Envestnet Asset Management Inc. Raises Stock Position in ONEOK, Inc. $OKE

Envestnet Asset Management Inc. boosted its stake in ONEOK, Inc. (NYSE:OKE) by 19.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 985,872 shares of the utilities provider’s stock after purchasing an additional 163,240 shares during the period. Envestnet Asset Management Inc. owned approximately 0.16% of ONEOK worth $71,939,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Brighton Jones LLC grew its holdings in shares of ONEOK by 137.1% in the fourth quarter. Brighton Jones LLC now owns 15,278 shares of the utilities provider’s stock worth $1,534,000 after acquiring an additional 8,834 shares during the period. Empowered Funds LLC lifted its holdings in ONEOK by 0.8% in the first quarter. Empowered Funds LLC now owns 17,957 shares of the utilities provider’s stock valued at $1,782,000 after acquiring an additional 137 shares during the period. Acadian Asset Management LLC purchased a new position in ONEOK in the first quarter worth about $216,000. Vontobel Holding Ltd. grew its stake in shares of ONEOK by 19.9% during the 2nd quarter. Vontobel Holding Ltd. now owns 31,983 shares of the utilities provider’s stock valued at $2,611,000 after purchasing an additional 5,302 shares during the period. Finally, US Bancorp DE lifted its stake in shares of ONEOK by 2.1% in the 2nd quarter. US Bancorp DE now owns 83,253 shares of the utilities provider’s stock worth $6,796,000 after purchasing an additional 1,678 shares during the period. 69.13% of the stock is owned by institutional investors.

ONEOK Price Performance

Shares of ONEOK stock opened at $81.89 on Monday. The company has a market capitalization of $51.53 billion, a price-to-earnings ratio of 15.05, a PEG ratio of 4.65 and a beta of 0.96. The company has a quick ratio of 0.75, a current ratio of 0.90 and a debt-to-equity ratio of 1.44. The stock’s 50-day simple moving average is $74.80 and its 200-day simple moving average is $73.28. ONEOK, Inc. has a 52 week low of $64.02 and a 52 week high of $103.64.

ONEOK Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 13th. Shareholders of record on Monday, February 2nd will be paid a $1.07 dividend. This represents a $4.28 annualized dividend and a yield of 5.2%. The ex-dividend date is Monday, February 2nd. This is a positive change from ONEOK’s previous quarterly dividend of $1.03. ONEOK’s dividend payout ratio is currently 78.68%.

Analysts Set New Price Targets

OKE has been the subject of several recent research reports. The Goldman Sachs Group restated a “neutral” rating and set a $72.00 target price on shares of ONEOK in a research report on Monday, November 3rd. Raymond James Financial reissued an “outperform” rating and set a $82.00 price objective (down previously from $100.00) on shares of ONEOK in a research report on Friday, October 24th. JPMorgan Chase & Co. lowered ONEOK from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $87.00 to $83.00 in a research note on Tuesday, January 27th. TD Cowen lowered their target price on ONEOK from $78.00 to $76.00 and set a “hold” rating on the stock in a research report on Thursday, October 30th. Finally, Argus upgraded ONEOK from a “hold” rating to a “buy” rating and set a $79.00 price target for the company in a research report on Thursday, November 6th. Eight investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $87.31.

About ONEOK

ONEOK, Inc (NYSE: OKE) is a publicly traded midstream energy company headquartered in Tulsa, Oklahoma. The company owns and operates a portfolio of natural gas and natural gas liquids (NGL) pipelines, processing facilities, fractionators and storage and terminal assets. Its operations are focused on gathering, processing, transporting, fractionating and marketing NGLs and interstate natural gas, providing critical infrastructure that connects hydrocarbon production to refineries, petrochemical plants and other end markets.

ONEOK’s asset base includes pipeline systems and processing plants that move and condition natural gas, along with infrastructure for the transportation, storage and fractionation of NGLs such as ethane, propane and butane.