Principal Financial Group Inc. Boosts Stake in ONEOK, Inc. (NYSE:OKE)

Principal Financial Group Inc. increased its stake in shares of ONEOK, Inc. (NYSE:OKE) by 4.9% in the 2nd quarter, Holdings Channel reports. The firm owned 600,101 shares of the utilities provider’s stock after purchasing an additional 28,203 shares during the period. Principal Financial Group Inc.’s holdings in ONEOK were worth $33,390,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in OKE. Corsicana & Co. acquired a new position in shares of ONEOK during the 2nd quarter worth about $28,000. Burleson & Company LLC acquired a new position in shares of ONEOK during the 1st quarter worth about $29,000. First National Bank of South Miami raised its position in shares of ONEOK by 253.5% during the 1st quarter. First National Bank of South Miami now owns 760 shares of the utilities provider’s stock worth $39,000 after purchasing an additional 545 shares during the last quarter. O Shaughnessy Asset Management LLC raised its holdings in ONEOK by 32.9% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 767 shares of the utilities provider’s stock valued at $39,000 after acquiring an additional 190 shares during the last quarter. Finally, E Fund Management Co. Ltd. acquired a new stake in ONEOK in the 1st quarter valued at about $40,000. Hedge funds and other institutional investors own 64.04% of the company’s stock.

A number of research firms have commented on OKE. Morgan Stanley increased their price objective on shares of ONEOK from $58.00 to $59.00 and gave the company an “equal weight” rating in a report on Thursday, August 26th. Zacks Investment Research downgraded shares of ONEOK from a “buy” rating to a “hold” rating and set a $56.00 price target for the company. in a report on Friday, July 23rd. Wells Fargo & Company raised their price target on shares of ONEOK from $59.00 to $60.00 and gave the stock an “overweight” rating in a report on Thursday, June 24th. raised their price target on shares of ONEOK from $49.00 to $57.00 and gave the stock a “neutral” rating in a report on Tuesday, June 8th. Finally, Citigroup raised their price target on shares of ONEOK from $49.00 to $57.00 and gave the stock a “neutral” rating in a report on Tuesday, June 8th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $48.43.

Shares of OKE stock opened at $53.31 on Wednesday. The company has a quick ratio of 0.68, a current ratio of 0.93 and a debt-to-equity ratio of 2.31. ONEOK, Inc. has a 52 week low of $23.28 and a 52 week high of $57.55. The stock has a market capitalization of $23.76 billion, a PE ratio of 17.65, a P/E/G ratio of 2.66 and a beta of 2.05. The firm has a 50 day moving average of $52.74 and a two-hundred day moving average of $52.83.

ONEOK (NYSE:OKE) last issued its quarterly earnings results on Tuesday, August 3rd. The utilities provider reported $0.77 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.76 by $0.01. ONEOK had a net margin of 11.90% and a return on equity of 22.30%. The company had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $4.01 billion. Analysts expect that ONEOK, Inc. will post 3.29 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Monday, August 16th. Shareholders of record on Monday, August 2nd were given a $0.935 dividend. The ex-dividend date was Friday, July 30th. This represents a $3.74 annualized dividend and a yield of 7.02%. ONEOK’s dividend payout ratio is presently 263.38%.

About ONEOK

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.

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Institutional Ownership by Quarter for ONEOK (NYSE:OKE)

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