Fortitude Family Office LLC Boosts Position in ONEOK, Inc. (NYSE:OKE)

Fortitude Family Office LLC lifted its position in ONEOK, Inc. (NYSE:OKE) by 37.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 496 shares of the utilities provider’s stock after purchasing an additional 135 shares during the quarter. Fortitude Family Office LLC’s holdings in ONEOK were worth $45,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of OKE. Tortoise Capital Advisors L.L.C. increased its holdings in shares of ONEOK by 3.5% during the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 6,795,313 shares of the utilities provider’s stock worth $554,158,000 after buying an additional 232,043 shares during the last quarter. Kayne Anderson Capital Advisors LP grew its position in ONEOK by 28.7% in the first quarter. Kayne Anderson Capital Advisors LP now owns 3,705,367 shares of the utilities provider’s stock worth $297,059,000 after acquiring an additional 825,464 shares during the period. First Eagle Investment Management LLC increased its stake in ONEOK by 12.3% during the first quarter. First Eagle Investment Management LLC now owns 3,465,068 shares of the utilities provider’s stock worth $277,795,000 after acquiring an additional 378,509 shares during the last quarter. Energy Income Partners LLC raised its position in ONEOK by 10.3% in the first quarter. Energy Income Partners LLC now owns 3,434,728 shares of the utilities provider’s stock valued at $275,362,000 after purchasing an additional 319,487 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of ONEOK by 4.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,340,155 shares of the utilities provider’s stock valued at $272,377,000 after purchasing an additional 132,326 shares during the last quarter. 69.13% of the stock is currently owned by institutional investors and hedge funds.

ONEOK Price Performance

Shares of NYSE OKE opened at $95.54 on Wednesday. ONEOK, Inc. has a 1-year low of $63.33 and a 1-year high of $98.43. The company has a market cap of $55.80 billion, a price-to-earnings ratio of 20.81, a price-to-earnings-growth ratio of 4.17 and a beta of 1.67. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.62 and a quick ratio of 0.41. The stock’s 50-day moving average is $93.18 and its two-hundred day moving average is $85.56.

ONEOK (NYSE:OKE) last issued its quarterly earnings results on Monday, August 5th. The utilities provider reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.21 by $0.12. ONEOK had a net margin of 13.41% and a return on equity of 15.54%. The company had revenue of $4.89 billion during the quarter, compared to the consensus estimate of $5.52 billion. During the same quarter in the previous year, the firm earned $1.04 earnings per share. Analysts forecast that ONEOK, Inc. will post 5.1 EPS for the current fiscal year.

ONEOK Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Friday, November 1st will be issued a dividend of $0.99 per share. This represents a $3.96 dividend on an annualized basis and a yield of 4.14%. The ex-dividend date of this dividend is Friday, November 1st. ONEOK’s dividend payout ratio (DPR) is 86.27%.

Insider Transactions at ONEOK

In other ONEOK news, Director Pattye L. Moore sold 3,379 shares of the stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $92.01, for a total value of $310,901.79. The sale was disclosed in a document filed with the SEC, which is available through this link. Insiders own 0.20% of the company’s stock.

Wall Street Analyst Weigh In

OKE has been the subject of a number of recent analyst reports. Wells Fargo & Company raised their price objective on ONEOK from $91.00 to $100.00 and gave the stock an “overweight” rating in a research report on Friday, August 30th. Mizuho boosted their price target on shares of ONEOK from $81.00 to $85.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Royal Bank of Canada upped their price objective on shares of ONEOK from $89.00 to $98.00 and gave the stock a “sector perform” rating in a report on Wednesday, October 16th. Barclays lifted their target price on shares of ONEOK from $82.00 to $94.00 and gave the company an “equal weight” rating in a report on Monday, September 16th. Finally, Scotiabank upped their price target on ONEOK from $88.00 to $102.00 and gave the stock a “sector outperform” rating in a research note on Friday, August 30th. Eight research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $94.77.

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.