Beck Capital Management LLC Reduces Holdings in ONEOK, Inc. (NYSE:OKE)

Beck Capital Management LLC lowered its stake in ONEOK, Inc. (NYSE:OKE) by 0.3% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 49,775 shares of the utilities provider’s stock after selling 130 shares during the quarter. ONEOK makes up about 1.2% of Beck Capital Management LLC’s holdings, making the stock its 23rd biggest position. Beck Capital Management LLC’s holdings in ONEOK were worth $4,536,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. Quest Partners LLC acquired a new stake in shares of ONEOK during the second quarter valued at $28,000. Matrix Trust Co purchased a new position in ONEOK in the 3rd quarter valued at about $29,000. Ridgewood Investments LLC acquired a new stake in shares of ONEOK during the 2nd quarter worth about $31,000. Access Investment Management LLC acquired a new position in shares of ONEOK in the third quarter valued at approximately $37,000. Finally, Values First Advisors Inc. acquired a new position in shares of ONEOK in the third quarter valued at approximately $44,000. Hedge funds and other institutional investors own 69.13% of the company’s stock.

ONEOK Stock Up 0.9 %

Shares of NYSE OKE opened at $113.60 on Monday. The stock has a fifty day moving average price of $100.75 and a 200 day moving average price of $90.13. The company has a market cap of $66.36 billion, a P/E ratio of 23.77, a P/E/G ratio of 5.75 and a beta of 1.66. ONEOK, Inc. has a 12-month low of $65.49 and a 12-month high of $118.07. The company has a current ratio of 0.81, a quick ratio of 0.59 and a debt-to-equity ratio of 1.59.

ONEOK (NYSE:OKE) last posted its earnings results on Tuesday, October 29th. The utilities provider reported $1.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.05). The company had revenue of $5.02 billion during the quarter, compared to analyst estimates of $5.81 billion. ONEOK had a net margin of 14.05% and a return on equity of 16.84%. During the same quarter last year, the business posted $0.99 EPS. Research analysts anticipate that ONEOK, Inc. will post 5.08 EPS for the current fiscal year.

ONEOK Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Friday, November 1st were given a dividend of $0.99 per share. The ex-dividend date of this dividend was Friday, November 1st. This represents a $3.96 dividend on an annualized basis and a dividend yield of 3.49%. ONEOK’s payout ratio is currently 82.85%.

Insider Transactions at ONEOK

In related news, Director Pattye L. Moore sold 3,379 shares of ONEOK 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on OKE. Morgan Stanley raised shares of ONEOK from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $103.00 to $111.00 in a research note on Monday, September 16th. Citigroup upped their target price on ONEOK from $85.00 to $102.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. Royal Bank of Canada raised their price target on ONEOK from $89.00 to $98.00 and gave the stock a “sector perform” rating in a research note on Wednesday, October 16th. Bank of America initiated coverage on shares of ONEOK in a research note on Thursday, October 17th. They set a “buy” rating and a $105.00 price objective for the company. Finally, Wells Fargo & Company boosted their target price on shares of ONEOK from $100.00 to $107.00 and gave the company an “overweight” rating in a report on Friday, November 1st. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, ONEOK currently has an average rating of “Moderate Buy” and a consensus price target of $100.38.

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.