Prime Capital Investment Advisors LLC Reduces Stock Position in ONEOK, Inc. (NYSE:OKE)

Prime Capital Investment Advisors LLC trimmed its position in ONEOK, Inc. (NYSE:OKE) by 18.2% during the second quarter, Holdings Channel.com reports. The firm owned 61,706 shares of the utilities provider’s stock after selling 13,716 shares during the period. Prime Capital Investment Advisors LLC’s holdings in ONEOK were worth $5,032,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Rise Advisors LLC purchased a new position in shares of ONEOK during the first quarter valued at approximately $25,000. LifeSteps Financial Inc. purchased a new position in shares of ONEOK during the 1st quarter worth $26,000. Quest Partners LLC acquired a new stake in shares of ONEOK during the second quarter worth $28,000. Ridgewood Investments LLC purchased a new stake in shares of ONEOK in the second quarter valued at $31,000. Finally, American National Bank acquired a new position in ONEOK in the first quarter valued at $32,000. 69.13% of the stock is owned by institutional investors and hedge funds.

ONEOK Trading Up 1.0 %

Shares of OKE opened at $91.37 on Monday. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.62 and a quick ratio of 0.41. ONEOK, Inc. has a 12 month low of $60.58 and a 12 month high of $93.00. The stock has a market cap of $53.33 billion, a PE ratio of 21.25, a P/E/G ratio of 4.47 and a beta of 1.67. The stock’s 50-day moving average is $86.12 and its two-hundred day moving average is $81.87.

ONEOK (NYSE:OKE) last released its quarterly earnings results on Monday, August 5th. The utilities provider reported $1.33 EPS for the quarter, topping the consensus estimate of $1.21 by $0.12. ONEOK had a return on equity of 15.54% and a net margin of 13.41%. The firm had revenue of $4.89 billion for the quarter, compared to analyst estimates of $5.52 billion. During the same period in the previous year, the company posted $1.04 EPS. Equities analysts forecast that ONEOK, Inc. will post 5.07 earnings per share for the current fiscal year.

ONEOK Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Thursday, August 1st were issued a dividend of $0.99 per share. This represents a $3.96 dividend on an annualized basis and a yield of 4.33%. The ex-dividend date of this dividend was Thursday, August 1st. ONEOK’s payout ratio is 92.09%.

Insider Buying and Selling

In other ONEOK news, Director Pattye L. Moore sold 3,379 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $92.01, for a total value of $310,901.79. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.20% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on OKE. Citigroup raised their price target on ONEOK from $85.00 to $102.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. Morgan Stanley raised their target price on shares of ONEOK from $90.00 to $93.00 and gave the stock an “equal weight” rating in a research report on Monday, June 10th. Tudor Pickering raised shares of ONEOK to a “hold” rating in a research report on Thursday, July 18th. Truist Financial increased their price target on shares of ONEOK from $81.00 to $83.00 and gave the stock a “hold” rating in a research note on Wednesday, July 31st. Finally, Scotiabank boosted their price objective on shares of ONEOK from $88.00 to $102.00 and gave the company a “sector outperform” rating in a research note on Friday, August 30th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, ONEOK currently has a consensus rating of “Hold” and an average target price of $89.92.

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.