Infrastructure Capital Advisors LLC Invests $12.51 Million in ONEOK, Inc. (NYSE:OKE)

Infrastructure Capital Advisors LLC bought a new position in shares of ONEOK, Inc. (NYSE:OKE) during the 2nd quarter, HoldingsChannel reports. The fund bought 11,299 shares of the utilities provider’s stock, valued at approximately $12,505,000. ONEOK accounts for approximately 2.3% of Infrastructure Capital Advisors LLC’s holdings, making the stock its 18th largest holding.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in OKE. FMR LLC boosted its stake in ONEOK by 26.7% in the first quarter. FMR LLC now owns 229,823 shares of the utilities provider’s stock valued at $16,051,000 after buying an additional 48,432 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in ONEOK by 36.8% in the first quarter. JPMorgan Chase & Co. now owns 1,598,001 shares of the utilities provider’s stock valued at $80,956,000 after buying an additional 429,527 shares in the last quarter. Quadrant Capital Group LLC boosted its stake in ONEOK by 60.9% in the first quarter. Quadrant Capital Group LLC now owns 4,058 shares of the utilities provider’s stock valued at $206,000 after buying an additional 1,536 shares in the last quarter. Prudential Financial Inc. boosted its stake in ONEOK by 28.7% in the first quarter. Prudential Financial Inc. now owns 429,349 shares of the utilities provider’s stock valued at $21,751,000 after buying an additional 95,787 shares in the last quarter. Finally, Cresset Asset Management LLC acquired a new stake in ONEOK in the first quarter valued at about $540,000. 64.04% of the stock is currently owned by institutional investors.

Shares of OKE traded up $1.33 during mid-day trading on Thursday, hitting $64.60. The stock had a trading volume of 37,171 shares, compared to its average volume of 2,719,402. The company has a debt-to-equity ratio of 2.31, a current ratio of 0.93 and a quick ratio of 0.68. ONEOK, Inc. has a 52 week low of $26.76 and a 52 week high of $63.51. The firm has a market cap of $28.79 billion, a P/E ratio of 21.35, a PEG ratio of 2.66 and a beta of 2.05. The business has a fifty day moving average price of $54.92 and a 200-day moving average price of $53.93.

ONEOK (NYSE:OKE) last released its quarterly earnings data on Tuesday, August 3rd. The utilities provider reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.01. ONEOK had a return on equity of 22.30% and a net margin of 11.90%. The company had revenue of $3.39 billion for the quarter, compared to analyst estimates of $4.01 billion. As a group, research analysts expect that ONEOK, Inc. will post 3.29 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 16th. Investors of record on Monday, August 2nd were paid a dividend of $0.935 per share. The ex-dividend date was Friday, July 30th. This represents a $3.74 dividend on an annualized basis and a dividend yield of 5.79%. ONEOK’s payout ratio is 263.38%.

Several equities analysts have commented on OKE shares. Sanford C. Bernstein upgraded ONEOK from a “market perform” rating to an “outperform” rating and set a $66.00 target price for the company in a research report on Thursday, September 23rd. Credit Suisse Group raised their price objective on ONEOK from $54.00 to $56.00 and gave the stock a “neutral” rating in a research report on Monday, August 9th. Zacks Investment Research downgraded ONEOK from a “buy” rating to a “hold” rating and set a $56.00 target price for the company. in a report on Friday, July 23rd. Bank of America initiated coverage on ONEOK in a research report on Tuesday, September 28th. They set a “neutral” rating on the stock. Finally, Wells Fargo & Company lifted their target price on ONEOK from $59.00 to $60.00 and gave the company an “overweight” rating in a research report on Thursday, June 24th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, ONEOK has an average rating of “Hold” and a consensus target price of $52.15.

ONEOK Profile

ONEOK, Inc engages in gathering, processing, fractionating, transporting, storing and marketing of natural gas. It operates through the following segments: Natural Gas Gathering and Processing, Natural Gas Liquids and Natural Gas Pipelines. The Natural Gas Gathering and Processing segment offers midstream services to producers in North Dakota, Montana, Wyoming, Kansas and Oklahoma.

Further Reading: How Buying a Call Option Works

Want to see what other hedge funds are holding OKE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ONEOK, Inc. (NYSE:OKE).

Institutional Ownership by Quarter for ONEOK (NYSE:OKE)

Receive News & Ratings for ONEOK Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ONEOK and related companies with MarketBeat.com's FREE daily email newsletter.