Northwestern Mutual Wealth Management Co. grew its position in ONEOK, Inc. (NYSE:OKE) by 20.4% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 18,149 shares of the utilities provider’s stock after purchasing an additional 3,079 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in ONEOK were worth $1,010,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently made changes to their positions in the business. Vident Investment Advisory LLC boosted its holdings in shares of ONEOK by 3.9% in the second quarter. Vident Investment Advisory LLC now owns 508,748 shares of the utilities provider’s stock worth $28,306,000 after buying an additional 18,938 shares during the period. Seven Eight Capital LP purchased a new stake in shares of ONEOK in the second quarter worth approximately $2,794,000. Public Sector Pension Investment Board lifted its position in shares of ONEOK by 65.9% in the second quarter. Public Sector Pension Investment Board now owns 69,840 shares of the utilities provider’s stock worth $3,886,000 after purchasing an additional 27,740 shares in the last quarter. Beck Capital Management LLC lifted its position in shares of ONEOK by 8.0% in the second quarter. Beck Capital Management LLC now owns 59,155 shares of the utilities provider’s stock worth $3,291,000 after purchasing an additional 4,390 shares in the last quarter. Finally, ProShare Advisors LLC lifted its position in shares of ONEOK by 17.6% in the second quarter. ProShare Advisors LLC now owns 143,453 shares of the utilities provider’s stock worth $7,982,000 after purchasing an additional 21,475 shares in the last quarter. Institutional investors own 64.04% of the company’s stock.
OKE has been the subject of a number of research analyst reports. Wells Fargo & Company increased their price target on shares of ONEOK from $59.00 to $60.00 and gave the stock an “overweight” rating in a research report on Thursday, June 24th. Bank of America started coverage on shares of ONEOK in a research report on Tuesday, September 28th. They set a “neutral” rating on the stock. Sanford C. Bernstein raised shares of ONEOK from a “market perform” rating to an “outperform” rating and set a $66.00 price objective on the stock in a research report on Thursday, September 23rd. Morgan Stanley raised their price objective on shares of ONEOK from $58.00 to $59.00 and gave the company an “equal weight” rating in a research report on Thursday, August 26th. Finally, Zacks Investment Research lowered shares of ONEOK from a “buy” rating to a “hold” rating and set a $56.00 price objective on the stock. in a research report on Friday, July 23rd. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, ONEOK presently has a consensus rating of “Hold” and a consensus price target of $52.15.
ONEOK (NYSE:OKE) last released its quarterly earnings results on Tuesday, August 3rd. The utilities provider reported $0.77 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.76 by $0.01. ONEOK had a return on equity of 22.30% and a net margin of 11.90%. The business had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $4.01 billion. As a group, sell-side analysts anticipate that ONEOK, Inc. will post 3.29 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, August 16th. Shareholders of record on Monday, August 2nd were issued a dividend of $0.935 per share. The ex-dividend date was Friday, July 30th. This represents a $3.74 annualized dividend and a yield of 5.91%. ONEOK’s dividend payout ratio is currently 263.38%.
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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