Cullen Frost Bankers Inc. Cuts Position in ONEOK, Inc. (NYSE:OKE)

Cullen Frost Bankers Inc. reduced its stake in shares of ONEOK, Inc. (NYSE:OKE) by 71.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,339 shares of the utilities provider’s stock after selling 8,355 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in ONEOK were worth $331,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC boosted its stake in ONEOK by 137.1% in the fourth quarter. Brighton Jones LLC now owns 15,278 shares of the utilities provider’s stock valued at $1,534,000 after acquiring an additional 8,834 shares in the last quarter. Proficio Capital Partners LLC acquired a new stake in shares of ONEOK in the 4th quarter worth $258,000. Envestnet Portfolio Solutions Inc. boosted its position in shares of ONEOK by 5.3% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 7,497 shares of the utilities provider’s stock worth $753,000 after purchasing an additional 374 shares in the last quarter. Harvest Fund Management Co. Ltd grew its stake in ONEOK by 118.4% during the 4th quarter. Harvest Fund Management Co. Ltd now owns 6,053 shares of the utilities provider’s stock worth $608,000 after buying an additional 3,281 shares during the last quarter. Finally, Royal London Asset Management Ltd. increased its position in ONEOK by 7.6% during the 4th quarter. Royal London Asset Management Ltd. now owns 324,806 shares of the utilities provider’s stock valued at $32,611,000 after buying an additional 23,009 shares in the last quarter. Institutional investors own 69.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on OKE. TD Cowen initiated coverage on shares of ONEOK in a research report on Monday, July 7th. They set a “hold” rating and a $91.00 target price on the stock. Citigroup reduced 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. Barclays reduced their target price on ONEOK from $101.00 to $91.00 and set an “equal weight” rating for the company in a research note on Tuesday, June 3rd. Morgan Stanley increased their price objective on shares of ONEOK from $111.00 to $133.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 25th. Finally, JPMorgan Chase & Co. raised their target price on shares of ONEOK from $94.00 to $97.00 and gave the stock an “overweight” rating in a report on Thursday, July 3rd. Six equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, ONEOK presently has an average rating of “Moderate Buy” and a consensus target price of $103.07.

ONEOK Stock Performance

OKE opened at $83.42 on Friday. The company has a quick ratio of 0.52, a current ratio of 0.67 and a debt-to-equity ratio of 1.35. The company has a market cap of $52.52 billion, a price-to-earnings ratio of 16.29, a PEG ratio of 1.90 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 firm’s fifty day simple moving average is $81.97 and its two-hundred day simple moving average is $90.21.

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

ONEOK Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 14th. Stockholders of record on Friday, August 1st will be given a $1.03 dividend. This represents a $4.12 dividend on an annualized basis and a dividend yield of 4.94%. The ex-dividend date of this dividend is Friday, August 1st. ONEOK’s dividend payout ratio (DPR) 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.