Ridgewood Investments LLC Buys Shares of 385 ONEOK, Inc. (NYSE:OKE)

Ridgewood Investments LLC bought a new position in shares of ONEOK, Inc. (NYSE:OKE) in the 2nd quarter, HoldingsChannel.com reports. The firm bought 385 shares of the utilities provider’s stock, valued at approximately $31,000.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of ONEOK during the fourth quarter worth about $297,948,000. Charles Schwab Investment Management Inc. raised its holdings in ONEOK by 21.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 12,408,725 shares of the utilities provider’s stock valued at $871,341,000 after buying an additional 2,153,295 shares during the last quarter. First Eagle Investment Management LLC grew its holdings in ONEOK by 77.9% in the 4th quarter. First Eagle Investment Management LLC now owns 3,086,559 shares of the utilities provider’s stock worth $216,738,000 after acquiring an additional 1,351,626 shares during the last quarter. Wellington Management Group LLP increased its position in shares of ONEOK by 2,643.5% in the fourth quarter. Wellington Management Group LLP now owns 1,170,739 shares of the utilities provider’s stock valued at $82,209,000 after acquiring an additional 1,128,066 shares during the period. Finally, M&G Plc bought a new position in shares of ONEOK during the first quarter valued at about $77,634,000. 69.13% of the stock is currently owned by institutional investors.

ONEOK Stock Performance

Shares of OKE stock traded up $1.35 during trading hours on Friday, reaching $91.50. 937,865 shares of the company traded hands, compared to its average volume of 2,733,867. The company has a market cap of $53.40 billion, a P/E ratio of 21.28, a P/E/G ratio of 4.42 and a beta of 1.65. ONEOK, Inc. has a 12-month low of $60.58 and a 12-month high of $91.97. The firm has a 50-day moving average price of $83.73 and a 200 day moving average price of $80.18. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.62 and a quick ratio of 0.41.

ONEOK (NYSE:OKE) last released its quarterly earnings results on Monday, August 5th. The utilities provider reported $1.33 EPS for the quarter, topping the consensus estimate of $1.21 by $0.12. The company had revenue of $4.89 billion during the quarter, compared to analyst estimates of $5.52 billion. ONEOK had a return on equity of 15.54% and a net margin of 13.41%. During the same quarter last year, the business posted $1.04 earnings per share. As a group, sell-side analysts predict that ONEOK, Inc. will post 4.98 earnings per share for the current fiscal year.

ONEOK Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Thursday, August 1st were issued a dividend of $0.99 per share. The ex-dividend date of this dividend was Thursday, August 1st. This represents a $3.96 annualized dividend and a yield of 4.33%. ONEOK’s payout ratio is 92.09%.

Analyst Upgrades and Downgrades

OKE has been the topic of several recent analyst reports. JPMorgan Chase & Co. raised their target price on ONEOK from $89.00 to $92.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 26th. Royal Bank of Canada raised their target price on shares of ONEOK from $84.00 to $89.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 22nd. Truist Financial increased their price target on shares of ONEOK from $81.00 to $83.00 and gave the stock a “hold” rating in a research note on Wednesday, July 31st. Tudor Pickering upgraded ONEOK to a “hold” rating in a report on Thursday, July 18th. Finally, Mizuho upped their price target on shares of ONEOK from $81.00 to $85.00 and gave the stock a “neutral” rating in a research note on Friday, July 26th. One analyst has rated the stock with a sell rating, nine have given a hold rating and nine have issued 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 $88.46.

ONEOK Company 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.