Cadent Capital Advisors LLC Cuts Stock Holdings in ONEOK, Inc. (NYSE:OKE)

Cadent Capital Advisors LLC cut its stake in ONEOK, Inc. (NYSE:OKE) by 22.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 85,391 shares of the utilities provider’s stock after selling 25,162 shares during the period. ONEOK comprises about 2.4% of Cadent Capital Advisors LLC’s holdings, making the stock its 12th largest holding. Cadent Capital Advisors LLC’s holdings in ONEOK were worth $7,782,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of OKE. Rise Advisors LLC acquired a new position in shares of ONEOK during the first quarter worth about $25,000. Matrix Trust Co purchased a new stake in shares of ONEOK in the 3rd quarter valued at approximately $29,000. Quest Partners LLC purchased a new stake in shares of ONEOK in the 2nd quarter valued at approximately $28,000. Ridgewood Investments LLC purchased a new stake in shares of ONEOK during the 2nd quarter worth $31,000. Finally, Manchester Capital Management LLC grew its stake in shares of ONEOK by 66.4% during the first quarter. Manchester Capital Management LLC now owns 456 shares of the utilities provider’s stock worth $37,000 after purchasing an additional 182 shares in the last quarter. 69.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

OKE has been the topic of a number of analyst reports. Scotiabank lifted their price target on ONEOK from $88.00 to $102.00 and gave the stock a “sector outperform” rating in a report on Friday, August 30th. Truist Financial boosted their target price on ONEOK from $81.00 to $83.00 and gave the stock a “hold” rating in a research note on Wednesday, July 31st. Tudor Pickering upgraded shares of ONEOK to a “hold” rating in a research note on Thursday, July 18th. Citigroup boosted their price objective on shares of ONEOK from $85.00 to $102.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. Finally, Mizuho increased their target price on shares of ONEOK from $81.00 to $85.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. Eight analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, ONEOK currently has an average rating of “Moderate Buy” and a consensus price target of $94.77.

Insider Activity

In related news, Director Pattye L. Moore sold 3,379 shares of the firm’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $92.01, for a total value of $310,901.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.20% of the company’s stock.

ONEOK Stock Performance

NYSE OKE opened at $97.23 on Friday. The firm has a market cap of $56.79 billion, a P/E ratio of 21.18, a P/E/G ratio of 4.82 and a beta of 1.67. ONEOK, Inc. has a 52-week low of $63.33 and a 52-week high of $98.01. The business’s 50-day moving average price is $91.79 and its 200 day moving average price is $84.68. The company has a quick ratio of 0.41, a current ratio of 0.62 and a debt-to-equity ratio of 1.22.

ONEOK (NYSE:OKE) last announced its earnings results on Monday, August 5th. The utilities provider reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.12. ONEOK had a return on equity of 15.54% and a net margin of 13.41%. The company had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $5.52 billion. During the same period last year, the business posted $1.04 EPS. On average, equities research analysts expect that ONEOK, Inc. will post 5.09 earnings per share for the current year.

ONEOK Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Friday, November 1st will be paid a $0.99 dividend. This represents a $3.96 annualized dividend and a dividend yield of 4.07%. The ex-dividend date is Friday, November 1st. ONEOK’s dividend payout ratio (DPR) is presently 86.27%.

ONEOK Company Profile

ONEOK, Inc engages in gathering, processing, fractionation, storage, transportation, and marketing of natural gas and natural gas liquids (NGL) in the United States. It operates through four segments: Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude.