Sourcerock Group LLC Buys New Position in ONEOK, Inc. (NYSE:OKE)

Sourcerock Group LLC bought a new stake in shares of ONEOK, Inc. (NYSE:OKE) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 132,000 shares of the utilities provider’s stock, valued at approximately $13,253,000. ONEOK comprises 0.9% of Sourcerock Group LLC’s investment portfolio, making the stock its 22nd biggest position.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Greenline Partners LLC purchased a new position in ONEOK in the fourth quarter worth $32,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in ONEOK during the fourth quarter worth about $39,000. Canton Hathaway LLC bought a new position in shares of ONEOK during the 4th quarter valued at about $40,000. J.Safra Asset Management Corp purchased a new position in shares of ONEOK during the 4th quarter valued at about $48,000. Finally, VSM Wealth Advisory LLC bought a new stake in ONEOK in the 4th quarter worth approximately $50,000. Hedge funds and other institutional investors own 69.13% of the company’s stock.

ONEOK Price Performance

Shares of OKE stock opened at $85.74 on Monday. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.59 and a current ratio of 0.81. ONEOK, Inc. has a fifty-two week low of $75.48 and a fifty-two week high of $118.07. The firm has a market cap of $53.55 billion, a P/E ratio of 17.94, a P/E/G ratio of 3.77 and a beta of 1.01. The business’s 50 day moving average price is $88.59 and its 200-day moving average price is $97.71.

ONEOK (NYSE:OKE) last released its quarterly earnings results on Tuesday, April 29th. The utilities provider reported $1.04 earnings per share for the quarter, missing the consensus estimate of $1.28 by ($0.24). ONEOK had a net margin of 14.05% and a return on equity of 16.84%. The company had revenue of $6.49 billion during the quarter, compared to the consensus estimate of $8.23 billion. During the same quarter last year, the firm earned $1.09 EPS. On average, equities research analysts anticipate that ONEOK, Inc. will post 5.07 earnings per share for the current year.

ONEOK Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 5th were paid a $1.03 dividend. This represents a $4.12 dividend on an annualized basis and a yield of 4.81%. The ex-dividend date of this dividend was Monday, May 5th. ONEOK’s payout ratio is currently 80.47%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on OKE. Barclays reduced their price target on shares of ONEOK from $105.00 to $101.00 and set an “equal weight” rating on the stock in a research report on Friday, March 7th. Scotiabank decreased their target price on shares of ONEOK from $101.00 to $100.00 and set a “sector outperform” rating on the stock in a research report on Tuesday, April 29th. US Capital Advisors raised shares of ONEOK from a “moderate buy” rating to a “strong-buy” rating in a research note on Monday, February 3rd. Wells Fargo & Company reduced their price objective on ONEOK from $102.00 to $93.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 1st. Finally, Citigroup lowered their target price on ONEOK from $110.00 to $102.00 and set a “buy” rating for the company in a research note on Tuesday, May 6th. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $105.00.

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.