Infrastructure Capital Advisors LLC Decreases Stock Position in ONEOK, Inc. (NYSE:OKE)

Infrastructure Capital Advisors LLC cut its holdings in ONEOK, Inc. (NYSE:OKE) by 40.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 53,004 shares of the utilities provider’s stock after selling 35,579 shares during the quarter. Infrastructure Capital Advisors LLC’s holdings in ONEOK were worth $4,830,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. HM Payson & Co. raised its stake in ONEOK by 6.3% in the third quarter. HM Payson & Co. now owns 1,764 shares of the utilities provider’s stock valued at $161,000 after buying an additional 105 shares during the last quarter. Claro Advisors LLC raised its stake in shares of ONEOK by 1.6% in the third quarter. Claro Advisors LLC now owns 7,132 shares of the utilities provider’s stock worth $650,000 after purchasing an additional 115 shares during the last quarter. Haverford Trust Co raised its stake in shares of ONEOK by 1.2% in the third quarter. Haverford Trust Co now owns 10,067 shares of the utilities provider’s stock worth $917,000 after purchasing an additional 117 shares during the last quarter. QRG Capital Management Inc. raised its stake in shares of ONEOK by 2.2% in the second quarter. QRG Capital Management Inc. now owns 5,572 shares of the utilities provider’s stock worth $454,000 after purchasing an additional 119 shares during the last quarter. Finally, Johnson Investment Counsel Inc. raised its stake in shares of ONEOK by 0.9% in the second quarter. Johnson Investment Counsel Inc. now owns 13,623 shares of the utilities provider’s stock worth $1,111,000 after purchasing an additional 122 shares during the last quarter. 69.13% of the stock is currently owned by hedge funds and other institutional investors.

ONEOK Stock Down 0.8 %

Shares of OKE opened at $112.59 on Friday. The company has a current ratio of 0.81, a quick ratio of 0.59 and a debt-to-equity ratio of 1.59. ONEOK, Inc. has a 12 month low of $65.49 and a 12 month high of $118.07. The stock’s 50 day moving average is $100.35 and its two-hundred day moving average is $89.78. The firm has a market cap of $65.77 billion, a P/E ratio of 23.55, a PEG ratio of 5.69 and a beta of 1.66.

ONEOK (NYSE:OKE) last issued its quarterly earnings results on Tuesday, October 29th. The utilities provider reported $1.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.05). The firm had revenue of $5.02 billion during the quarter, compared to analyst estimates of $5.81 billion. ONEOK had a return on equity of 16.84% and a net margin of 14.05%. During the same period in the prior year, the firm earned $0.99 earnings per share. Analysts predict that ONEOK, Inc. will post 5.08 earnings per share for the current fiscal year.

ONEOK Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Friday, November 1st were paid a $0.99 dividend. This represents a $3.96 dividend on an annualized basis and a dividend yield of 3.52%. The ex-dividend date was Friday, November 1st. ONEOK’s dividend payout ratio is presently 82.85%.

Analysts Set New Price Targets

OKE has been the subject of several research analyst reports. Citigroup raised their price objective on ONEOK from $85.00 to $102.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. Morgan Stanley upgraded ONEOK from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $103.00 to $111.00 in a research note on Monday, September 16th. Royal Bank of Canada raised their price objective on ONEOK from $89.00 to $98.00 and gave the stock a “sector perform” rating in a research note on Wednesday, October 16th. Wells Fargo & Company raised their target price on ONEOK from $100.00 to $107.00 and gave the stock an “overweight” rating in a report on Friday, November 1st. Finally, Mizuho raised ONEOK to a “hold” rating in a report on Thursday, November 7th. Seven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $100.38.

Insider Transactions at ONEOK

In other news, Director Pattye L. Moore sold 3,379 shares of ONEOK stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $92.01, for a total value of $310,901.79. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 0.20% of the company’s stock.

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.