Princeton Global Asset Management LLC Cuts Stake in ONEOK, Inc. (NYSE:OKE)

Princeton Global Asset Management LLC lowered its position in shares of ONEOK, Inc. (NYSE:OKE) by 37.1% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 611 shares of the utilities provider’s stock after selling 361 shares during the quarter. Princeton Global Asset Management LLC’s holdings in ONEOK were worth $61,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the company. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of ONEOK by 9.7% in the 4th 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 in the last quarter. Cinctive Capital Management LP purchased a new position in shares of ONEOK in the 4th quarter valued at about $19,909,000. Americana Partners LLC increased its holdings in shares of ONEOK by 258.6% in the 4th quarter. Americana Partners LLC now owns 271,836 shares of the utilities provider’s stock valued at $27,292,000 after purchasing an additional 196,038 shares in the last quarter. Cbre Investment Management Listed Real Assets LLC purchased a new position in shares of ONEOK in the 4th quarter valued at about $34,360,000. Finally, Dynamic Technology Lab Private Ltd increased its holdings in shares of ONEOK by 41.8% in the 4th quarter. Dynamic Technology Lab Private Ltd now owns 15,399 shares of the utilities provider’s stock valued at $1,546,000 after purchasing an additional 4,538 shares in the last quarter. Hedge funds and other institutional investors own 69.13% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on OKE shares. Barclays cut their price target on shares of ONEOK from $101.00 to $91.00 and set an “equal weight” rating for the company in a report on Tuesday, June 3rd. Scotiabank cut their price target on shares of ONEOK from $96.00 to $93.00 and set a “sector outperform” rating for the company in a report on Thursday. Wells Fargo & Company lowered their price objective on shares of ONEOK from $102.00 to $93.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 1st. Citigroup lowered their price objective on shares of ONEOK from $110.00 to $102.00 and set a “buy” rating on the stock in a research note on Tuesday, May 6th. Finally, Morgan Stanley increased their price objective on shares of ONEOK from $111.00 to $133.00 and gave the company an “overweight” rating in a research note on Tuesday, March 25th. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $103.69.

ONEOK Price Performance

ONEOK stock opened at $81.70 on Friday. ONEOK, Inc. has a 12-month low of $75.48 and a 12-month high of $118.07. The stock has a market capitalization of $51.03 billion, a P/E ratio of 17.09, a P/E/G ratio of 3.77 and a beta of 0.94. The firm’s 50-day moving average is $83.49 and its two-hundred day moving average is $95.25. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.81 and a quick ratio of 0.59.

ONEOK (NYSE:OKE) last released its quarterly earnings results on Tuesday, April 29th. The utilities provider reported $1.04 earnings per share (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 firm had revenue of $6.49 billion for the quarter, compared to analyst estimates of $8.23 billion. During the same period in the prior year, the business earned $1.09 earnings per share. Equities analysts predict that ONEOK, Inc. will post 5.07 earnings per share for the current year.

ONEOK Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 5th were paid a dividend of $1.03 per share. The ex-dividend date was Monday, May 5th. This represents a $4.12 annualized dividend and a dividend yield of 5.04%. ONEOK’s dividend payout ratio is currently 80.47%.

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.