Kingswood Wealth Advisors LLC Increases Stake in ONEOK, Inc. (NYSE:OKE)

Kingswood Wealth Advisors LLC raised its position in ONEOK, Inc. (NYSE:OKE) by 244.1% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 49,921 shares of the utilities provider’s stock after purchasing an additional 35,415 shares during the period. Kingswood Wealth Advisors LLC’s holdings in ONEOK were worth $4,966,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of ONEOK by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 70,120,264 shares of the utilities provider’s stock worth $7,040,075,000 after acquiring an additional 558,789 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of ONEOK by 5.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 18,414,781 shares of the utilities provider’s stock worth $1,848,844,000 after acquiring an additional 934,007 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of ONEOK by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 14,037,890 shares of the utilities provider’s stock worth $1,405,697,000 after acquiring an additional 357,015 shares during the last quarter. Northern Trust Corp increased its stake in shares of ONEOK by 15.2% in the 4th quarter. Northern Trust Corp now owns 6,535,861 shares of the utilities provider’s stock worth $656,200,000 after acquiring an additional 864,392 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of ONEOK in the 4th quarter worth $539,554,000. Hedge funds and other institutional investors own 69.13% of the company’s stock.

ONEOK Stock Performance

Shares of ONEOK stock opened at $81.35 on Wednesday. The business has a 50-day moving average of $83.07 and a 200 day moving average of $93.71. ONEOK, Inc. has a 12 month low of $75.48 and a 12 month high of $118.07. The stock has a market capitalization of $51.21 billion, a price-to-earnings ratio of 15.89, a price-to-earnings-growth ratio of 1.61 and a beta of 0.94. The company has a debt-to-equity ratio of 1.35, a current ratio of 0.67 and a quick ratio of 0.52.

ONEOK (NYSE:OKE) last announced its earnings results on Tuesday, April 29th. The utilities provider reported $1.04 EPS for the quarter, missing analysts’ consensus estimates of $1.28 by ($0.24). ONEOK had a net margin of 12.15% and a return on equity of 15.58%. The firm had revenue of $6.49 billion for the quarter, compared to analysts’ expectations of $8.23 billion. During the same quarter last year, the business earned $1.09 earnings per share. As a group, sell-side analysts forecast that ONEOK, Inc. will post 5.07 earnings per share for the current year.

ONEOK Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 5th were issued a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a yield of 5.06%. The ex-dividend date of this dividend was Monday, May 5th. ONEOK’s dividend payout ratio (DPR) is 80.47%.

Analyst Ratings Changes

A number of brokerages have issued reports on OKE. Scotiabank cut their target price on ONEOK from $96.00 to $93.00 and set a “sector outperform” rating for the company in a research note on Thursday, June 5th. Morgan Stanley raised their target price on ONEOK from $111.00 to $133.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 25th. Citigroup cut their price objective on ONEOK from $110.00 to $102.00 and set a “buy” rating for the company in a research report on Tuesday, May 6th. Stifel Nicolaus cut their price objective on ONEOK from $110.00 to $107.00 and set a “buy” rating for the company in a research report on Thursday, May 1st. Finally, Barclays cut their price objective on ONEOK from $101.00 to $91.00 and set an “equal weight” rating for the company in a research report on Tuesday, June 3rd. Six investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, ONEOK currently has a consensus rating of “Moderate Buy” and an average target price of $103.69.

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.