Zurcher Kantonalbank Zurich Cantonalbank decreased its position in ONEOK, Inc. (NYSE:OKE) by 28.2% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 105,216 shares of the utilities provider’s stock after selling 41,265 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in ONEOK were worth $3,495,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Verus Capital Partners LLC purchased a new stake in ONEOK during the 4th quarter worth about $30,000. Carroll Financial Associates Inc. lifted its position in ONEOK by 445.4% in the second quarter. Carroll Financial Associates Inc. now owns 949 shares of the utilities provider’s stock valued at $31,000 after acquiring an additional 775 shares during the last quarter. Beese Fulmer Investment Management Inc. purchased a new stake in shares of ONEOK in the 2nd quarter valued at about $40,000. Allworth Financial LP grew its position in shares of ONEOK by 191.6% during the second quarter. Allworth Financial LP now owns 1,356 shares of the utilities provider’s stock worth $45,000 after acquiring an additional 891 shares during the last quarter. Finally, Flagship Harbor Advisors LLC grew its position in ONEOK by 224.9% during the 1st quarter. Flagship Harbor Advisors LLC now owns 1,436 shares of the utilities provider’s stock worth $31,000 after purchasing an additional 994 shares during the last quarter. Institutional investors and hedge funds own 64.75% of the company’s stock.
Several research analysts recently issued reports on OKE shares. Citigroup cut shares of ONEOK from a “buy” rating to a “neutral” rating and cut their price target for the stock from $80.00 to $36.00 in a report on Wednesday, June 3rd. JPMorgan Chase & Co. downgraded ONEOK from an “overweight” rating to a “neutral” rating and set a $37.00 target price for the company. in a research note on Friday, May 22nd. Jefferies Financial Group downgraded ONEOK from a “buy” rating to a “hold” rating and set a $32.00 price target on the stock. in a research note on Thursday, April 30th. Goldman Sachs Group lowered ONEOK from a “buy” rating to a “neutral” rating and set a $36.00 price objective on the stock. in a report on Monday, April 20th. Finally, SunTrust Banks reduced their target price on ONEOK from $40.00 to $35.00 and set a “buy” rating for the company in a report on Thursday, April 30th. Three equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and five have assigned a buy rating to the stock. ONEOK has a consensus rating of “Hold” and a consensus target price of $43.35.
ONEOK (NYSE:OKE) last released its quarterly earnings results on Tuesday, July 28th. The utilities provider reported $0.32 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.51 by ($0.19). The company had revenue of $1.66 billion during the quarter, compared to analyst estimates of $2.32 billion. ONEOK had a return on equity of 18.28% and a net margin of 7.13%. The business’s revenue was down 32.4% compared to the same quarter last year. During the same period last year, the firm earned $0.75 earnings per share. On average, research analysts predict that ONEOK, Inc. will post 2.55 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Monday, August 3rd will be paid a $0.935 dividend. This represents a $3.74 annualized dividend and a yield of 13.40%. The ex-dividend date of this dividend is Friday, July 31st. ONEOK’s payout ratio is 121.82%.
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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