ONEOK, Inc. (NYSE:OKE) Shares Acquired by CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its stake in ONEOK, Inc. (NYSE:OKE) by 34.4% in the 1st quarter, HoldingsChannel.com reports. The firm owned 1,138,825 shares of the utilities provider’s stock after buying an additional 291,360 shares during the quarter. ONEOK comprises about 7.0% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings, making the stock its 4th biggest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in ONEOK were worth $112,994,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of the stock. Greenline Partners LLC bought a new stake in ONEOK in the fourth quarter worth about $32,000. First Pacific Financial bought a new stake in ONEOK in the first quarter worth about $34,000. Vermillion Wealth Management Inc. bought a new stake in ONEOK in the fourth quarter worth about $37,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in ONEOK in the fourth quarter worth about $39,000. Finally, Rakuten Securities Inc. raised its position in ONEOK by 152.1% in the first quarter. Rakuten Securities Inc. now owns 421 shares of the utilities provider’s stock worth $42,000 after acquiring an additional 254 shares in the last quarter. Institutional investors and hedge funds own 69.13% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on OKE. Barclays dropped their price target on shares of ONEOK from $101.00 to $91.00 and set an “equal weight” rating on the stock in a research report on Tuesday, June 3rd. Stifel Nicolaus cut their price objective on ONEOK from $110.00 to $107.00 and set a “buy” rating on the stock in a report on Thursday, May 1st. Citigroup cut their price objective on ONEOK from $110.00 to $102.00 and set a “buy” rating on the stock in a report on Tuesday, May 6th. Scotiabank cut their price objective on ONEOK from $96.00 to $93.00 and set a “sector outperform” rating on the stock in a report on Thursday, June 5th. Finally, Wells Fargo & Company cut their price objective on ONEOK from $102.00 to $93.00 and set an “equal weight” rating on the stock in a report on Thursday, May 1st. Six equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $104.67.

ONEOK Price Performance

Shares of OKE opened at $81.27 on Friday. The company has a market capitalization of $51.16 billion, a price-to-earnings ratio of 15.87, a P/E/G ratio of 1.59 and a beta of 0.94. ONEOK, Inc. has a fifty-two week low of $75.48 and a fifty-two week high of $118.07. The company has a debt-to-equity ratio of 1.35, a current ratio of 0.67 and a quick ratio of 0.52. The business’s 50-day moving average is $82.57 and its 200-day moving average is $92.30.

ONEOK (NYSE:OKE) last issued its earnings results on Tuesday, April 29th. The utilities provider reported $1.04 earnings per share for the quarter, missing analysts’ consensus estimates of $1.28 by ($0.24). The business had revenue of $6.49 billion during the quarter, compared to analyst estimates of $8.23 billion. ONEOK had a net margin of 12.15% and a return on equity of 15.58%. During the same quarter in the prior year, the company earned $1.09 EPS. Equities research analysts expect that ONEOK, Inc. will post 5.07 EPS for the current fiscal year.

ONEOK Dividend Announcement

The company 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. The ex-dividend date was Monday, May 5th. This represents a $4.12 annualized dividend and a dividend yield of 5.07%. ONEOK’s payout ratio is 80.47%.

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.