Russell Investments Group Ltd. Cuts Stock Holdings in ONEOK, Inc. (NYSE:OKE)

Russell Investments Group Ltd. cut its holdings in shares of ONEOK, Inc. (NYSE:OKE) by 7.4% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 488,196 shares of the utilities provider’s stock after selling 38,911 shares during the period. Russell Investments Group Ltd. owned approximately 0.08% of ONEOK worth $39,118,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Rise Advisors LLC acquired a new stake in shares of ONEOK in the first quarter valued at about $25,000. LifeSteps Financial Inc. acquired a new stake in ONEOK in the 1st quarter worth about $26,000. HHM Wealth Advisors LLC purchased a new stake in ONEOK during the 4th quarter worth approximately $32,000. American National Bank purchased a new position in shares of ONEOK in the first quarter valued at approximately $32,000. Finally, Security National Bank acquired a new stake in shares of ONEOK in the fourth quarter worth approximately $35,000. Hedge funds and other institutional investors own 69.13% of the company’s stock.

Wall Street Analyst Weigh In

OKE has been the subject of several recent analyst reports. JPMorgan Chase & Co. raised their price objective on shares of ONEOK from $89.00 to $92.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 26th. US Capital Advisors lowered ONEOK from an “overweight” rating to a “hold” rating in a research report on Wednesday, March 20th. Mizuho lifted their target price on ONEOK from $75.00 to $81.00 and gave the company a “neutral” rating in a research report on Wednesday, March 20th. Morgan Stanley increased their price target on ONEOK from $90.00 to $93.00 and gave the stock an “equal weight” rating in a report on Monday, June 10th. Finally, StockNews.com raised ONEOK from a “sell” rating to a “hold” rating in a research report on Friday, May 17th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, ONEOK currently has a consensus rating of “Hold” and a consensus target price of $84.50.

ONEOK Price Performance

Shares of NYSE:OKE traded up $0.43 on Tuesday, reaching $85.11. 1,562,170 shares of the company were exchanged, compared to its average volume of 2,755,815. The company has a 50-day moving average of $80.90 and a 200-day moving average of $76.90. The company has a current ratio of 0.70, a quick ratio of 0.48 and a debt-to-equity ratio of 1.24. The firm has a market cap of $49.67 billion, a price-to-earnings ratio of 19.78, a price-to-earnings-growth ratio of 4.54 and a beta of 1.65. ONEOK, Inc. has a 1-year low of $60.58 and a 1-year high of $85.77.

ONEOK (NYSE:OKE) last posted its earnings results on Tuesday, April 30th. The utilities provider reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.03. ONEOK had a net margin of 12.54% and a return on equity of 15.94%. The firm had revenue of $4.78 billion during the quarter, compared to the consensus estimate of $5.84 billion. During the same period last year, the firm posted $2.34 EPS. Equities analysts forecast that ONEOK, Inc. will post 4.95 earnings per share for the current fiscal year.

ONEOK Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Wednesday, May 1st were given a $0.99 dividend. This represents a $3.96 dividend on an annualized basis and a dividend yield of 4.65%. The ex-dividend date was Tuesday, April 30th. ONEOK’s dividend payout ratio is presently 92.09%.

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.