Donaldson Capital Management LLC Reduces Stake in ONEOK, Inc. (NYSE:OKE)

Donaldson Capital Management LLC decreased its holdings in shares of ONEOK, Inc. (NYSE:OKE) by 1.6% in the 3rd quarter, Holdings Channel.com reports. The firm owned 22,866 shares of the utilities provider’s stock after selling 362 shares during the quarter. Donaldson Capital Management LLC’s holdings in ONEOK were worth $2,084,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Quest Partners LLC acquired a new position in shares of ONEOK in the 2nd quarter valued at $28,000. Matrix Trust Co acquired a new position in ONEOK in the third quarter valued at $29,000. Ridgewood Investments LLC purchased a new position in shares of ONEOK during the second quarter worth about $31,000. Manchester Capital Management LLC increased its position in shares of ONEOK by 66.4% during the first quarter. Manchester Capital Management LLC now owns 456 shares of the utilities provider’s stock worth $37,000 after purchasing an additional 182 shares in the last quarter. Finally, Values First Advisors Inc. purchased a new stake in shares of ONEOK in the 3rd quarter valued at about $44,000. 69.13% of the stock is owned by institutional investors and hedge funds.

ONEOK Stock Performance

NYSE:OKE opened at $93.36 on Monday. The firm’s fifty day simple moving average is $93.66 and its 200-day simple moving average is $85.94. The company has a quick ratio of 0.41, a current ratio of 0.81 and a debt-to-equity ratio of 1.59. The stock has a market cap of $54.54 billion, a PE ratio of 19.53, a price-to-earnings-growth ratio of 4.23 and a beta of 1.66. ONEOK, Inc. has a fifty-two week low of $63.33 and a fifty-two week high of $98.43.

ONEOK (NYSE:OKE) last issued its earnings results on Tuesday, October 29th. The utilities provider reported $1.18 earnings per share for the quarter, missing the consensus estimate of $1.23 by ($0.05). ONEOK had a return on equity of 16.84% and a net margin of 14.05%. The company had revenue of $5.02 billion for the quarter, compared to analyst estimates of $5.81 billion. During the same quarter in the previous year, the company posted $0.99 earnings per share. Analysts expect that ONEOK, Inc. will post 5.04 earnings per share for the current fiscal year.

ONEOK Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Friday, November 1st will be issued a dividend of $0.99 per share. The ex-dividend date of this dividend is Friday, November 1st. This represents a $3.96 annualized dividend and a yield of 4.24%. ONEOK’s dividend payout ratio is presently 82.85%.

Wall Street Analyst Weigh In

OKE has been the topic of several research analyst reports. Truist Financial lifted their price target on ONEOK from $83.00 to $99.00 and gave the stock a “hold” rating in a research report on Wednesday, October 30th. Citigroup upped their price target on shares of ONEOK from $85.00 to $102.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. Tudor Pickering upgraded shares of ONEOK to a “hold” rating in a research note on Thursday, July 18th. Royal Bank of Canada lifted their price objective on shares of ONEOK from $89.00 to $98.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 16th. Finally, Mizuho increased their target price on shares of ONEOK from $81.00 to $85.00 and gave the stock a “neutral” rating in a research note on Friday, July 26th. Eight equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $96.54.

Insiders Place Their Bets

In other news, Director Pattye L. Moore sold 3,379 shares of the firm’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $92.01, for a total value of $310,901.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.20% of the stock is owned by company insiders.

About ONEOK

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.