Frontier Wealth Management LLC Trims Stake in ONEOK, Inc. (OKE)
Frontier Wealth Management LLC lowered its holdings in shares of ONEOK, Inc. (NYSE:OKE) by 20.5% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,056 shares of the utilities provider’s stock after selling 1,305 shares during the quarter. Frontier Wealth Management LLC’s holdings in ONEOK were worth $264,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in OKE. Delta Asset Management LLC TN purchased a new stake in shares of ONEOK during the 2nd quarter valued at about $103,000. Ropes Wealth Advisors LLC purchased a new stake in shares of ONEOK during the 2nd quarter valued at about $103,000. Smithfield Trust Co. increased its position in shares of ONEOK by 107.7% during the 2nd quarter. Smithfield Trust Co. now owns 1,994 shares of the utilities provider’s stock valued at $104,000 after purchasing an additional 1,034 shares during the last quarter. Bronfman E.L. Rothschild L.P. increased its position in shares of ONEOK by 83.3% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 3,087 shares of the utilities provider’s stock valued at $161,000 after purchasing an additional 1,403 shares during the last quarter. Finally, CHICAGO TRUST Co NA increased its position in shares of ONEOK by 0.5% during the 2nd quarter. CHICAGO TRUST Co NA now owns 4,020 shares of the utilities provider’s stock valued at $210,000 after purchasing an additional 20 shares during the last quarter. 51.26% of the stock is owned by hedge funds and other institutional investors.
ONEOK, Inc. (OKE) opened at 55.41 on Friday. ONEOK, Inc. has a 52-week low of $45.41 and a 52-week high of $59.47. The company has a market capitalization of $21.06 billion, a P/E ratio of 34.72 and a beta of 1.32. The stock’s 50 day moving average price is $53.98 and its 200-day moving average price is $52.90.
ONEOK (NYSE:OKE) last issued its quarterly earnings results on Tuesday, August 1st. The utilities provider reported $0.33 EPS for the quarter, missing the Thomson Reuters’ 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 quarter in the previous year, the firm posted $0.40 earnings per share. Analysts predict that ONEOK, Inc. will post $1.72 earnings per share for the current fiscal year.
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Several equities research analysts have recently commented on the stock. BidaskClub raised shares of ONEOK from a “sell” rating to a “hold” rating in a research report on Friday, August 25th. Credit Suisse Group reduced their target price on shares of ONEOK from $64.00 to $61.00 and set an “outperform” rating for the company in a report on Thursday, August 3rd. J P Morgan Chase & Co reissued a “neutral” rating and issued a $58.00 target price on shares of ONEOK in a report on Monday, September 11th. Argus reissued a “buy” rating and issued a $59.00 target price (up from $55.00) on shares of ONEOK in a report on Thursday, August 24th. Finally, UBS AG raised shares of ONEOK from a “neutral” rating to a “buy” rating and increased their target price for the stock from $56.00 to $59.00 in a report on Wednesday, June 14th. Ten investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $57.57.
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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