Old Port Advisors Invests $1.94 Million in ONEOK, Inc. (OKE)
Old Port Advisors purchased a new position in shares of ONEOK, Inc. (NYSE:OKE) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 27,799 shares of the utilities provider’s stock, valued at approximately $1,941,000.
Other large investors have also modified their holdings of the company. BerganKDV Wealth Management LLC acquired a new stake in shares of ONEOK during the 2nd quarter worth approximately $117,000. Private Capital Group LLC grew its position in shares of ONEOK by 12,150.0% during the 1st quarter. Private Capital Group LLC now owns 2,205 shares of the utilities provider’s stock worth $126,000 after buying an additional 2,187 shares during the period. SWS Partners acquired a new stake in shares of ONEOK during the 1st quarter worth approximately $138,000. Archford Capital Strategies LLC acquired a new stake in shares of ONEOK during the 1st quarter worth approximately $148,000. Finally, McKinley Carter Wealth Services Inc. acquired a new stake in shares of ONEOK during the 1st quarter worth approximately $148,000. Institutional investors own 73.13% of the company’s stock.
Several equities research analysts have recently commented on the stock. Wells Fargo & Co lowered their price target on shares of ONEOK from $77.00 to $75.00 and set an “outperform” rating for the company in a research report on Thursday, September 13th. ValuEngine cut shares of ONEOK from a “buy” rating to a “hold” rating in a research report on Wednesday, August 29th. Bank of America lifted their price target on shares of ONEOK from $70.00 to $71.00 and gave the stock a “neutral” rating in a research report on Thursday, August 2nd. Seaport Global Securities set a $73.00 price objective on shares of ONEOK and gave the company a “hold” rating in a report on Friday, July 27th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of ONEOK from $65.00 to $74.00 and gave the company a “neutral” rating in a report on Friday, July 27th. Nine research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $69.53.
ONEOK (NYSE:OKE) last issued its quarterly earnings data on Tuesday, July 31st. The utilities provider reported $0.68 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.01. The firm had revenue of $2.96 billion during the quarter, compared to analysts’ expectations of $3.20 billion. ONEOK had a net margin of 6.07% and a return on equity of 14.70%. analysts predict that ONEOK, Inc. will post 2.7 earnings per share for the current fiscal year.
In other news, Director Brian L. Derksen acquired 1,500 shares of the firm’s stock in a transaction that occurred on Monday, August 6th. The stock was purchased at an average price of $67.60 per share, for a total transaction of $101,400.00. Following the completion of the acquisition, the director now owns 5,100 shares in the company, valued at $344,760. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.53% of the stock is currently owned by insiders.
ONEOK, Inc, through its general partner interests in ONEOK Partners, L.P., engages in the gathering, processing, storage, and transportation of natural gas in the United States. The company operates through Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines segments.
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