Glassy Mountain Advisors Inc. Buys New Stake in ONEOK, Inc. (NYSE:OKE)

Glassy Mountain Advisors Inc. purchased a new stake in ONEOK, Inc. (NYSE:OKE – Get Rating) in the 4th quarter, according to its most recent filing with the SEC. The fund purchased 4,295 shares of the utilities provider’s stock, valued at approximately $282,000.

Several other institutional investors also recently bought and sold shares of OKE. First Command Bank raised its holdings in ONEOK by 401.0% in the 2nd quarter. First Command Bank now owns 491 shares of the utilities provider’s stock valued at $27,000 after acquiring an additional 393 shares during the last quarter. MinichMacGregor Wealth Management LLC acquired a new stake in shares of ONEOK during the 4th quarter worth $29,000. Worth Asset Management LLC acquired a new stake in shares of ONEOK during the 1st quarter worth $30,000. EdgeRock Capital LLC acquired a new stake in shares of ONEOK during the 3rd quarter worth $31,000. Finally, CI Investments Inc. increased its holdings in shares of ONEOK by 1,003.7% during the 3rd quarter. CI Investments Inc. now owns 596 shares of the utilities provider’s stock worth $31,000 after buying an additional 542 shares during the last quarter. 67.16% of the stock is currently owned by institutional investors and hedge funds.

ONEOK Stock Down 2.5 %

ONEOK stock traded down $1.53 during trading on Friday, reaching $59.49. 8,938,535 shares of the company’s stock were exchanged, compared to its average volume of 2,621,450. The company has a debt-to-equity ratio of 1.96, a quick ratio of 0.64 and a current ratio of 0.83. The company’s 50-day moving average is $67.73 and its two-hundred day moving average is $63.35. The firm has a market cap of $26.61 billion, a price-to-earnings ratio of 15.53, a PEG ratio of 1.40 and a beta of 1.68. ONEOK, Inc. has a 52-week low of $50.50 and a 52-week high of $75.07.

ONEOK (NYSE:OKE – Get Rating) last posted its quarterly earnings data on Monday, February 27th. The utilities provider reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.06. The company had revenue of $5.03 billion during the quarter, compared to analysts’ expectations of $6.03 billion. ONEOK had a net margin of 7.69% and a return on equity of 27.65%. The firm’s revenue for the quarter was down 7.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.85 EPS. On average, analysts predict that ONEOK, Inc. will post 5.28 earnings per share for the current year.

ONEOK Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, February 14th. Shareholders of record on Monday, January 30th were given a $0.955 dividend. This is a boost from ONEOK’s previous quarterly dividend of $0.94. This represents a $3.82 dividend on an annualized basis and a yield of 6.42%. The ex-dividend date of this dividend was Friday, January 27th. ONEOK’s dividend payout ratio is presently 99.74%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Mizuho upped their price objective on ONEOK from $66.00 to $70.00 and gave the stock a “neutral” rating in a report on Thursday, March 2nd. Citigroup assumed coverage on ONEOK in a report on Thursday, December 8th. They set a “neutral” rating and a $67.00 price objective for the company. Wells Fargo & Company upgraded ONEOK from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $68.00 to $75.00 in a report on Friday, December 16th. Truist Financial upped their price objective on ONEOK from $69.00 to $73.00 and gave the stock a “buy” rating in a report on Wednesday, December 21st. Finally, Morgan Stanley upped their price target on shares of ONEOK from $70.00 to $81.00 and gave the stock an “equal weight” rating in a research report on Monday, January 9th. Seven research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $73.44.

ONEOK Profile

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ONEOK, Inc engages in gathering, processing, fractionating, transporting, storing and marketing of natural gas. It operates through the following segments: Natural Gas Gathering and Processing, Natural Gas Liquids and Natural Gas Pipelines. The Natural Gas Gathering and Processing segment offers midstream services to producers in North Dakota, Montana, Wyoming, Kansas and Oklahoma.