Sound Income Strategies LLC Sells 15,165 Shares of ONEOK, Inc. (NYSE:OKE)

Sound Income Strategies LLC lowered its stake in shares of ONEOK, Inc. (NYSE:OKE) by 6.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 205,950 shares of the utilities provider’s stock after selling 15,165 shares during the quarter. ONEOK comprises approximately 1.2% of Sound Income Strategies LLC’s investment portfolio, making the stock its 23rd largest holding. Sound Income Strategies LLC’s holdings in ONEOK were worth $18,768,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in OKE. Rise Advisors LLC acquired a new position in ONEOK in the first quarter valued at approximately $25,000. Matrix Trust Co purchased a new position in ONEOK in the 3rd quarter valued at $29,000. Quest Partners LLC purchased a new stake in ONEOK during the 2nd quarter valued at about $28,000. Ridgewood Investments LLC purchased a new position in ONEOK during the second quarter worth approximately $31,000. Finally, American National Bank acquired a new position in shares of ONEOK during the 1st quarter valued at about $32,000. Hedge funds and other institutional investors own 69.13% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on OKE shares. Royal Bank of Canada upped their target price on shares of ONEOK from $84.00 to $89.00 and gave the company a “sector perform” rating in a research report on Thursday, August 22nd. JPMorgan Chase & Co. raised their target price on ONEOK from $89.00 to $92.00 and gave the company an “overweight” rating in a report on Wednesday, June 26th. Scotiabank lifted their target price on ONEOK from $88.00 to $102.00 and gave the company a “sector outperform” rating in a research report on Friday, August 30th. Wells Fargo & Company raised their price objective on shares of ONEOK from $91.00 to $100.00 and gave the company an “overweight” rating in a research note on Friday, August 30th. Finally, Tudor Pickering raised shares of ONEOK to a “hold” rating in a research note on Thursday, July 18th. Eight research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $92.38.

Insiders Place Their Bets

In other ONEOK news, Director Pattye L. Moore sold 3,379 shares of the stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $92.01, for a total transaction of $310,901.79. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.20% of the stock is owned by company insiders.

ONEOK Trading Up 2.0 %

Shares of OKE stock traded up $1.92 during mid-day trading on Friday, hitting $96.61. 4,026,403 shares of the company’s stock were exchanged, compared to its average volume of 2,759,627. The stock has a market cap of $56.43 billion, a price-to-earnings ratio of 21.05, a PEG ratio of 4.68 and a beta of 1.67. The stock has a 50-day simple moving average of $90.44 and a two-hundred day simple moving average of $84.11. ONEOK, Inc. has a fifty-two week low of $63.33 and a fifty-two week high of $96.64. The company has a quick ratio of 0.41, a current ratio of 0.62 and a debt-to-equity ratio of 1.22.

ONEOK (NYSE:OKE) last announced its quarterly earnings results on Monday, August 5th. The utilities provider reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. The company had revenue of $4.89 billion for the quarter, compared to analyst estimates of $5.52 billion. ONEOK had a net margin of 13.41% and a return on equity of 15.54%. During the same quarter last year, the business earned $1.04 EPS. Equities analysts expect that ONEOK, Inc. will post 5.09 EPS for the current fiscal year.

ONEOK Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Thursday, August 1st were paid a dividend of $0.99 per share. This represents a $3.96 annualized dividend and a dividend yield of 4.10%. The ex-dividend date of this dividend was Thursday, August 1st. ONEOK’s dividend payout ratio (DPR) is currently 86.27%.

ONEOK Profile

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.