Everence Capital Management Inc. Trims Stake in ONEOK, Inc. (OKE)
Everence Capital Management Inc. cut its stake in shares of ONEOK, Inc. (NYSE:OKE) by 25.5% during the first quarter, HoldingsChannel.com reports. The fund owned 10,516 shares of the utilities provider’s stock after selling 3,600 shares during the quarter. Everence Capital Management Inc.’s holdings in ONEOK were worth $734,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of the company. CIBC Asset Management Inc increased its position in shares of ONEOK by 0.4% during the fourth quarter. CIBC Asset Management Inc now owns 38,249 shares of the utilities provider’s stock worth $2,064,000 after acquiring an additional 159 shares during the period. Kaizen Advisory LLC increased its position in shares of ONEOK by 17.3% during the fourth quarter. Kaizen Advisory LLC now owns 1,121 shares of the utilities provider’s stock worth $60,000 after acquiring an additional 165 shares during the period. Trust Co. of Oklahoma increased its position in shares of ONEOK by 1.6% during the first quarter. Trust Co. of Oklahoma now owns 11,084 shares of the utilities provider’s stock worth $774,000 after acquiring an additional 170 shares during the period. Covington Capital Management increased its position in shares of ONEOK by 46.3% during the fourth quarter. Covington Capital Management now owns 585 shares of the utilities provider’s stock worth $32,000 after acquiring an additional 185 shares during the period. Finally, Pinnacle Bank increased its position in shares of ONEOK by 6.2% during the first quarter. Pinnacle Bank now owns 3,404 shares of the utilities provider’s stock worth $238,000 after acquiring an additional 200 shares during the period. 74.38% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts have recently issued reports on the stock. SunTrust Banks assumed coverage on shares of ONEOK in a research note on Friday, January 18th. They set a “buy” rating and a $72.00 price objective on the stock. Barclays set a $66.00 price objective on shares of ONEOK and gave the company a “hold” rating in a research note on Wednesday, January 16th. Citigroup increased their price objective on shares of ONEOK from $67.00 to $77.00 and gave the company a “buy” rating in a research note on Thursday, May 2nd. US Capital Advisors reiterated a “buy” rating on shares of ONEOK in a research note on Wednesday, January 16th. Finally, Jefferies Financial Group downgraded shares of ONEOK from a “buy” rating to a “hold” rating and increased their price objective for the company from $72.00 to $74.00 in a research note on Monday, April 1st. Ten research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $71.73.
Shares of OKE opened at $67.05 on Wednesday. The company has a market capitalization of $27.44 billion, a price-to-earnings ratio of 24.12, a PEG ratio of 1.91 and a beta of 1.20. ONEOK, Inc. has a twelve month low of $50.26 and a twelve month high of $71.99. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.79 and a quick ratio of 0.55.
ONEOK (NYSE:OKE) last announced its earnings results on Tuesday, April 30th. The utilities provider reported $0.81 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.73 by $0.08. The company had revenue of $2.78 billion during the quarter, compared to the consensus estimate of $2.70 billion. ONEOK had a net margin of 9.98% and a return on equity of 18.47%. During the same period last year, the firm earned $0.64 earnings per share. On average, equities analysts predict that ONEOK, Inc. will post 3.08 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Monday, April 29th will be paid a $0.865 dividend. This represents a $3.46 annualized dividend and a yield of 5.16%. This is an increase from ONEOK’s previous quarterly dividend of $0.86. The ex-dividend date of this dividend is Friday, April 26th. ONEOK’s dividend payout ratio (DPR) is 124.46%.
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ONEOK, Inc, together with its subsidiaries, engages in the gathering, processing, storage, and transportation of natural gas in the United States. It operates through Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines segments. The company owns natural gas gathering pipelines and processing plants in the Mid-Continent and Rocky Mountain regions.
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