Essex Financial Services Inc. bought a new stake in ONEOK, Inc. (NYSE:OKE) during the 1st quarter, HoldingsChannel reports. The firm bought 3,337 shares of the utilities provider’s stock, valued at approximately $233,000.
Other institutional investors have also recently bought and sold shares of the company. C J Advisory Inc acquired a new position in shares of ONEOK in the first quarter valued at approximately $26,000. Reilly Financial Advisors LLC grew its position in shares of ONEOK by 142.4% in the fourth quarter. Reilly Financial Advisors LLC now owns 497 shares of the utilities provider’s stock valued at $27,000 after purchasing an additional 292 shares during the last quarter. PRW Wealth Management LLC acquired a new position in shares of ONEOK in the fourth quarter valued at approximately $27,000. Pinnacle Financial Partners Inc. acquired a new position in shares of ONEOK in the first quarter valued at approximately $27,000. Finally, Buffington Mohr McNeal acquired a new position in shares of ONEOK in the first quarter valued at approximately $28,000. 75.46% of the stock is currently owned by institutional investors.
Shares of NYSE:OKE opened at $66.04 on Friday. The company has a market cap of $27.25 billion, a P/E ratio of 23.76, a P/E/G ratio of 1.89 and a beta of 1.20. ONEOK, Inc. has a 1 year low of $50.26 and a 1 year high of $71.99. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.55 and a current ratio of 0.79.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Monday, April 29th will be given a dividend of $0.865 per share. The ex-dividend date is Friday, April 26th. This represents a $3.46 dividend on an annualized basis and a yield of 5.24%. This is an increase from ONEOK’s previous quarterly dividend of $0.86. ONEOK’s dividend payout ratio is currently 124.46%.
In related news, Director Eduardo A. Rodriguez sold 1,500 shares of the stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $66.75, for a total transaction of $100,125.00. Following the sale, the director now owns 15,536 shares of the company’s stock, valued at $1,037,028. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.60% of the company’s stock.
Several equities analysts have recently commented on OKE shares. Jefferies Financial Group downgraded ONEOK from a “buy” rating to a “hold” rating and upped their target price for the company from $72.00 to $74.00 in a research report on Monday, April 1st. SunTrust Banks started coverage on ONEOK in a research report on Friday, January 18th. They issued a “buy” rating and a $72.00 target price on the stock. Evercore ISI started coverage on ONEOK in a research report on Tuesday, February 5th. They issued a $68.00 target price on the stock. Barclays set a $66.00 target price on ONEOK and gave the company a “hold” rating in a research report on Wednesday, January 16th. Finally, Zacks Investment Research raised ONEOK from a “hold” rating to a “buy” rating and set a $77.00 price target on the stock in a research report on Tuesday, March 19th. Ten research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. ONEOK currently has a consensus rating of “Buy” and an average target price of $71.73.
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ONEOK, Inc, together with its subsidiaries, engages in the gathering, processing, storage, and transportation of natural gas in the United States. It operates through Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines segments. The company owns natural gas gathering pipelines and processing plants in the Mid-Continent and Rocky Mountain regions.
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