IFG Advisory LLC Invests $306,000 in ONEOK, Inc. (NYSE:OKE)

IFG Advisory LLC acquired a new position in ONEOK, Inc. (NYSE:OKEFree Report) during the fourth quarter, Holdings Channel reports. The institutional investor acquired 4,363 shares of the utilities provider’s stock, valued at approximately $306,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Peoples Bank KS bought a new position in shares of ONEOK during the 3rd quarter valued at $25,000. Beacon Capital Management LLC increased its position in ONEOK by 90.7% during the fourth quarter. Beacon Capital Management LLC now owns 408 shares of the utilities provider’s stock worth $29,000 after buying an additional 194 shares during the last quarter. Quent Capital LLC raised its holdings in ONEOK by 97.7% during the third quarter. Quent Capital LLC now owns 437 shares of the utilities provider’s stock valued at $28,000 after buying an additional 216 shares in the last quarter. Resurgent Financial Advisors LLC acquired a new stake in shares of ONEOK in the fourth quarter worth about $29,000. Finally, Worth Asset Management LLC bought a new stake in shares of ONEOK during the 1st quarter worth about $30,000. Institutional investors own 69.13% of the company’s stock.

Wall Street Analyst Weigh In

OKE has been the subject of several analyst reports. StockNews.com upgraded ONEOK from a “sell” rating to a “hold” rating in a report on Wednesday, March 6th. Raymond James raised their target price on shares of ONEOK from $80.00 to $85.00 and gave the company an “outperform” rating in a research note on Friday, January 19th. Mizuho boosted their target price on shares of ONEOK from $75.00 to $81.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. US Capital Advisors downgraded ONEOK from an “overweight” rating to a “hold” rating in a research report on Wednesday, March 20th. Finally, Morgan Stanley boosted their price objective on ONEOK from $84.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, ONEOK has an average rating of “Hold” and a consensus price target of $81.73.

Get Our Latest Stock Report on OKE

ONEOK Stock Up 0.7 %

NYSE:OKE opened at $80.17 on Friday. The firm has a market capitalization of $46.76 billion, a price-to-earnings ratio of 14.45, a price-to-earnings-growth ratio of 2.47 and a beta of 1.65. The company has a quick ratio of 0.67, a current ratio of 0.90 and a debt-to-equity ratio of 1.29. ONEOK, Inc. has a twelve month low of $55.91 and a twelve month high of $80.53. The stock’s 50 day moving average price is $73.53 and its two-hundred day moving average price is $69.57.

ONEOK (NYSE:OKEGet Free Report) last posted its quarterly earnings results on Monday, February 26th. The utilities provider reported $1.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.21 by ($0.03). ONEOK had a return on equity of 22.57% and a net margin of 15.04%. The firm had revenue of $5.24 billion for the quarter, compared to the consensus estimate of $5.57 billion. During the same period last year, the company posted $1.08 earnings per share. Equities research analysts expect that ONEOK, Inc. will post 4.63 earnings per share for the current fiscal year.

ONEOK Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 14th. Investors of record on Tuesday, January 30th were issued a dividend of $0.99 per share. The ex-dividend date of this dividend was Monday, January 29th. This represents a $3.96 dividend on an annualized basis and a yield of 4.94%. This is a boost from ONEOK’s previous quarterly dividend of $0.96. ONEOK’s dividend payout ratio (DPR) is presently 71.35%.

ONEOK announced that its board has initiated a share repurchase program on Wednesday, January 17th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the utilities provider to reacquire up to 4.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling at ONEOK

In other ONEOK news, Director Wayne Thomas Smith bought 2,700 shares of ONEOK stock in a transaction dated Friday, March 1st. The stock was bought at an average cost of $75.25 per share, for a total transaction of $203,175.00. Following the purchase, the director now owns 2,700 shares of the company’s stock, valued at approximately $203,175. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.65% of the company’s stock.

About ONEOK

(Free Report)

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.

See Also

Want to see what other hedge funds are holding OKE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ONEOK, Inc. (NYSE:OKEFree Report).

Institutional Ownership by Quarter for ONEOK (NYSE:OKE)

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