Allstate Corp Purchases New Shares in ONEOK, Inc. (NYSE:OKE)

Allstate Corp acquired a new position in shares of ONEOK, Inc. (NYSE:OKE) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 17,271 shares of the utilities provider’s stock, valued at approximately $1,734,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Kieckhefer Group LLC bought a new position in ONEOK during the fourth quarter worth about $30,000. Canton Hathaway LLC bought a new position in shares of ONEOK during the fourth quarter worth approximately $40,000. J.Safra Asset Management Corp acquired a new stake in shares of ONEOK in the fourth quarter valued at approximately $48,000. VSM Wealth Advisory LLC bought a new stake in shares of ONEOK in the fourth quarter valued at approximately $50,000. Finally, OFI Invest Asset Management acquired a new stake in ONEOK during the fourth quarter worth approximately $51,000. Institutional investors and hedge funds own 69.13% of the company’s stock.

Analysts Set New Price Targets

OKE has been the subject of a number of recent analyst reports. Scotiabank cut their target price on ONEOK from $109.00 to $102.00 and set a “sector outperform” rating for the company in a research report on Thursday, March 6th. Morgan Stanley upped their price objective on shares of ONEOK from $111.00 to $133.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 25th. Citigroup began coverage on shares of ONEOK in a report on Friday, February 28th. They issued a “buy” rating and a $110.00 target price on the stock. Barclays cut their price target on shares of ONEOK from $105.00 to $101.00 and set an “equal weight” rating for the company in a report on Friday, March 7th. Finally, Wells Fargo & Company decreased their price objective on shares of ONEOK from $107.00 to $102.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 26th. Seven investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $105.00.

ONEOK Trading Down 0.2 %

Shares of OKE stock opened at $98.47 on Friday. ONEOK, Inc. has a twelve month low of $76.23 and a twelve month high of $118.07. The stock’s fifty day simple moving average is $98.32 and its 200 day simple moving average is $100.17. 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 capitalization of $61.48 billion, a P/E ratio of 20.60, a P/E/G ratio of 3.77 and a beta of 1.70.

ONEOK (NYSE:OKE) last released its quarterly earnings data on Monday, February 24th. The utilities provider reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.46 by $0.11. ONEOK had a return on equity of 16.84% and a net margin of 14.05%. The company had revenue of $7 billion during the quarter, compared to the consensus estimate of $6.18 billion. As a group, sell-side analysts predict that ONEOK, Inc. will post 5.07 EPS for the current fiscal year.

ONEOK Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Monday, February 3rd were issued a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a dividend yield of 4.18%. The ex-dividend date was Monday, February 3rd. This is a positive change from ONEOK’s previous quarterly dividend of $0.99. ONEOK’s payout ratio is 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.