading volume of 2,302,700 shares, compared to its average volume of 3,238,394. The company has a current ratio of 0.55, a quick ratio of 0.41 and a debt-to-equity ratio of 1.47. The firm has a market cap of $19,830.00, a price-to-earnings ratio of 32.68, a price-to-earnings-growth ratio of 3.35 and a beta of 1.26. ONEOK, Inc. has a twelve month low of $47.14 and a twelve month high of $59.47.
ONEOK (NYSE:OKE) last posted its quarterly earnings data on Tuesday, October 31st. The utilities provider reported $0.43 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.06). The business had revenue of $2.91 billion during the quarter, compared to analyst estimates of $2.80 billion. ONEOK had a return on equity of 9.25% and a net margin of 3.76%. During the same period in the prior year, the firm posted $0.43 EPS. research analysts anticipate that ONEOK, Inc. will post 1.73 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, November 14th. Shareholders of record on Monday, November 6th were paid a $0.745 dividend. This represents a $2.98 dividend on an annualized basis and a yield of 5.69%. The ex-dividend date of this dividend was Friday, November 3rd. ONEOK’s dividend payout ratio is currently 186.25%.
Several analysts have recently weighed in on the company. BidaskClub lowered ONEOK from a “hold” rating to a “sell” rating in a report on Thursday, August 17th. Argus reaffirmed a “buy” rating and issued a $59.00 price target (up previously from $55.00) on shares of ONEOK in a research note on Thursday, August 24th. BMO Capital Markets set a $62.00 price target on ONEOK and gave the company a “buy” rating in a research note on Wednesday, October 18th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $55.00 price target on shares of ONEOK in a research note on Friday, November 3rd. Finally, UBS boosted their price target on ONEOK from $60.00 to $61.00 and gave the company a “buy” rating in a research note on Wednesday, November 1st. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $59.07.
In other ONEOK news, Director Brian L. Derksen acquired 1,800 shares of ONEOK stock in a transaction on Monday, November 20th. The shares were bought at an average price of $51.00 per share, with a total value of $91,800.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 1.00% of the stock is currently owned by insiders.
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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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