Balboa Wealth Partners Lowers Stock Holdings in ONEOK, Inc. (NYSE:OKE)

Balboa Wealth Partners reduced its stake in ONEOK, Inc. (NYSE:OKE) by 3.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,385 shares of the utilities provider’s stock after selling 268 shares during the period. Balboa Wealth Partners’ holdings in ONEOK were worth $733,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of OKE. LaFleur & Godfrey LLC acquired a new stake in shares of ONEOK in the fourth quarter valued at $931,000. Brighton Jones LLC raised its stake in shares of ONEOK by 137.1% in the fourth quarter. Brighton Jones LLC now owns 15,278 shares of the utilities provider’s stock valued at $1,534,000 after acquiring an additional 8,834 shares in the last quarter. Sigma Planning Corp raised its stake in shares of ONEOK by 1.6% in the fourth quarter. Sigma Planning Corp now owns 13,308 shares of the utilities provider’s stock valued at $1,336,000 after acquiring an additional 213 shares in the last quarter. Olympiad Research LP acquired a new stake in shares of ONEOK in the fourth quarter valued at $228,000. Finally, Howard Capital Management Inc. raised its stake in shares of ONEOK by 3.5% in the fourth quarter. Howard Capital Management Inc. now owns 5,671 shares of the utilities provider’s stock valued at $569,000 after acquiring an additional 194 shares in the last quarter. 69.13% of the stock is currently owned by institutional investors and hedge funds.

ONEOK Stock Down 2.9%

ONEOK stock opened at $79.96 on Tuesday. ONEOK, Inc. has a fifty-two week low of $75.48 and a fifty-two week high of $118.07. The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.52 and a current ratio of 0.67. The company has a market capitalization of $50.34 billion, a P/E ratio of 15.62, a PEG ratio of 1.61 and a beta of 0.94. The stock has a 50-day simple moving average of $82.93 and a 200-day simple moving average of $92.79.

ONEOK (NYSE:OKE) last posted its earnings results on Tuesday, April 29th. The utilities provider reported $1.04 earnings per share for the quarter, missing the consensus estimate of $1.28 by ($0.24). The firm had revenue of $6.49 billion during the quarter, compared to analysts’ expectations of $8.23 billion. ONEOK had a net margin of 12.15% and a return on equity of 15.58%. During the same period in the previous year, the firm posted $1.09 earnings per share. Equities research analysts expect that ONEOK, Inc. will post 5.07 earnings per share for the current year.

ONEOK Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Monday, May 5th were paid a dividend of $1.03 per share. This represents a $4.12 annualized dividend and a yield of 5.15%. The ex-dividend date of this dividend was Monday, May 5th. ONEOK’s dividend payout ratio is presently 80.47%.

Analysts Set New Price Targets

OKE has been the topic of several analyst reports. Citigroup reduced their price objective on ONEOK from $110.00 to $102.00 and set a “buy” rating on the stock in a research note on Tuesday, May 6th. Morgan Stanley raised their price target on ONEOK from $111.00 to $133.00 and gave the company an “overweight” rating in a research note on Tuesday, March 25th. Scotiabank cut their price target on ONEOK from $96.00 to $93.00 and set a “sector outperform” rating on the stock in a research note on Thursday, June 5th. Wells Fargo & Company cut their price target on ONEOK from $102.00 to $93.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 1st. Finally, Stifel Nicolaus cut their price target on ONEOK from $110.00 to $107.00 and set a “buy” rating on the stock in a research note on Thursday, May 1st. Six analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, ONEOK currently has an average rating of “Moderate Buy” and an average price target of $103.69.

About ONEOK

ONEOK, Inc engages in gathering, processing, fractionation, storage, transportation, and marketing of natural gas and natural gas liquids (NGL) in the United States. It operates through four segments: Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude.