ING Groep NV Cuts Position in ONEOK, Inc. (NYSE:OKE)

ING Groep NV reduced its position in shares of ONEOK, Inc. (NYSE:OKE) by 20.4% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 524,121 shares of the utilities provider’s stock after selling 134,423 shares during the period. ING Groep NV’s holdings in ONEOK were worth $47,763,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Tortoise Capital Advisors L.L.C. lifted its stake in ONEOK by 3.5% during the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 6,795,313 shares of the utilities provider’s stock worth $554,158,000 after acquiring an additional 232,043 shares in the last quarter. Energy Income Partners LLC boosted its stake in shares of ONEOK by 10.3% in the first quarter. Energy Income Partners LLC now owns 3,434,728 shares of the utilities provider’s stock valued at $275,362,000 after purchasing an additional 319,487 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of ONEOK by 4.1% in the second quarter. Dimensional Fund Advisors LP now owns 3,340,155 shares of the utilities provider’s stock valued at $272,377,000 after purchasing an additional 132,326 shares in the last quarter. International Assets Investment Management LLC increased its stake in ONEOK by 9,439.9% during the 3rd quarter. International Assets Investment Management LLC now owns 3,230,989 shares of the utilities provider’s stock worth $294,440,000 after buying an additional 3,197,121 shares during the period. Finally, abrdn plc lifted its holdings in ONEOK by 14.8% during the 3rd quarter. abrdn plc now owns 2,149,676 shares of the utilities provider’s stock worth $195,545,000 after buying an additional 277,514 shares in the last quarter. 69.13% of the stock is owned by institutional investors and hedge funds.

ONEOK Stock Performance

Shares of OKE stock traded down $0.28 during mid-day trading on Thursday, hitting $107.89. 803,032 shares of the stock were exchanged, compared to its average volume of 2,754,536. ONEOK, Inc. has a 12-month low of $64.68 and a 12-month high of $109.21. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.59 and a current ratio of 0.81. The stock has a market capitalization of $63.03 billion, a price-to-earnings ratio of 22.63, a P/E/G ratio of 5.38 and a beta of 1.66. The stock’s fifty day simple moving average is $95.84 and its two-hundred day simple moving average is $87.24.

ONEOK (NYSE:OKE) last released its quarterly earnings results on Tuesday, October 29th. The utilities provider reported $1.18 EPS for the quarter, missing the consensus estimate of $1.23 by ($0.05). ONEOK had a return on equity of 16.84% and a net margin of 14.05%. The firm had revenue of $5.02 billion for the quarter, compared to analyst estimates of $5.81 billion. During the same period last year, the firm earned $0.99 EPS. On average, analysts forecast that ONEOK, Inc. will post 5.15 EPS for the current year.

ONEOK Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Friday, November 1st will be paid a dividend of $0.99 per share. This represents a $3.96 dividend on an annualized basis and a yield of 3.67%. The ex-dividend date of this dividend is Friday, November 1st. ONEOK’s dividend payout ratio is currently 82.85%.

Wall Street Analysts Forecast Growth

Several research firms have commented on OKE. Truist Financial boosted their price target on shares of ONEOK from $83.00 to $99.00 and gave the stock a “hold” rating in a research note on Wednesday, October 30th. Bank of America began coverage on ONEOK in a report on Thursday, October 17th. They set a “buy” rating and a $105.00 price target on the stock. Morgan Stanley upgraded ONEOK from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $103.00 to $111.00 in a research note on Monday, September 16th. Barclays boosted their price objective on ONEOK from $94.00 to $99.00 and gave the stock an “equal weight” rating in a research report on Monday, November 4th. Finally, Scotiabank raised their target price on shares of ONEOK from $88.00 to $102.00 and gave the company a “sector outperform” rating in a report on Friday, August 30th. Eight investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $96.92.

Insider Activity at ONEOK

In other ONEOK news, Director Pattye L. Moore sold 3,379 shares of the company’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $92.01, for a total transaction of $310,901.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.20% of the stock is currently owned by insiders.

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.