Lee Danner & Bass Inc. Makes New Investment in ONEOK, Inc. (NYSE:OKE)

Lee Danner & Bass Inc. bought a new position in ONEOK, Inc. (NYSE:OKE) in the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 1,146 shares of the utilities provider’s stock, valued at approximately $115,000.

A number of other hedge funds have also added to or reduced their stakes in the business. Royal London Asset Management Ltd. increased its holdings in ONEOK by 7.6% in the fourth quarter. Royal London Asset Management Ltd. now owns 324,806 shares of the utilities provider’s stock worth $32,611,000 after purchasing an additional 23,009 shares in the last quarter. Generali Investments Management Co LLC bought a new stake in ONEOK in the fourth quarter worth approximately $485,000. GM Advisory Group LLC bought a new stake in ONEOK in the fourth quarter worth approximately $210,000. Harvest Fund Management Co. Ltd increased its holdings in ONEOK by 118.4% in the fourth quarter. Harvest Fund Management Co. Ltd now owns 6,053 shares of the utilities provider’s stock worth $608,000 after purchasing an additional 3,281 shares in the last quarter. Finally, SageOak Financial LLC acquired a new stake in ONEOK in the fourth quarter valued at approximately $1,556,000. 69.13% of the stock is currently owned by institutional investors.

ONEOK Stock Down 1.2 %

OKE stock opened at $99.45 on Friday. The stock’s fifty day simple moving average is $98.94 and its two-hundred day simple moving average is $99.80. 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 1-year low of $76.23 and a 1-year high of $118.07. The stock has a market cap of $62.09 billion, a P/E ratio of 20.81, a P/E/G ratio of 3.77 and a beta of 1.70.

ONEOK (NYSE:OKE) last posted its quarterly earnings data on Monday, February 24th. The utilities provider reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.46 by $0.11. ONEOK had a return on equity of 16.84% and a net margin of 14.05%. The business had revenue of $7 billion for the quarter, compared to analysts’ expectations of $6.18 billion. Analysts expect that ONEOK, Inc. will post 5.07 EPS for the current year.

ONEOK Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Monday, February 3rd were given a $1.03 dividend. The ex-dividend date was Monday, February 3rd. This represents a $4.12 annualized dividend and a yield of 4.14%. This is a boost from ONEOK’s previous quarterly dividend of $0.99. ONEOK’s payout ratio is currently 79.69%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Truist Financial raised their price objective on ONEOK from $99.00 to $107.00 and gave the company a “hold” rating in a research note on Tuesday, December 3rd. Citigroup assumed coverage on ONEOK in a research note on Friday, February 28th. They issued a “buy” rating and a $110.00 price objective for the company. Scotiabank reduced their price objective on ONEOK from $109.00 to $102.00 and set a “sector outperform” rating for the company in a research note on Thursday, March 6th. Wells Fargo & Company reduced their price objective on ONEOK from $107.00 to $102.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 26th. Finally, Barclays reduced their price objective on ONEOK from $105.00 to $101.00 and set an “equal weight” rating for the company in a research note on Friday, March 7th. Seven research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $103.31.

About ONEOK

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.