Beacon Investment Advisory Services Inc. Acquires New Stake in ONEOK, Inc. (OKE)
Beacon Investment Advisory Services Inc. acquired a new stake in shares of ONEOK, Inc. (NYSE:OKE) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 15,760 shares of the utilities provider’s stock, valued at approximately $873,000.
A number of other hedge funds also recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of ONEOK by 17.3% in the second quarter. Vanguard Group Inc. now owns 27,197,952 shares of the utilities provider’s stock worth $1,418,645,000 after buying an additional 4,002,795 shares during the period. BlackRock Inc. raised its holdings in shares of ONEOK by 28.4% in the second quarter. BlackRock Inc. now owns 24,014,654 shares of the utilities provider’s stock worth $1,252,605,000 after buying an additional 5,317,251 shares during the period. State Street Corp raised its holdings in shares of ONEOK by 53.7% in the second quarter. State Street Corp now owns 17,416,296 shares of the utilities provider’s stock worth $908,434,000 after buying an additional 6,086,061 shares during the period. Kayne Anderson Capital Advisors LP raised its holdings in shares of ONEOK by 184.7% in the third quarter. Kayne Anderson Capital Advisors LP now owns 9,476,645 shares of the utilities provider’s stock worth $525,098,000 after buying an additional 6,148,494 shares during the period. Finally, Neuberger Berman Group LLC raised its holdings in shares of ONEOK by 6.1% in the second quarter. Neuberger Berman Group LLC now owns 9,098,662 shares of the utilities provider’s stock worth $474,586,000 after buying an additional 526,450 shares during the period. Institutional investors and hedge funds own 71.02% of the company’s stock.
Shares of ONEOK, Inc. (NYSE OKE) traded up $0.39 during trading hours on Tuesday, reaching $53.40. The company had a trading volume of 3,076,000 shares, compared to its average volume of 3,220,793. ONEOK, Inc. has a 52 week low of $47.14 and a 52 week high of $59.47. The company has a market capitalization of $20,325.98, a PE ratio of 33.13, a P/E/G ratio of 3.40 and a beta of 1.26. The company has a debt-to-equity ratio of 1.47, a quick ratio of 0.41 and a current ratio of 0.55.
ONEOK (NYSE:OKE) last announced its quarterly earnings data on Tuesday, October 31st. The utilities provider reported $0.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.06). ONEOK had a return on equity of 9.25% and a net margin of 3.76%. The firm had revenue of $2.91 billion during the quarter, compared to the consensus estimate of $2.80 billion. During the same period last year, the company earned $0.43 EPS. sell-side analysts anticipate that ONEOK, Inc. will post 1.73 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 14th. Investors of record on Monday, November 6th were paid a $0.745 dividend. The ex-dividend date of this dividend was Friday, November 3rd. This represents a $2.98 annualized dividend and a yield of 5.58%. ONEOK’s dividend payout ratio (DPR) is currently 186.25%.
Several brokerages have recently weighed in on OKE. BMO Capital Markets set a $62.00 price target on ONEOK and gave the stock a “buy” rating in a report on Wednesday, October 18th. Stifel Nicolaus reiterated a “hold” rating and issued a $54.00 price target on shares of ONEOK in a report on Thursday, October 12th. Zacks Investment Research upgraded ONEOK from a “hold” rating to a “strong-buy” rating and set a $65.00 price target on the stock in a report on Tuesday, October 17th. J P Morgan Chase & Co reiterated a “neutral” rating and issued a $58.00 price target on shares of ONEOK in a report on Monday, September 11th. Finally, Mizuho began coverage on ONEOK in a report on Tuesday, October 10th. They issued a “neutral” rating and a $59.00 price target on the stock. One research analyst has rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $59.07.
In other news, Director Brian L. Derksen acquired 1,800 shares of the company’s stock in a transaction that occurred on Monday, November 20th. The shares were bought at an average price of $51.00 per share, with a total value of $91,800.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.00% of the stock is owned by corporate insiders.
ONEOK Company Profile
ONEOK, Inc is an energy midstream service provider in the United States. The Company owns and operates natural gas liquids (NGL) systems, and is engaged in the gathering, processing, storage and transportation of natural gas. THe Company’s operations include a 38,000-mile integrated network of NGL and natural gas pipelines, processing plants, fractionators and storage facilities in the Mid-Continent, Williston, Permian and Rocky Mountain regions.
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