Tounjian Advisory Partners LLC Invests $1.35 Million in ONEOK, Inc. (NYSE:OKE)

Tounjian Advisory Partners LLC bought a new stake in ONEOK, Inc. (NYSE:OKE) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 13,554 shares of the utilities provider’s stock, valued at approximately $1,345,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in ONEOK during the fourth quarter worth $539,554,000. Wellington Management Group LLP boosted its position in shares of ONEOK by 433.4% during the 4th quarter. Wellington Management Group LLP now owns 4,206,906 shares of the utilities provider’s stock worth $422,373,000 after purchasing an additional 3,418,207 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of ONEOK by 240.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,790,760 shares of the utilities provider’s stock valued at $280,194,000 after buying an additional 1,971,147 shares during the period. Raymond James Financial Inc. bought a new stake in ONEOK in the 4th quarter valued at about $182,694,000. Finally, ClearBridge Investments Ltd acquired a new position in ONEOK during the 4th quarter worth approximately $177,045,000. Institutional investors own 69.13% of the company’s stock.

ONEOK Stock Performance

OKE stock opened at $81.70 on Monday. The company has a quick ratio of 0.59, a current ratio of 0.81 and a debt-to-equity ratio of 1.59. The firm has a market cap of $51.03 billion, a PE ratio of 17.09, a P/E/G ratio of 3.77 and a beta of 0.94. The business has a 50 day moving average of $83.49 and a 200-day moving average of $95.10. ONEOK, Inc. has a 12-month low of $75.48 and a 12-month high of $118.07.

ONEOK (NYSE:OKE) last announced its 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). The business had revenue of $6.49 billion for the quarter, compared to analysts’ expectations of $8.23 billion. ONEOK had a net margin of 14.05% and a return on equity of 16.84%. During the same period in the prior year, the business earned $1.09 earnings per share. As a group, sell-side analysts expect that ONEOK, Inc. will post 5.07 earnings per share for the current year.

ONEOK Dividend Announcement

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

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Citigroup reduced their price objective on ONEOK from $110.00 to $102.00 and set a “buy” rating for the company in a research note on Tuesday, May 6th. Wells Fargo & Company reduced their price target on shares of ONEOK from $102.00 to $93.00 and set an “equal weight” rating for the company in a research report on Thursday, May 1st. Barclays lowered their price objective on shares of ONEOK from $101.00 to $91.00 and set an “equal weight” rating on the stock in a report on Tuesday, June 3rd. Morgan Stanley lifted their price objective on shares of ONEOK from $111.00 to $133.00 and gave the company an “overweight” rating in a report on Tuesday, March 25th. Finally, Stifel Nicolaus lowered their target price on shares of ONEOK from $110.00 to $107.00 and set a “buy” rating on the stock in a report on Thursday, May 1st. Six research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, ONEOK presently has a consensus rating of “Moderate Buy” and an average price target of $103.69.

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.