ONEOK, Inc. $OKE Stock: Rakuten Investment Management Inc. Raises Stake

Rakuten Investment Management Inc. lifted its stake in shares of ONEOK, Inc. (NYSE:OKE) by 9.8% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 113,123 shares of the utilities provider’s stock after acquiring an additional 10,075 shares during the quarter. Rakuten Investment Management Inc.’s holdings in ONEOK were worth $9,826,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of OKE. Soltis Investment Advisors LLC grew its position in shares of ONEOK by 482.8% during the 3rd quarter. Soltis Investment Advisors LLC now owns 13,783 shares of the utilities provider’s stock worth $1,175,000 after buying an additional 11,418 shares in the last quarter. Sawyer & Company Inc bought a new stake in shares of ONEOK in the third quarter valued at about $102,000. MBM Wealth Consultants LLC raised its holdings in shares of ONEOK by 18.3% in the third quarter. MBM Wealth Consultants LLC now owns 8,665 shares of the utilities provider’s stock valued at $739,000 after acquiring an additional 1,341 shares in the last quarter. CWA Asset Management Group LLC raised its holdings in shares of ONEOK by 8.1% in the third quarter. CWA Asset Management Group LLC now owns 2,894 shares of the utilities provider’s stock valued at $247,000 after acquiring an additional 218 shares in the last quarter. Finally, CFS Investment Advisory Services LLC lifted its stake in ONEOK by 77.1% in the third quarter. CFS Investment Advisory Services LLC now owns 5,059 shares of the utilities provider’s stock worth $451,000 after acquiring an additional 2,202 shares during the period. Institutional investors own 69.13% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on OKE. TD Cowen reiterated a “hold” rating on shares of ONEOK in a report on Friday, October 16th. UBS Group set a $93.00 target price on shares of ONEOK in a research report on Friday, September 11th. Argus set a $108.00 price target on shares of ONEOK in a report on Wednesday. Stifel Nicolaus set a $100.00 price target on shares of ONEOK in a research report on Friday, October 9th. Finally, Freedom Broker increased their price objective on shares of ONEOK from $105.00 to $110.00 and gave the company a “buy” rating in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $99.25.

ONEOK Trading Down 2.6%

Shares of NYSE:OKE opened at $86.26 on Friday. ONEOK, Inc. has a 12-month low of $66.93 and a 12-month high of $99.85. The business’s fifty day simple moving average is $92.58 and its 200-day simple moving average is $88.89. The company has a market capitalization of $54.38 billion, a PE ratio of 13.39, a P/E/G ratio of 1.62 and a beta of 0.77. The company has a current ratio of 0.84, a quick ratio of 0.66 and a debt-to-equity ratio of 0.83.

ONEOK (NYSE:OKE) last released its quarterly earnings results on Tuesday, October 27th. The utilities provider reported $2.13 EPS for the quarter, topping the consensus estimate of $1.50 by $0.63. The firm had revenue of $12.46 billion during the quarter, compared to analyst estimates of $10.54 billion. ONEOK had a return on equity of 16.36% and a net margin of 9.42%. During the same period in the previous year, the company posted $1.49 EPS. As a group, equities research analysts predict that ONEOK, Inc. will post 6.23 earnings per share for the current fiscal year.

ONEOK Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, November 16th. Shareholders of record on Monday, November 2nd will be paid a $1.07 dividend. This represents a $4.28 annualized dividend and a yield of 5.0%. The ex-dividend date is Monday, November 2nd. ONEOK’s payout ratio is 66.46%.

ONEOK Profile

ONEOK, Inc is an energy infrastructure company that operates midstream assets across the United States. Its business includes the gathering, processing, storage and transportation of natural gas, as well as the gathering, fractionation, storage and transportation of natural gas liquids (NGLs). The company also provides transportation and storage services for refined petroleum products, crude oil and other related commodities.

ONEOK serves major producing and consuming regions, including the Mid-Continent, Rocky Mountain, Permian and Gulf Coast areas.