Groesbeck Investment Management Corp NJ Sells 6,329 Shares of ONEOK, Inc. (NYSE:OKE)

Groesbeck Investment Management Corp NJ decreased its stake in shares of ONEOK, Inc. (NYSE:OKE) by 67.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,019 shares of the utilities provider’s stock after selling 6,329 shares during the period. Groesbeck Investment Management Corp NJ’s holdings in ONEOK were worth $212,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Peoples Bank KS bought a new stake in shares of ONEOK during the third quarter worth $25,000. Beacon Capital Management LLC increased its position in shares of ONEOK by 90.7% during the fourth quarter. Beacon Capital Management LLC now owns 408 shares of the utilities provider’s stock worth $29,000 after acquiring an additional 194 shares in the last quarter. Resurgent Financial Advisors LLC acquired a new position in ONEOK during the fourth quarter worth $29,000. Worth Asset Management LLC acquired a new position in ONEOK during the first quarter worth $30,000. Finally, Quarry LP acquired a new position in ONEOK during the first quarter worth $31,000. Institutional investors own 69.13% of the company’s stock.

Insider Activity

In related news, Director Wayne Thomas Smith acquired 2,700 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were bought at an average cost of $75.25 per share, with a total value of $203,175.00. Following the completion of the transaction, the director now directly owns 2,700 shares of the company’s stock, valued at $203,175. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.20% of the company’s stock.

Wall Street Analysts Forecast Growth

OKE has been the subject of several recent research reports. Barclays increased their target price on shares of ONEOK from $73.00 to $80.00 and gave the stock an “equal weight” rating in a report on Thursday, March 7th. Stifel Nicolaus increased their target price on shares of ONEOK from $81.00 to $88.00 and gave the stock a “buy” rating in a report on Tuesday. Raymond James increased their target price on shares of ONEOK from $80.00 to $85.00 and gave the stock an “outperform” rating in a report on Friday, January 19th. StockNews.com upgraded shares of ONEOK from a “sell” rating to a “hold” rating in a report on Wednesday, March 6th. Finally, US Capital Advisors cut shares of ONEOK from an “overweight” rating to a “hold” rating in a report on Wednesday, March 20th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, ONEOK presently has an average rating of “Hold” and an average target price of $82.25.

ONEOK Stock Performance

Shares of OKE traded up $0.32 during trading hours on Thursday, hitting $78.00. The company had a trading volume of 594,819 shares, compared to its average volume of 3,011,381. The firm has a market cap of $45.52 billion, a price-to-earnings ratio of 14.00, a PEG ratio of 2.22 and a beta of 1.65. The business has a fifty day moving average of $76.35 and a 200-day moving average of $70.86. ONEOK, Inc. has a 12 month low of $55.91 and a 12 month high of $80.81. The company has a quick ratio of 0.67, a current ratio of 0.90 and a debt-to-equity ratio of 1.29.

ONEOK (NYSE:OKE) last issued its quarterly earnings data on Monday, February 26th. The utilities provider reported $1.18 earnings per share for the quarter, missing the consensus estimate of $1.21 by ($0.03). The company had revenue of $5.24 billion during the quarter, compared to the consensus estimate of $5.57 billion. ONEOK had a net margin of 15.04% and a return on equity of 22.57%. During the same period in the previous year, the company earned $1.08 earnings per share. Equities analysts anticipate that ONEOK, Inc. will post 4.98 EPS for the current fiscal year.

ONEOK declared that its board has approved a share repurchase program on Wednesday, January 17th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the utilities provider to repurchase up to 4.9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

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.