The Manufacturers Life Insurance Company Has $62.62 Million Stock Position in ONEOK, Inc. (NYSE:OKE)

The Manufacturers Life Insurance Company lessened its holdings in ONEOK, Inc. (NYSE:OKE) by 10.2% during the fourth quarter, HoldingsChannel reports. The fund owned 623,662 shares of the utilities provider’s stock after selling 70,609 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in ONEOK were worth $62,616,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. FNY Investment Advisers LLC lifted its holdings in shares of ONEOK by 14,279.1% in the fourth quarter. FNY Investment Advisers LLC now owns 22,000 shares of the utilities provider’s stock valued at $2,208,000 after purchasing an additional 21,847 shares in the last quarter. Kingswood Wealth Advisors LLC boosted its holdings in ONEOK by 57.9% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 14,506 shares of the utilities provider’s stock worth $1,456,000 after acquiring an additional 5,321 shares during the last quarter. Simon Quick Advisors LLC purchased a new position in ONEOK during the 4th quarter worth $251,000. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of ONEOK by 9.7% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,544,208 shares of the utilities provider’s stock valued at $155,038,000 after purchasing an additional 136,071 shares during the last quarter. Finally, Contravisory Investment Management Inc. bought a new position in shares of ONEOK during the fourth quarter valued at about $9,483,000. Institutional investors and hedge funds own 69.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on OKE. Morgan Stanley upped their price objective on shares of ONEOK from $111.00 to $133.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 25th. Wells Fargo & Company decreased their price target on ONEOK from $107.00 to $102.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 26th. US Capital Advisors upgraded ONEOK from a “moderate buy” rating to a “strong-buy” rating in a research note on Monday, February 3rd. Citigroup started coverage on ONEOK in a research note on Friday, February 28th. They set a “buy” rating and a $110.00 target price on the stock. Finally, Wolfe Research upgraded shares of ONEOK from a “peer perform” rating to an “outperform” rating and set a $110.00 price objective for the company in a report on Monday, February 10th. Seven equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, ONEOK has an average rating of “Moderate Buy” and a consensus target price of $106.25.

ONEOK Trading Down 0.1 %

NYSE:OKE opened at $87.81 on Wednesday. The company has a market cap of $54.85 billion, a P/E ratio of 18.37, a P/E/G ratio of 3.77 and a beta of 1.20. ONEOK, Inc. has a 1 year low of $75.48 and a 1 year high of $118.07. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.81 and a quick ratio of 0.59. The stock’s fifty day moving average price is $91.59 and its two-hundred day moving average price is $98.91.

ONEOK (NYSE:OKE) last issued its earnings results on Tuesday, April 29th. The utilities provider reported $1.04 EPS for the quarter, missing the consensus estimate of $1.28 by ($0.24). ONEOK had a return on equity of 16.84% and a net margin of 14.05%. The company had revenue of $6.49 billion during the quarter, compared to the consensus estimate of $8.23 billion. During the same quarter in the prior year, the business earned $1.09 EPS. As a group, analysts expect that ONEOK, Inc. will post 5.07 EPS for the current year.

ONEOK Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Monday, May 5th will be paid a $1.03 dividend. This represents a $4.12 annualized dividend and a yield of 4.69%. The ex-dividend date is Monday, May 5th. ONEOK’s dividend payout ratio is presently 79.69%.

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.