Concurrent Investment Advisors LLC Buys 24,586 Shares of ONEOK, Inc. (NYSE:OKE)

Concurrent Investment Advisors LLC raised its stake in shares of ONEOK, Inc. (NYSE:OKE) by 64.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 62,820 shares of the utilities provider’s stock after purchasing an additional 24,586 shares during the period. Concurrent Investment Advisors LLC’s holdings in ONEOK were worth $5,123,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Private Ocean LLC bought a new stake in shares of ONEOK in the 2nd quarter worth about $578,000. Rothschild Investment LLC bought a new stake in ONEOK in the second quarter worth about $1,398,000. Trademark Financial Management LLC bought a new stake in ONEOK in the second quarter worth about $240,000. Pine Valley Investments Ltd Liability Co grew its stake in shares of ONEOK by 20.2% during the second quarter. Pine Valley Investments Ltd Liability Co now owns 27,868 shares of the utilities provider’s stock valued at $2,273,000 after buying an additional 4,684 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in shares of ONEOK by 2.2% in the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 72,418 shares of the utilities provider’s stock worth $5,906,000 after buying an additional 1,579 shares during the period. 69.13% of the stock is owned by institutional investors.

ONEOK Stock Up 2.5 %

Shares of OKE stock traded up $2.21 during mid-day trading on Friday, hitting $92.36. 4,921,721 shares of the stock traded hands, compared to its average volume of 2,757,578. The stock has a market cap of $53.91 billion, a P/E ratio of 21.48, a P/E/G ratio of 4.42 and a beta of 1.65. The stock’s fifty day moving average is $84.16 and its two-hundred day moving average is $80.40. ONEOK, Inc. has a 52-week low of $60.58 and a 52-week high of $92.61. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.62 and a quick ratio of 0.41.

ONEOK (NYSE:OKE) last issued its quarterly earnings data on Monday, August 5th. The utilities provider reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.12. The business had revenue of $4.89 billion during the quarter, compared to analysts’ expectations of $5.52 billion. ONEOK had a return on equity of 15.54% and a net margin of 13.41%. During the same quarter in the previous year, the firm posted $1.04 EPS. Equities analysts predict that ONEOK, Inc. will post 4.98 EPS for the current year.

ONEOK Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Thursday, August 1st were paid a $0.99 dividend. This represents a $3.96 annualized dividend and a dividend yield of 4.29%. The ex-dividend date was Thursday, August 1st. ONEOK’s dividend payout ratio is currently 92.09%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on OKE. StockNews.com upgraded ONEOK from a “sell” rating to a “hold” rating in a report on Friday, May 17th. Wells Fargo & Company upped their price target on shares of ONEOK from $91.00 to $100.00 and gave the stock an “overweight” rating in a report on Friday. Scotiabank lifted their price objective on shares of ONEOK from $88.00 to $102.00 and gave the company a “sector outperform” rating in a report on Friday. JPMorgan Chase & Co. upped their target price on shares of ONEOK from $89.00 to $92.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 26th. Finally, Truist Financial lifted their price target on shares of ONEOK from $81.00 to $83.00 and gave the company a “hold” rating in a research note on Wednesday, July 31st. One analyst has rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $88.46.

About ONEOK

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.