ONEOK, Inc. (NYSE:OKE) Stake Increased by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. raised its stake in shares of ONEOK, Inc. (NYSE:OKE) by 37.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,776 shares of the utilities provider’s stock after acquiring an additional 1,582 shares during the quarter. Pinnacle Associates Ltd.’s holdings in ONEOK were worth $526,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in OKE. International Assets Investment Management LLC lifted its position in shares of ONEOK by 9,439.9% during 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 during the last quarter. M&G Plc acquired a new position in shares of ONEOK in the 1st quarter worth approximately $77,634,000. Kayne Anderson Capital Advisors LP increased its holdings in shares of ONEOK by 28.7% in the 1st quarter. Kayne Anderson Capital Advisors LP now owns 3,705,367 shares of the utilities provider’s stock valued at $297,059,000 after acquiring an additional 825,464 shares during the last quarter. Bahl & Gaynor Inc. raised its position in shares of ONEOK by 3,648.4% during the 2nd quarter. Bahl & Gaynor Inc. now owns 514,954 shares of the utilities provider’s stock valued at $41,995,000 after acquiring an additional 501,216 shares in the last quarter. Finally, Cetera Investment Advisers lifted its stake in ONEOK by 370.1% during the first quarter. Cetera Investment Advisers now owns 615,276 shares of the utilities provider’s stock worth $49,327,000 after purchasing an additional 484,403 shares during the last quarter. 69.13% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at ONEOK

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

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Bank of America began coverage on shares of ONEOK in a report on Thursday, October 17th. They set a “buy” rating and a $105.00 target price on the stock. Wells Fargo & Company increased their price objective on shares of ONEOK from $100.00 to $107.00 and gave the stock an “overweight” rating in a research note on Friday. Tudor Pickering upgraded ONEOK to a “hold” rating in a research note on Thursday, July 18th. Citigroup increased their price target on ONEOK from $85.00 to $102.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. Finally, Barclays boosted their price objective on ONEOK from $82.00 to $94.00 and gave the company an “equal weight” rating in a research report on Monday, September 16th. Eight investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $96.54.

ONEOK Trading Down 2.6 %

ONEOK stock opened at $93.36 on Friday. ONEOK, Inc. has a 12-month low of $63.33 and a 12-month high of $98.43. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.81 and a quick ratio of 0.41. The stock has a market capitalization of $54.54 billion, a PE ratio of 19.53, a price-to-earnings-growth ratio of 4.23 and a beta of 1.66. The firm has a 50 day simple moving average of $93.66 and a 200-day simple moving average of $85.88.

ONEOK (NYSE:OKE) last issued its quarterly earnings results on Tuesday, October 29th. The utilities provider reported $1.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.23 by ($0.05). The firm had revenue of $5.02 billion for the quarter, compared to analyst estimates of $5.81 billion. ONEOK had a net margin of 14.05% and a return on equity of 16.84%. During the same quarter last year, the business posted $0.99 earnings per share. As a group, equities research analysts expect that ONEOK, Inc. will post 5.04 EPS for the current fiscal year.

ONEOK Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Friday, November 1st will be given a dividend of $0.99 per share. The ex-dividend date of this dividend is Friday, November 1st. This represents a $3.96 annualized dividend and a dividend yield of 4.24%. ONEOK’s dividend payout ratio (DPR) is 82.85%.

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.