Moors & Cabot Inc. Increases Holdings in ONEOK, Inc. (NYSE:OKE)

Moors & Cabot Inc. raised its holdings in shares of ONEOK, Inc. (NYSE:OKE) by 0.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 101,572 shares of the utilities provider’s stock after acquiring an additional 800 shares during the period. Moors & Cabot Inc.’s holdings in ONEOK were worth $8,283,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Norges Bank bought a new position in ONEOK during the 4th quarter valued at approximately $297,948,000. Wellington Management Group LLP increased its position in shares of ONEOK by 2,643.5% during the fourth quarter. Wellington Management Group LLP now owns 1,170,739 shares of the utilities provider’s stock valued at $82,209,000 after buying an additional 1,128,066 shares during the period. M&G Plc purchased a new position in shares of ONEOK during the first quarter valued at about $77,634,000. Kayne Anderson Capital Advisors LP raised its stake in ONEOK by 28.7% in the first quarter. Kayne Anderson Capital Advisors LP now owns 3,705,367 shares of the utilities provider’s stock worth $297,059,000 after buying an additional 825,464 shares in the last quarter. Finally, Westwood Holdings Group Inc. boosted its position in ONEOK by 36.3% during the 4th quarter. Westwood Holdings Group Inc. now owns 2,076,078 shares of the utilities provider’s stock valued at $145,782,000 after acquiring an additional 552,824 shares in the last quarter. 69.13% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at ONEOK

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

ONEOK Stock Performance

Shares of OKE stock opened at $93.68 on Tuesday. The company has a quick ratio of 0.41, a current ratio of 0.62 and a debt-to-equity ratio of 1.22. The company has a 50 day moving average price of $86.36 and a 200-day moving average price of $82.00. ONEOK, Inc. has a 52 week low of $60.58 and a 52 week high of $93.88. The firm has a market capitalization of $54.72 billion, a PE ratio of 21.79, a P/E/G ratio of 4.49 and a beta of 1.67.

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

ONEOK Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Thursday, August 1st were given a $0.99 dividend. The ex-dividend date was Thursday, August 1st. This represents a $3.96 annualized dividend and a yield of 4.23%. ONEOK’s payout ratio is 92.09%.

Wall Street Analyst Weigh In

OKE has been the topic of several recent research reports. Mizuho upped their price target on ONEOK from $81.00 to $85.00 and gave the stock a “neutral” rating in a research note on Friday, July 26th. Citigroup increased their price target on shares of 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 shares of ONEOK from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $103.00 to $111.00 in a research report on Monday. Truist Financial upped their price objective on shares of ONEOK from $81.00 to $83.00 and gave the stock a “hold” rating in a report on Wednesday, July 31st. Finally, Tudor Pickering raised ONEOK to a “hold” rating in a research report on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $92.38.

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.