FormulaFolio Investments LLC Increases Position in ONEOK, Inc. (NYSE:OKE)

FormulaFolio Investments LLC increased its stake in ONEOK, Inc. (NYSE:OKE) by 8.7% in the 3rd quarter, Holdings Channel reports. The fund owned 10,206 shares of the utilities provider’s stock after buying an additional 821 shares during the quarter. FormulaFolio Investments LLC’s holdings in ONEOK were worth $752,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in OKE. Krane Funds Advisors LLC bought a new stake in shares of ONEOK during the 2nd quarter valued at $27,000. JNBA Financial Advisors boosted its holdings in ONEOK by 91.3% during the second quarter. JNBA Financial Advisors now owns 419 shares of the utilities provider’s stock worth $29,000 after buying an additional 200 shares in the last quarter. IMA Wealth Inc. purchased a new stake in ONEOK during the second quarter worth $32,000. Gradient Investments LLC boosted its holdings in ONEOK by 82.3% during the second quarter. Gradient Investments LLC now owns 576 shares of the utilities provider’s stock worth $40,000 after buying an additional 260 shares in the last quarter. Finally, FinTrust Capital Advisors LLC boosted its holdings in ONEOK by 498.0% during the second quarter. FinTrust Capital Advisors LLC now owns 610 shares of the utilities provider’s stock worth $42,000 after buying an additional 508 shares in the last quarter. Institutional investors own 74.55% of the company’s stock.

NYSE:OKE opened at $71.29 on Friday. The company has a debt-to-equity ratio of 1.70, a quick ratio of 0.60 and a current ratio of 0.81. The company has a fifty day moving average of $72.17 and a two-hundred day moving average of $69.24. The stock has a market capitalization of $29.28 billion, a PE ratio of 25.64, a P/E/G ratio of 2.18 and a beta of 1.12. ONEOK, Inc. has a fifty-two week low of $50.26 and a fifty-two week high of $77.21.

ONEOK (NYSE:OKE) last posted its quarterly earnings data on Tuesday, July 30th. The utilities provider reported $0.75 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.04. The company had revenue of $2.46 billion during the quarter, compared to analysts’ expectations of $2.87 billion. ONEOK had a net margin of 10.67% and a return on equity of 19.30%. The firm’s revenue for the quarter was down 17.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.68 earnings per share. Research analysts forecast that ONEOK, Inc. will post 3.1 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Monday, November 4th will be given a dividend of $0.915 per share. This is a boost from ONEOK’s previous quarterly dividend of $0.89. This represents a $3.66 dividend on an annualized basis and a yield of 5.13%. ONEOK’s dividend payout ratio is currently 128.06%.

A number of analysts recently issued reports on the stock. Zacks Investment Research downgraded shares of ONEOK from a “buy” rating to a “hold” rating and set a $81.00 price target on the stock. in a report on Wednesday, September 18th. Credit Suisse Group increased their price target on shares of ONEOK from $70.00 to $72.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Argus increased their price target on shares of ONEOK to $82.00 and gave the stock an “average” rating in a report on Tuesday, August 6th. Mitsubishi UFJ Financial Group increased their price target on shares of ONEOK to $77.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. Finally, UBS Group raised shares of ONEOK from a “neutral” rating to a “buy” rating and increased their price target for the stock from $69.00 to $75.00 in a report on Monday, August 12th. Eleven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $73.73.

ONEOK Profile

ONEOK, Inc, together with its subsidiaries, engages in the gathering, processing, storage, and transportation of natural gas in the United States. It operates through Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines segments. The company owns natural gas gathering pipelines and processing plants in the Mid-Continent and Rocky Mountain regions.

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Institutional Ownership by Quarter for ONEOK (NYSE:OKE)

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