Financial Advocates Investment Management Reduces Stake in ONEOK, Inc. (NYSE:OKE)

Financial Advocates Investment Management lowered its stake in shares of ONEOK, Inc. (NYSE:OKE) by 2.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,027 shares of the utilities provider’s stock after selling 199 shares during the period. Financial Advocates Investment Management’s holdings in ONEOK were worth $706,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Charles Schwab Investment Management Inc. lifted its position in shares of ONEOK by 3.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 17,480,774 shares of the utilities provider’s stock valued at $1,593,023,000 after buying an additional 661,854 shares during the last quarter. Geode Capital Management LLC raised its stake in ONEOK by 1.0% in the 3rd quarter. Geode Capital Management LLC now owns 13,680,875 shares of the utilities provider’s stock valued at $1,242,449,000 after acquiring an additional 138,430 shares during the period. Janus Henderson Group PLC boosted its position in ONEOK by 0.3% during the third quarter. Janus Henderson Group PLC now owns 3,751,172 shares of the utilities provider’s stock worth $341,844,000 after purchasing an additional 11,189 shares during the period. International Assets Investment Management LLC increased its stake in shares of ONEOK by 9,439.9% in the third quarter. International Assets Investment Management LLC now owns 3,230,989 shares of the utilities provider’s stock worth $294,440,000 after purchasing an additional 3,197,121 shares in the last quarter. Finally, abrdn plc raised its position in shares of ONEOK by 14.8% in the third quarter. abrdn plc now owns 2,149,676 shares of the utilities provider’s stock valued at $195,545,000 after purchasing an additional 277,514 shares during the period. Institutional investors own 69.13% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Barclays began coverage on shares of ONEOK in a report on Thursday. They issued an “equal weight” rating and a $105.00 price objective for the company. Wells Fargo & Company cut ONEOK from an “overweight” rating to an “equal weight” rating and set a $107.00 price target for the company. in a research report on Wednesday, December 18th. US Capital Advisors raised ONEOK from a “moderate buy” rating to a “strong-buy” rating in a report on Monday, February 3rd. Scotiabank began coverage on ONEOK in a report on Friday, January 10th. They set a “sector outperform” rating and a $109.00 target price for the company. Finally, UBS Group increased their price target on shares of ONEOK from $112.00 to $132.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Seven research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, ONEOK has an average rating of “Moderate Buy” and an average target price of $103.42.

ONEOK Stock Performance

ONEOK stock opened at $95.75 on Friday. ONEOK, Inc. has a fifty-two week low of $68.21 and a fifty-two week high of $118.07. The firm’s fifty day moving average price is $103.28 and its 200-day moving average price is $97.41. The stock has a market cap of $55.94 billion, a P/E ratio of 20.03, a price-to-earnings-growth ratio of 3.69 and a beta of 1.70. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.59 and a current ratio of 0.81.

ONEOK Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Monday, February 3rd will be paid a dividend of $1.03 per share. The ex-dividend date of this dividend is Monday, February 3rd. This represents a $4.12 annualized dividend and a yield of 4.30%. This is a positive change from ONEOK’s previous quarterly dividend of $0.99. ONEOK’s payout ratio is 82.85%.

ONEOK Company 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.