Morton Capital Management LLC CA Increases Stake in ONEOK, Inc. (NYSE:OKE)

Morton Capital Management LLC CA grew its stake in ONEOK, Inc. (NYSE:OKE) by 2.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,209 shares of the utilities provider’s stock after purchasing an additional 173 shares during the period. Morton Capital Management LLC CA’s holdings in ONEOK were worth $657,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in OKE. Rise Advisors LLC acquired a new position in ONEOK in the 1st quarter worth about $25,000. Quest Partners LLC acquired a new stake in ONEOK in the 2nd quarter valued at $28,000. Ridgewood Investments LLC purchased a new stake in ONEOK in the 2nd quarter worth $31,000. American National Bank acquired a new position in ONEOK during the first quarter worth $32,000. Finally, Manchester Capital Management LLC lifted its holdings in ONEOK by 66.4% during the first quarter. Manchester Capital Management LLC now owns 456 shares of the utilities provider’s stock valued at $37,000 after purchasing an additional 182 shares in the last quarter. Institutional investors and hedge funds own 69.13% of the company’s stock.

ONEOK Price Performance

Shares of OKE stock opened at $94.66 on Thursday. The firm’s 50-day moving average is $89.85 and its two-hundred day moving average is $83.87. ONEOK, Inc. has a 12 month low of $63.33 and a 12 month high of $96.05. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.62 and a quick ratio of 0.41. The company has a market capitalization of $55.25 billion, a PE ratio of 22.03, a price-to-earnings-growth ratio of 4.62 and a beta of 1.67.

ONEOK (NYSE:OKE) last released its quarterly earnings results on Monday, August 5th. The utilities provider reported $1.33 EPS for the quarter, beating the consensus estimate of $1.21 by $0.12. The firm had revenue of $4.89 billion for the quarter, compared to analyst estimates 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 company earned $1.04 EPS. Analysts predict that ONEOK, Inc. will post 5.09 earnings per share for the current year.

ONEOK Dividend Announcement

The business 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 dividend on an annualized basis and a yield of 4.18%. ONEOK’s payout ratio is currently 92.09%.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Truist Financial boosted their target price 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. Barclays increased their target price on ONEOK from $82.00 to $94.00 and gave the company an “equal weight” rating in a report on Monday, September 16th. Royal Bank of Canada lifted their price target on ONEOK from $84.00 to $89.00 and gave the stock a “sector perform” rating in a research note on Thursday, August 22nd. Mizuho boosted their price target on ONEOK from $81.00 to $85.00 and gave the stock a “neutral” rating in a research report on Friday, July 26th. Finally, JPMorgan Chase & Co. raised their price objective on ONEOK from $89.00 to $92.00 and gave the company an “overweight” rating in a report on Wednesday, June 26th. Eight analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, ONEOK currently has an average rating of “Moderate Buy” and an average target price of $92.38.

Insiders Place Their Bets

In other ONEOK news, Director Pattye L. Moore sold 3,379 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $92.01, for a total value of $310,901.79. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.20% of the stock is currently owned by insiders.

ONEOK 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.