Cyndeo Wealth Partners LLC Cuts Stake in ONEOK, Inc. (NYSE:OKE)

Cyndeo Wealth Partners LLC lowered its position in ONEOK, Inc. (NYSE:OKE) by 1.1% in the 1st quarter, Holdings Channel reports. The institutional investor owned 85,536 shares of the utilities provider’s stock after selling 908 shares during the period. Cyndeo Wealth Partners LLC’s holdings in ONEOK were worth $8,487,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of OKE. Norges Bank purchased a new stake in ONEOK in the fourth quarter worth approximately $539,554,000. Wellington Management Group LLP boosted its stake in shares of ONEOK by 433.4% during the fourth quarter. Wellington Management Group LLP now owns 4,206,906 shares of the utilities provider’s stock valued at $422,373,000 after purchasing an additional 3,418,207 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of ONEOK by 240.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,790,760 shares of the utilities provider’s stock worth $280,194,000 after purchasing an additional 1,971,147 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of ONEOK in the fourth quarter worth approximately $182,694,000. Finally, ClearBridge Investments Ltd bought a new position in shares of ONEOK in the fourth quarter worth approximately $177,045,000. Hedge funds and other institutional investors own 69.13% of the company’s stock.

ONEOK Price Performance

OKE opened at $83.74 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. The stock has a market capitalization of $52.72 billion, a P/E ratio of 17.52, a P/E/G ratio of 3.77 and a beta of 0.94. The company’s 50-day simple moving average is $83.07 and its two-hundred day simple moving average is $94.02. ONEOK, Inc. has a 52-week low of $75.48 and a 52-week high of $118.07.

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

ONEOK Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 5th were paid a dividend of $1.03 per share. This represents a $4.12 annualized dividend and a yield of 4.92%. The ex-dividend date of this dividend was Monday, May 5th. ONEOK’s dividend payout ratio is currently 80.47%.

Analysts Set New Price Targets

OKE has been the topic of several recent analyst reports. Scotiabank cut their target price on shares of ONEOK from $96.00 to $93.00 and set a “sector outperform” rating on the stock in a report on Thursday, June 5th. Morgan Stanley raised their target price on shares of ONEOK from $111.00 to $133.00 and gave the stock an “overweight” rating in a report on Tuesday, March 25th. Wells Fargo & Company cut their target price on shares of ONEOK from $102.00 to $93.00 and set an “equal weight” rating on the stock in a report on Thursday, May 1st. Barclays cut their target price on shares of ONEOK from $101.00 to $91.00 and set an “equal weight” rating on the stock in a report on Tuesday, June 3rd. Finally, Stifel Nicolaus dropped their price target on ONEOK from $110.00 to $107.00 and set a “buy” rating for the company in a research note on Thursday, May 1st. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, ONEOK has a consensus rating of “Moderate Buy” and a consensus target price of $103.69.

ONEOK Company 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.