Summit X LLC Has $492,000 Stake in ONEOK, Inc. (NYSE:OKE)

Summit X LLC boosted its holdings in shares of ONEOK, Inc. (NYSE:OKE) by 95.1% in the 1st quarter, Holdings Channel.com reports. The firm owned 4,956 shares of the utilities provider’s stock after purchasing an additional 2,416 shares during the quarter. Summit X LLC’s holdings in ONEOK were worth $492,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Greenline Partners LLC bought a new stake in ONEOK during the 4th quarter valued at approximately $32,000. First Pacific Financial bought a new stake in ONEOK during the 1st quarter valued at approximately $34,000. Vermillion Wealth Management Inc. bought a new stake in shares of ONEOK in the 4th quarter worth approximately $37,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in shares of ONEOK in the 4th quarter worth approximately $39,000. Finally, MorganRosel Wealth Management LLC bought a new stake in shares of ONEOK in the 1st quarter worth approximately $39,000. Institutional investors own 69.13% of the company’s stock.

ONEOK Stock Down 1.8%

NYSE OKE opened at $80.09 on Wednesday. The stock has a fifty day moving average of $81.98 and a 200-day moving average of $90.54. The stock has a market capitalization of $50.42 billion, a P/E ratio of 15.64, a price-to-earnings-growth ratio of 1.55 and a beta of 0.93. ONEOK, Inc. has a 52 week low of $75.48 and a 52 week high of $118.07. The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.52 and a current ratio of 0.67.

ONEOK (NYSE:OKE) last posted its quarterly 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). ONEOK had a return on equity of 15.58% and a net margin of 12.15%. The company had revenue of $6.49 billion during the quarter, compared to the consensus estimate of $8.23 billion. During the same quarter in the prior year, the business earned $1.09 earnings per share. On average, equities research analysts forecast that ONEOK, Inc. will post 5.07 EPS for the current year.

ONEOK Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 5th were issued a dividend of $1.03 per share. The ex-dividend date was Monday, May 5th. This represents a $4.12 annualized dividend and a yield of 5.14%. ONEOK’s dividend payout ratio is presently 80.47%.

Analyst Ratings Changes

A number of brokerages have commented on OKE. JPMorgan Chase & Co. raised their price objective on ONEOK from $94.00 to $97.00 and gave the stock an “overweight” rating in a research report on Thursday, July 3rd. Stifel Nicolaus reduced 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. Barclays reduced 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. Scotiabank set a $92.00 target price on ONEOK and gave the stock a “sector outperform” rating in a report on Tuesday. Finally, Citigroup dropped their target price on ONEOK from $110.00 to $102.00 and set a “buy” rating for the company in a report on Tuesday, May 6th. Seven investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, ONEOK currently has a consensus rating of “Moderate Buy” and a consensus target price of $103.07.

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.