Comerica Bank Has $22.29 Million Position in ONEOK, Inc. (OKE)
Comerica Bank boosted its stake in shares of ONEOK, Inc. (NYSE:OKE) by 1.0% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 406,140 shares of the utilities provider’s stock after buying an additional 4,103 shares during the period. Comerica Bank’s holdings in ONEOK were worth $22,289,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of the stock. Massmutual Trust Co. FSB ADV purchased a new stake in shares of ONEOK during the first quarter valued at $100,000. Delta Asset Management LLC TN purchased a new stake in shares of ONEOK during the second quarter valued at $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. 80.89% of the stock is currently owned by hedge funds and other institutional investors.
ONEOK, Inc. (NYSE:OKE) opened at 50.93 on Wednesday. ONEOK, Inc. has a 52 week low of $45.41 and a 52 week high of $59.47. The firm has a 50-day moving average of $53.27 and a 200 day moving average of $52.95. The stock has a market capitalization of $19.35 billion, a price-to-earnings ratio of 31.91 and a beta of 1.31.
ONEOK (NYSE:OKE) last announced its earnings results on Tuesday, August 1st. The utilities provider reported $0.33 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.45 by $0.12. ONEOK had a net margin of 3.26% and a return on equity of 8.62%. The business had revenue of $2.73 billion during the quarter, compared to analyst estimates of $2.64 billion. During the same period in the previous year, the company earned $0.40 earnings per share. On average, analysts anticipate that ONEOK, Inc. will post $1.54 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, August 14th. Shareholders of record on Monday, August 7th were given a $0.745 dividend. This represents a $2.98 dividend on an annualized basis and a dividend yield of 5.85%. This is a positive change from ONEOK’s previous quarterly dividend of $0.62. The ex-dividend date was Thursday, August 3rd. ONEOK’s dividend payout ratio is presently 186.25%.
OKE has been the topic of several analyst reports. BidaskClub raised shares of ONEOK from a “hold” rating to a “buy” rating in a report on Friday, August 4th. UBS AG raised shares of ONEOK from a “neutral” rating to a “buy” rating and raised their target price for the company from $56.00 to $59.00 in a report on Wednesday, June 14th. Argus raised shares of ONEOK from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a report on Wednesday, June 21st. Morgan Stanley cut shares of ONEOK from an “overweight” rating to an “equal weight” rating and set a $54.00 target price on the stock. in a report on Wednesday, July 5th. Finally, Jefferies Group LLC set a $51.00 target price on shares of ONEOK and gave the company a “hold” rating in a report on Friday, June 16th. Eight equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $57.15.
In other ONEOK news, Director Eduardo A. Rodriguez sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, June 16th. The stock was sold at an average price of $50.34, for a total value of $100,680.00. Following the transaction, the director now directly owns 18,125 shares of the company’s stock, valued at approximately $912,412.50. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate 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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