Bright Rock Capital Management LLC Has $2,274,000 Stake in ONEOK, Inc. (NYSE:OKE)
Bright Rock Capital Management LLC maintained its position in ONEOK, Inc. (NYSE:OKE) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 43,600 shares of the utilities provider’s stock at the end of the second quarter. Bright Rock Capital Management LLC’s holdings in ONEOK were worth $2,274,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Massmutual Trust Co. FSB ADV purchased a new position in ONEOK during the first quarter valued at approximately $100,000. Delta Asset Management LLC TN bought a new stake in shares of ONEOK during the second quarter valued at about $103,000. Smithfield Trust Co. boosted its stake in shares of ONEOK by 107.7% in the second quarter. Smithfield Trust Co. now owns 1,994 shares of the utilities provider’s stock valued at $104,000 after buying an additional 1,034 shares during the period. Huntington National Bank boosted its stake in shares of ONEOK by 33.7% in the first quarter. Huntington National Bank now owns 2,196 shares of the utilities provider’s stock valued at $122,000 after buying an additional 554 shares during the period. Finally, Financial Architects Inc boosted its stake in shares of ONEOK by 165.4% in the first quarter. Financial Architects Inc now owns 3,755 shares of the utilities provider’s stock valued at $208,000 after buying an additional 2,340 shares during the period. Institutional investors own 80.89% of the company’s stock.
ONEOK, Inc. (NYSE OKE) opened at 52.76 on Thursday. The company has a 50 day moving average price of $52.90 and a 200 day moving average price of $53.07. The stock has a market cap of $20.05 billion, a price-to-earnings ratio of 33.06 and a beta of 1.31. ONEOK, Inc. has a 52 week low of $44.98 and a 52 week high of $59.47.
ONEOK (NYSE:OKE) last posted its quarterly earnings results on Tuesday, August 1st. The utilities provider reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by $0.12. ONEOK had a return on equity of 8.62% and a net margin of 3.26%. The firm had revenue of $2.73 billion for the quarter, compared to analysts’ expectations of $2.64 billion. During the same period in the prior year, the company earned $0.40 earnings per share. Analysts expect that ONEOK, Inc. will post $1.54 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, August 14th. Shareholders of record on Monday, August 7th will be issued a $0.745 dividend. The ex-dividend date is Thursday, August 3rd. This is a boost from ONEOK’s previous quarterly dividend of $0.62. This represents a $2.98 dividend on an annualized basis and a yield of 5.65%. ONEOK’s dividend payout ratio (DPR) is 186.25%.
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Several analysts have issued reports on the company. Guggenheim assumed coverage on ONEOK in a research report on Monday, April 17th. They set a “buy” rating and a $62.00 target price on the stock. UBS AG raised ONEOK from a “neutral” rating to a “buy” rating and increased their target price for the company from $56.00 to $59.00 in a research report on Wednesday, June 14th. BidaskClub raised ONEOK from a “hold” rating to a “buy” rating in a research report on Friday, August 4th. Argus raised ONEOK from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a research report on Wednesday, June 21st. Finally, Jefferies Group LLC set a $51.00 price objective on ONEOK and gave the stock a “hold” rating in a research report on Friday, June 16th. Eight investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. ONEOK presently has an average rating of “Hold” and a consensus price target of $57.15.
In other ONEOK news, Director Eduardo A. Rodriguez sold 2,000 shares of the stock in a transaction dated Friday, June 16th. The shares were sold at an average price of $50.34, for a total value of $100,680.00. Following the completion of the transaction, the director now directly owns 18,125 shares of the company’s stock, valued at $912,412.50. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.90% of the company’s stock.
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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