Royal Bank of Canada Increases Stock Holdings in ONEOK, Inc. $OKE

Royal Bank of Canada increased its stake in shares of ONEOK, Inc. (NYSE:OKE) by 38.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,202,889 shares of the utilities provider’s stock after buying an additional 896,009 shares during the quarter. Royal Bank of Canada owned 0.51% of ONEOK worth $289,507,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of OKE. Zions Bancorporation National Association UT grew its stake in shares of ONEOK by 73.3% in the 4th quarter. Zions Bancorporation National Association UT now owns 338 shares of the utilities provider’s stock worth $25,000 after acquiring an additional 143 shares in the last quarter. Elyxium Wealth LLC bought a new position in shares of ONEOK during the fourth quarter valued at about $29,000. Cornerstone Financial Management LLC purchased a new position in ONEOK during the fourth quarter worth about $29,000. SRH Advisors LLC boosted its holdings in ONEOK by 122.3% during the fourth quarter. SRH Advisors LLC now owns 438 shares of the utilities provider’s stock worth $32,000 after purchasing an additional 241 shares during the last quarter. Finally, Portus Wealth Advisors LLC bought a new stake in ONEOK in the 1st quarter worth about $33,000. 69.13% of the stock is owned by hedge funds and other institutional investors.

ONEOK Stock Performance

Shares of OKE stock opened at $90.03 on Thursday. The firm has a market cap of $56.73 billion, a price-to-earnings ratio of 16.05, a P/E/G ratio of 4.80 and a beta of 0.73. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.56 and a current ratio of 0.71. ONEOK, Inc. has a 52 week low of $64.02 and a 52 week high of $96.07. The firm’s 50-day simple moving average is $89.23 and its two-hundred day simple moving average is $86.43.

ONEOK (NYSE:OKE) last released its earnings results on Tuesday, April 28th. The utilities provider reported $1.23 earnings per share for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.07). ONEOK had a net margin of 10.03% and a return on equity of 16.06%. The company had revenue of $9.62 billion for the quarter, compared to the consensus estimate of $8.23 billion. During the same period in the prior year, the company earned $1.04 earnings per share. As a group, equities analysts forecast that ONEOK, Inc. will post 5.65 earnings per share for the current year.

ONEOK Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Monday, August 3rd will be paid a $1.07 dividend. The ex-dividend date is Monday, August 3rd. This represents a $4.28 annualized dividend and a yield of 4.8%. ONEOK’s dividend payout ratio is presently 76.29%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Barclays decreased their price objective on shares of ONEOK from $90.00 to $88.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 8th. TD Cowen upped their target price on ONEOK from $85.00 to $90.00 and gave the company a “hold” rating in a report on Thursday, July 16th. JPMorgan Chase & Co. increased their price target on ONEOK from $91.00 to $92.00 and gave the company a “neutral” rating in a research report on Friday, May 8th. Royal Bank Of Canada lifted their price target on ONEOK from $84.00 to $90.00 and gave the stock a “sector perform” rating in a report on Tuesday, July 21st. Finally, Raymond James Financial reissued an “outperform” rating and issued a $92.00 price objective on shares of ONEOK in a research report on Thursday, April 30th. Seven research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $91.81.

About ONEOK

ONEOK, Inc (NYSE: OKE) is a publicly traded midstream energy company headquartered in Tulsa, Oklahoma. The company owns and operates a portfolio of natural gas and natural gas liquids (NGL) pipelines, processing facilities, fractionators and storage and terminal assets. Its operations are focused on gathering, processing, transporting, fractionating and marketing NGLs and interstate natural gas, providing critical infrastructure that connects hydrocarbon production to refineries, petrochemical plants and other end markets.

ONEOK’s asset base includes pipeline systems and processing plants that move and condition natural gas, along with infrastructure for the transportation, storage and fractionation of NGLs such as ethane, propane and butane.