Summit Financial Wealth Advisors LLC lifted its stake in ONEOK, Inc. (NYSE:OKE) by 22.1% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 82,547 shares of the utilities provider’s stock after buying an additional 14,929 shares during the quarter. ONEOK makes up 1.4% of Summit Financial Wealth Advisors LLC’s holdings, making the stock its 17th largest position. Summit Financial Wealth Advisors LLC’s holdings in ONEOK were worth $5,680,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently modified their holdings of the company. C J Advisory Inc purchased a new stake in shares of ONEOK in the first quarter worth about $26,000. Pinnacle Financial Partners Inc. purchased a new stake in shares of ONEOK in the first quarter worth about $27,000. Buffington Mohr McNeal purchased a new stake in shares of ONEOK in the first quarter worth about $28,000. Moody National Bank Trust Division boosted its stake in shares of ONEOK by 74.4% in the first quarter. Moody National Bank Trust Division now owns 471 shares of the utilities provider’s stock worth $33,000 after buying an additional 201 shares during the last quarter. Finally, Massey Quick Simon & CO. LLC purchased a new stake in shares of ONEOK in the first quarter worth about $35,000. Hedge funds and other institutional investors own 74.69% of the company’s stock.
OKE has been the topic of a number of recent analyst reports. Citigroup increased their price target on ONEOK from $67.00 to $77.00 and gave the stock a “buy” rating in a research report on Thursday, May 2nd. Raymond James downgraded ONEOK from a “strong-buy” rating to an “outperform” rating in a research report on Tuesday, April 16th. Seaport Global Securities downgraded ONEOK from a “buy” rating to a “neutral” rating and set a $69.07 price target on the stock. in a research report on Monday, April 22nd. Zacks Investment Research downgraded ONEOK from a “buy” rating to a “hold” rating in a research report on Monday, May 20th. Finally, UBS Group increased their price target on ONEOK from $68.00 to $69.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 3rd. Twelve research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. ONEOK presently has a consensus rating of “Hold” and an average target price of $71.62.
ONEOK (NYSE:OKE) last announced its earnings results on Tuesday, July 30th. The utilities provider reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.04. ONEOK had a return on equity of 18.47% and a net margin of 9.98%. The business had revenue of $2.46 billion during the quarter, compared to analysts’ expectations of $2.87 billion. During the same quarter in the prior year, the firm earned $0.68 earnings per share. The business’s revenue was down 17.0% compared to the same quarter last year. As a group, analysts forecast that ONEOK, Inc. will post 3.06 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 14th. Shareholders of record on Tuesday, August 6th will be issued a dividend of $0.89 per share. The ex-dividend date is Monday, August 5th. This represents a $3.56 dividend on an annualized basis and a dividend yield of 4.94%. This is a boost from ONEOK’s previous quarterly dividend of $0.87. ONEOK’s dividend payout ratio is presently 124.46%.
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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