Retirement Systems of Alabama Boosts Stake in ONEOK, Inc. (OKE)
Retirement Systems of Alabama raised its stake in ONEOK, Inc. (NYSE:OKE) by 75.1% during the second quarter, Holdings Channel reports. The institutional investor owned 178,345 shares of the utilities provider’s stock after buying an additional 76,469 shares during the period. Retirement Systems of Alabama’s holdings in ONEOK were worth $9,302,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of the company. Massmutual Trust Co. FSB ADV acquired a new stake in shares of ONEOK during the first quarter valued at about $100,000. Delta Asset Management LLC TN acquired 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 in the last quarter. 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 in the last quarter. 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 in the last quarter. 80.89% of the stock is currently owned by institutional investors and hedge funds.
Shares of ONEOK, Inc. (NYSE OKE) opened at 52.41 on Friday. The firm has a market cap of $19.92 billion, a PE ratio of 32.84 and a beta of 1.31. The company has a 50-day moving average of $53.16 and a 200 day moving average of $53.04. ONEOK, Inc. has a one year low of $45.41 and a one year high of $59.47.
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 6.46% and a return on equity of 10.16%. 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, equities research analysts expect that ONEOK, Inc. will post $1.54 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, August 14th. Shareholders of record on Monday, August 7th will be given a $0.745 dividend. This represents a $2.98 dividend on an annualized basis and a dividend yield of 5.69%. This is a positive change from ONEOK’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend is Thursday, August 3rd. ONEOK’s dividend payout ratio is presently 186.25%.
Several analysts have recently issued reports on the stock. Credit Suisse Group reduced their price target on shares of ONEOK from $64.00 to $61.00 and set an “outperform” rating on the stock in a research report on Thursday, August 3rd. BMO Capital Markets reissued a “hold” rating and set a $53.00 price target on shares of ONEOK in a research report on Monday, April 17th. Guggenheim assumed coverage on shares of ONEOK in a research report on Monday, April 17th. They set a “buy” rating and a $62.00 price target on the stock. Royal Bank Of Canada reissued a “hold” rating and set a $58.00 price target on shares of ONEOK in a research report on Friday, May 12th. Finally, UBS AG raised shares of ONEOK from a “neutral” rating to a “buy” rating and increased their price target for the stock from $56.00 to $59.00 in a research report on Wednesday, June 14th. Eight analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target 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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