Morey & Quinn Wealth Partners LLC Makes New $1.57 Million Investment in ONEOK, Inc. (NYSE:OKE)

Morey & Quinn Wealth Partners LLC acquired a new stake in ONEOK, Inc. (NYSE:OKE) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund acquired 15,592 shares of the utilities provider’s stock, valued at approximately $1,565,000. ONEOK makes up 1.3% of Morey & Quinn Wealth Partners LLC’s portfolio, making the stock its 16th biggest holding.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Kieckhefer Group LLC acquired a new stake in shares of ONEOK in the 4th quarter worth about $30,000. Canton Hathaway LLC bought a new stake in ONEOK during the fourth quarter worth $40,000. J.Safra Asset Management Corp bought a new position in ONEOK during the fourth quarter valued at about $48,000. VSM Wealth Advisory LLC purchased a new position in ONEOK in the fourth quarter valued at about $50,000. Finally, OFI Invest Asset Management purchased a new position in ONEOK in the fourth quarter valued at approximately $51,000. 69.13% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on OKE. US Capital Advisors upgraded shares of ONEOK from a “moderate buy” rating to a “strong-buy” rating in a research report on Monday, February 3rd. Citigroup started coverage on shares of ONEOK in a research note on Friday, February 28th. They set a “buy” rating and a $110.00 target price on the stock. Wells Fargo & Company lowered their price target on ONEOK from $107.00 to $102.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 26th. Scotiabank decreased their target price on shares of ONEOK from $109.00 to $102.00 and set a “sector outperform” rating for the company in a research note on Thursday, March 6th. Finally, Wolfe Research upgraded shares of ONEOK from a “peer perform” rating to an “outperform” rating and set a $110.00 price objective on the stock in a research note on Monday, February 10th. Seven research 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 stock. According to data from MarketBeat.com, ONEOK currently has a consensus rating of “Moderate Buy” and a consensus price target of $105.00.

ONEOK Trading Up 0.1 %

NYSE OKE opened at $102.42 on Wednesday. ONEOK, Inc. has a one year low of $76.23 and a one year high of $118.07. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.59 and a current ratio of 0.81. The firm’s fifty day moving average is $98.84 and its two-hundred day moving average is $100.07. The firm has a market cap of $63.94 billion, a PE ratio of 21.43, a P/E/G ratio of 3.77 and a beta of 1.70.

ONEOK (NYSE:OKE) last announced its earnings results on Monday, February 24th. The utilities provider reported $1.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.46 by $0.11. ONEOK had a net margin of 14.05% and a return on equity of 16.84%. The company had revenue of $7 billion during the quarter, compared to analysts’ expectations of $6.18 billion. Analysts expect that ONEOK, Inc. will post 5.07 earnings per share for the current year.

ONEOK Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Monday, February 3rd were given a dividend of $1.03 per share. This is a boost from ONEOK’s previous quarterly dividend of $0.99. This represents a $4.12 dividend on an annualized basis and a dividend yield of 4.02%. The ex-dividend date was Monday, February 3rd. ONEOK’s payout ratio is presently 79.69%.

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.