Sheets Smith Wealth Management Acquires 414 Shares of ONEOK, Inc. (NYSE:OKE)

Sheets Smith Wealth Management raised its holdings in ONEOK, Inc. (NYSE:OKE) by 0.8% in the fourth quarter, Holdings Channel reports. The firm owned 52,060 shares of the utilities provider’s stock after purchasing an additional 414 shares during the period. Sheets Smith Wealth Management’s holdings in ONEOK were worth $3,656,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in OKE. National Bank of Canada FI increased its holdings in ONEOK by 9.6% during the fourth quarter. National Bank of Canada FI now owns 401,309 shares of the utilities provider’s stock worth $28,706,000 after buying an additional 35,021 shares during the last quarter. FourThought Financial Partners LLC increased its stake in shares of ONEOK by 3.8% during the 4th quarter. FourThought Financial Partners LLC now owns 4,386 shares of the utilities provider’s stock worth $308,000 after purchasing an additional 161 shares during the last quarter. TCG Advisory Services LLC raised its holdings in shares of ONEOK by 1,938.1% in the 4th quarter. TCG Advisory Services LLC now owns 174,689 shares of the utilities provider’s stock worth $12,267,000 after purchasing an additional 166,118 shares during the period. AJOVista LLC purchased a new position in ONEOK in the fourth quarter valued at approximately $237,000. Finally, Axxcess Wealth Management LLC grew its holdings in ONEOK by 48.4% during the fourth quarter. Axxcess Wealth Management LLC now owns 15,514 shares of the utilities provider’s stock valued at $1,089,000 after purchasing an additional 5,062 shares during the period. 69.13% of the stock is currently owned by institutional investors.

ONEOK Price Performance

NYSE OKE traded up $0.28 during trading on Friday, reaching $77.23. The company’s stock had a trading volume of 2,235,558 shares, compared to its average volume of 2,820,855. The stock has a market capitalization of $45.08 billion, a PE ratio of 17.96, a P/E/G ratio of 4.13 and a beta of 1.64. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.70 and a quick ratio of 0.67. The firm has a fifty day moving average of $78.34 and a 200 day moving average of $72.04. ONEOK, Inc. has a one year low of $55.91 and a one year high of $81.81.

ONEOK (NYSE:OKE) last announced its earnings results on Tuesday, April 30th. The utilities provider reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $1.06 by $0.03. The business had revenue of $4.78 billion for the quarter, compared to the consensus estimate of $5.84 billion. ONEOK had a net margin of 12.54% and a return on equity of 15.94%. During the same period last year, the firm posted $2.34 earnings per share. Analysts expect that ONEOK, Inc. will post 4.95 EPS for the current fiscal year.

ONEOK announced that its Board of Directors has initiated a share buyback plan on Wednesday, January 17th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the utilities provider to reacquire up to 4.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

ONEOK Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Wednesday, May 1st will be paid a $0.99 dividend. The ex-dividend date is Tuesday, April 30th. This represents a $3.96 dividend on an annualized basis and a yield of 5.13%. ONEOK’s dividend payout ratio is presently 92.09%.

Insider Buying and Selling at ONEOK

In other news, Director Wayne Thomas Smith bought 2,700 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was bought at an average price of $75.25 per share, for a total transaction of $203,175.00. Following the transaction, the director now directly owns 2,700 shares of the company’s stock, valued at approximately $203,175. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.20% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Raymond James upped their price target on ONEOK from $80.00 to $85.00 and gave the company an “outperform” rating in a research report on Friday, January 19th. Seaport Res Ptn upgraded shares of ONEOK from a “neutral” rating to a “buy” rating in a research report on Thursday, February 8th. Barclays boosted their price target on shares of ONEOK from $73.00 to $80.00 and gave the company an “equal weight” rating in a research report on Thursday, March 7th. Wolfe Research raised shares of ONEOK from an “underperform” rating to a “peer perform” rating in a report on Wednesday, January 10th. Finally, Wells Fargo & Company boosted their target price on shares of ONEOK from $81.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat, ONEOK has an average rating of “Hold” and a consensus target price of $83.58.

ONEOK Profile

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.