Toronto Dominion Bank lessened its holdings in ONEOK, Inc. (NYSE:OKE) by 9.3% in the 2nd quarter, Holdings Channel.com reports. The fund owned 242,470 shares of the utilities provider’s stock after selling 24,990 shares during the period. Toronto Dominion Bank’s holdings in ONEOK were worth $16,680,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Krane Funds Advisors LLC purchased a new position in shares of ONEOK in the second quarter worth about $27,000. JNBA Financial Advisors raised its position in ONEOK by 91.3% during the second quarter. JNBA Financial Advisors now owns 419 shares of the utilities provider’s stock valued at $29,000 after acquiring an additional 200 shares in the last quarter. IMA Wealth Inc. purchased a new position in ONEOK during the second quarter valued at approximately $32,000. YorkBridge Wealth Partners LLC raised its position in ONEOK by 36.8% during the first quarter. YorkBridge Wealth Partners LLC now owns 569 shares of the utilities provider’s stock valued at $40,000 after acquiring an additional 153 shares in the last quarter. Finally, Gradient Investments LLC grew its holdings in ONEOK by 82.3% in the second quarter. Gradient Investments LLC now owns 576 shares of the utilities provider’s stock valued at $40,000 after purchasing an additional 260 shares during the period. 74.45% of the stock is owned by institutional investors and hedge funds.

A number of analysts have recently issued reports on OKE shares. Mitsubishi UFJ Financial Group lifted their price target on ONEOK to $77.00 and gave the stock a “neutral” rating in a research note on Thursday, August 1st. Credit Suisse Group boosted their price objective on ONEOK from $70.00 to $72.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Argus lifted their target price on ONEOK to $82.00 and gave the company an “average” rating in a research report on Tuesday, August 6th. UBS Group upgraded ONEOK from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $69.00 to $75.00 in a report on Monday, August 12th. Finally, Zacks Investment Research downgraded ONEOK from a “buy” rating to a “hold” rating in a report on Monday, May 20th. Twelve investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. ONEOK has a consensus rating of “Hold” and a consensus target price of $72.37.

NYSE:OKE traded up $0.78 during mid-day trading on Friday, reaching $74.72. The stock had a trading volume of 782,233 shares, compared to its average volume of 1,775,139. The company has a market capitalization of $30.36 billion, a price-to-earnings ratio of 26.88, a price-to-earnings-growth ratio of 2.06 and a beta of 1.13. ONEOK, Inc. has a 1-year low of $50.26 and a 1-year high of $74.65. The stock’s 50 day simple moving average is $69.81 and its two-hundred day simple moving average is $68.30. The company has a debt-to-equity ratio of 1.70, a current ratio of 0.81 and a quick ratio of 0.60.

ONEOK (NYSE:OKE) last issued its earnings results on Tuesday, July 30th. The utilities provider reported $0.75 EPS for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.04. The company had revenue of $2.46 billion during the quarter, compared to the consensus estimate of $2.87 billion. ONEOK had a return on equity of 19.30% and a net margin of 10.67%. ONEOK’s quarterly revenue was down 17.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.68 earnings per share. Sell-side analysts anticipate that ONEOK, Inc. will post 3.1 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Tuesday, August 6th were issued a dividend of $0.89 per share. This is a boost from ONEOK’s previous quarterly dividend of $0.87. The ex-dividend date of this dividend was Monday, August 5th. This represents a $3.56 annualized dividend and a yield of 4.76%. ONEOK’s payout ratio is presently 128.06%.

About ONEOK

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.

Further Reading: Limitations of the P/E Growth ratio

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Institutional Ownership by Quarter for ONEOK (NYSE:OKE)

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