Northwestern Mutual Investment Management Company LLC lifted its holdings in ONEOK, Inc. (NYSE:OKE) by 3.3% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 825,060 shares of the utilities provider’s stock after acquiring an additional 26,132 shares during the period. ONEOK accounts for about 1.3% of Northwestern Mutual Investment Management Company LLC’s portfolio, making the stock its 17th biggest holding. Northwestern Mutual Investment Management Company LLC owned approximately 0.20% of ONEOK worth $60,799,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Ballentine Partners LLC lifted its position in shares of ONEOK by 18.3% in the second quarter. Ballentine Partners LLC now owns 25,538 shares of the utilities provider’s stock worth $1,758,000 after buying an additional 3,955 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of ONEOK in the second quarter worth about $51,047,000. Retirement Systems of Alabama lifted its position in shares of ONEOK by 0.4% in the second quarter. Retirement Systems of Alabama now owns 192,488 shares of the utilities provider’s stock worth $13,245,000 after buying an additional 822 shares in the last quarter. Eqis Capital Management Inc. lifted its position in shares of ONEOK by 35.5% in the second quarter. Eqis Capital Management Inc. now owns 15,465 shares of the utilities provider’s stock worth $1,064,000 after buying an additional 4,052 shares in the last quarter. Finally, RFG Advisory LLC lifted its position in shares of ONEOK by 9.1% in the second quarter. RFG Advisory LLC now owns 11,032 shares of the utilities provider’s stock worth $764,000 after buying an additional 923 shares in the last quarter. 74.59% of the stock is owned by hedge funds and other institutional investors.
OKE stock traded up $0.46 during midday trading on Wednesday, reaching $70.66. 1,495,100 shares of the company traded hands, compared to its average volume of 2,218,950. ONEOK, Inc. has a 52-week low of $50.26 and a 52-week high of $77.21. The company has a debt-to-equity ratio of 2.01, a quick ratio of 0.95 and a current ratio of 1.26. The business has a 50 day moving average of $70.98 and a 200-day moving average of $69.31. The firm has a market capitalization of $29.32 billion, a price-to-earnings ratio of 25.42, a P/E/G ratio of 2.13 and a beta of 1.13.
ONEOK (NYSE:OKE) last issued its quarterly earnings results on Tuesday, October 29th. The utilities provider reported $0.74 earnings per share for the quarter, hitting the consensus estimate of $0.74. ONEOK had a return on equity of 19.56% and a net margin of 11.76%. The firm had revenue of $2.26 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same period in the prior year, the business posted $0.75 earnings per share. Research analysts anticipate that ONEOK, Inc. will post 3.1 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Monday, November 4th will be issued a $0.915 dividend. This represents a $3.66 annualized dividend and a dividend yield of 5.18%. This is an increase from ONEOK’s previous quarterly dividend of $0.89. The ex-dividend date of this dividend is Friday, November 1st. ONEOK’s dividend payout ratio is presently 131.65%.
OKE has been the topic of a number of recent research reports. Zacks Investment Research downgraded ONEOK from a “buy” rating to a “hold” rating and set a $81.00 price objective on the stock. in a research report on Wednesday, September 18th. Raymond James decreased their price objective on ONEOK from $74.00 to $73.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 23rd. Goldman Sachs Group upgraded ONEOK from a “neutral” rating to a “buy” rating and upped their price objective for the company from $73.00 to $81.00 in a research report on Sunday, November 3rd. Tudor Pickering initiated coverage on ONEOK in a research report on Friday, November 8th. They set a “buy” rating and a $74.00 price objective on the stock. Finally, Credit Suisse Group upped their price objective on ONEOK from $70.00 to $72.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Nine investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $74.71.
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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