Johnson Investment Counsel Inc. Decreases Stake in ONEOK, Inc. (NYSE:OKE)

Johnson Investment Counsel Inc. trimmed its holdings in ONEOK, Inc. (NYSE:OKE) by 6.4% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 8,557 shares of the utilities provider’s stock after selling 584 shares during the period. Johnson Investment Counsel Inc.’s holdings in ONEOK were worth $528,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of OKE. Moneta Group Investment Advisors LLC grew its stake in ONEOK by 118,109.3% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 22,562,603 shares of the utilities provider’s stock worth $1,482,363,000 after purchasing an additional 22,543,516 shares in the last quarter. Cowa LLC lifted its holdings in shares of ONEOK by 9,775.0% during the 1st quarter. Cowa LLC now owns 5,324,428 shares of the utilities provider’s stock valued at $3,761,000 after purchasing an additional 5,270,510 shares during the last quarter. Norges Bank purchased a new stake in shares of ONEOK during the 4th quarter valued at $139,536,000. Deutsche Bank AG raised its stake in ONEOK by 23.0% in the 1st quarter. Deutsche Bank AG now owns 9,842,832 shares of the utilities provider’s stock worth $625,414,000 after acquiring an additional 1,843,027 shares during the last quarter. Finally, Bank of America Corp DE raised its stake in ONEOK by 74.6% in the 1st quarter. Bank of America Corp DE now owns 2,784,300 shares of the utilities provider’s stock worth $176,914,000 after acquiring an additional 1,189,496 shares during the last quarter. 68.87% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on OKE shares. Truist Financial lowered ONEOK from a “buy” rating to a “hold” rating and set a $68.00 target price for the company. in a research note on Thursday, November 2nd. Wells Fargo & Company reduced their price objective on ONEOK from $75.00 to $73.00 and set an “overweight” rating for the company in a research note on Friday, August 11th. Mizuho lifted their price objective on ONEOK from $70.00 to $72.00 and gave the company a “neutral” rating in a research note on Friday, October 13th. Raymond James lifted their price objective on ONEOK from $78.00 to $80.00 and gave the company an “outperform” rating in a research note on Thursday, October 19th. Finally, Scotiabank upgraded ONEOK from a “sector perform” rating to an “outperform” rating in a research note on Monday, October 2nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $75.00.

ONEOK Price Performance

NYSE:OKE opened at $66.89 on Tuesday. The stock has a 50 day moving average of $66.01 and a two-hundred day moving average of $63.80. ONEOK, Inc. has a 12 month low of $55.91 and a 12 month high of $71.57. The firm has a market cap of $38.97 billion, a P/E ratio of 12.27, a price-to-earnings-growth ratio of 1.72 and a beta of 1.71. The company has a current ratio of 0.97, a quick ratio of 0.66 and a debt-to-equity ratio of 1.32.

ONEOK (NYSE:OKE) last issued its quarterly earnings results on Tuesday, October 31st. The utilities provider reported $0.99 EPS for the quarter, missing the consensus estimate of $1.02 by ($0.03). The firm had revenue of $4.19 billion for the quarter, compared to analysts’ expectations of $4.96 billion. ONEOK had a return on equity of 26.44% and a net margin of 14.05%. During the same quarter in the previous year, the firm posted $0.96 earnings per share. On average, analysts expect that ONEOK, Inc. will post 5.5 earnings per share for the current fiscal year.

ONEOK Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 14th. Stockholders of record on Wednesday, November 1st were paid a $0.955 dividend. This represents a $3.82 annualized dividend and a dividend yield of 5.71%. The ex-dividend date was Tuesday, October 31st. ONEOK’s dividend payout ratio is currently 70.09%.

ONEOK Profile

ONEOK, Inc, together with its subsidiaries, engages in gathering, processing, fractionation, storage, transportation, and marketing of natural gas and natural gas liquids (NGL) in the United States. It operates through three segments: Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines segments.