62,894 Shares in ONEOK, Inc. (NYSE:OKE) Purchased by Patton Fund Management Inc.

Patton Fund Management Inc. purchased a new stake in ONEOK, Inc. (NYSE:OKE) during the fourth quarter, HoldingsChannel.com reports. The firm purchased 62,894 shares of the utilities provider’s stock, valued at approximately $6,315,000. ONEOK makes up approximately 1.2% of Patton Fund Management Inc.’s investment portfolio, making the stock its 25th biggest holding.

Other large investors have also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. grew its holdings in ONEOK by 3.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 17,480,774 shares of the utilities provider’s stock worth $1,593,023,000 after acquiring an additional 661,854 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of ONEOK by 1.0% during the third quarter. Geode Capital Management LLC now owns 13,680,875 shares of the utilities provider’s stock worth $1,242,449,000 after purchasing an additional 138,430 shares in the last quarter. Janus Henderson Group PLC grew its stake in shares of ONEOK by 0.3% during the third quarter. Janus Henderson Group PLC now owns 3,751,172 shares of the utilities provider’s stock valued at $341,844,000 after purchasing an additional 11,189 shares during the last quarter. International Assets Investment Management LLC increased its holdings in shares of ONEOK by 9,439.9% in the third quarter. International Assets Investment Management LLC now owns 3,230,989 shares of the utilities provider’s stock valued at $294,440,000 after purchasing an additional 3,197,121 shares in the last quarter. Finally, abrdn plc increased its holdings in shares of ONEOK by 14.8% in the third quarter. abrdn plc now owns 2,149,676 shares of the utilities provider’s stock valued at $195,545,000 after purchasing an additional 277,514 shares in the last quarter. 69.13% of the stock is owned by institutional investors.

ONEOK Price Performance

Shares of OKE stock opened at $100.50 on Wednesday. The firm has a market capitalization of $58.71 billion, a price-to-earnings ratio of 21.03, a price-to-earnings-growth ratio of 4.03 and a beta of 1.70. ONEOK, Inc. has a 12-month low of $67.05 and a 12-month high of $118.07. The company has a quick ratio of 0.59, a current ratio of 0.81 and a debt-to-equity ratio of 1.59. The firm has a fifty day moving average of $105.51 and a 200-day moving average of $96.93.

ONEOK (NYSE:OKE) last announced its quarterly earnings results on Tuesday, October 29th. The utilities provider reported $1.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.23 by ($0.05). ONEOK had a return on equity of 16.84% and a net margin of 14.05%. The business had revenue of $5.02 billion during the quarter, compared to the consensus estimate of $5.81 billion. During the same quarter last year, the company earned $0.99 earnings per share. On average, equities research analysts forecast that ONEOK, Inc. will post 5.1 earnings per share for the current year.

ONEOK Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Monday, February 3rd will be issued a dividend of $1.03 per share. This is an increase from ONEOK’s previous quarterly dividend of $0.99. This represents a $4.12 annualized dividend and a yield of 4.10%. The ex-dividend date of this dividend is Monday, February 3rd. ONEOK’s dividend payout ratio (DPR) is 82.85%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on OKE. Royal Bank of Canada increased their price objective on ONEOK from $89.00 to $98.00 and gave the company a “sector perform” rating in a research report on Wednesday, October 16th. UBS Group raised their price target on ONEOK from $112.00 to $132.00 and gave the company a “buy” rating in a report on Friday, November 15th. Scotiabank initiated coverage on ONEOK in a research report on Friday, January 10th. They issued a “sector outperform” rating and a $109.00 price objective for the company. US Capital Advisors upgraded shares of ONEOK from a “hold” rating to a “moderate buy” rating in a research report on Tuesday, November 26th. Finally, Wells Fargo & Company downgraded shares of ONEOK from an “overweight” rating to an “equal weight” rating and set a $107.00 price target for the company. in a research note on Wednesday, December 18th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $102.92.

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.