Old Port Advisors Invests $1.94 Million in ONEOK, Inc. (OKE) Stock

Old Port Advisors purchased a new position in ONEOK, Inc. (NYSE:OKE) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 27,799 shares of the utilities provider’s stock, valued at approximately $1,941,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Cribstone Capital Management LLC boosted its position in shares of ONEOK by 40.8% during the 2nd quarter. Cribstone Capital Management LLC now owns 2,535 shares of the utilities provider’s stock valued at $177,000 after acquiring an additional 735 shares in the last quarter. Hilltop Holdings Inc. boosted its position in shares of ONEOK by 14.8% during the 1st quarter. Hilltop Holdings Inc. now owns 5,877 shares of the utilities provider’s stock valued at $335,000 after acquiring an additional 757 shares in the last quarter. Trillium Asset Management LLC boosted its position in shares of ONEOK by 0.6% during the 2nd quarter. Trillium Asset Management LLC now owns 142,714 shares of the utilities provider’s stock valued at $9,966,000 after acquiring an additional 799 shares in the last quarter. State Treasurer State of Michigan boosted its position in shares of ONEOK by 0.7% during the 2nd quarter. State Treasurer State of Michigan now owns 121,726 shares of the utilities provider’s stock valued at $8,500,000 after acquiring an additional 800 shares in the last quarter. Finally, Cpwm LLC boosted its position in shares of ONEOK by 3.6% during the 2nd quarter. Cpwm LLC now owns 24,628 shares of the utilities provider’s stock valued at $1,720,000 after acquiring an additional 858 shares in the last quarter. Institutional investors own 73.13% of the company’s stock.

In other news, Director Brian L. Derksen purchased 1,500 shares of the business’s stock in a transaction that occurred on Monday, August 6th. The stock was purchased at an average cost of $67.60 per share, with a total value of $101,400.00. Following the acquisition, the director now directly owns 5,100 shares of the company’s stock, valued at approximately $344,760. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.53% of the company’s stock.

Several analysts have recently weighed in on the stock. US Capital Advisors reiterated a “buy” rating on shares of ONEOK in a research report on Tuesday, July 17th. Barclays lifted their target price on shares of ONEOK from $72.00 to $73.00 and gave the company an “overweight” rating in a research report on Wednesday, July 11th. Wells Fargo & Co lifted their target price on shares of ONEOK from $69.00 to $77.00 and gave the company an “outperform” rating in a research report on Thursday, August 2nd. Bank of America lifted their target price on shares of ONEOK from $70.00 to $71.00 and gave the company a “neutral” rating in a research report on Thursday, August 2nd. Finally, Jefferies Financial Group lowered shares of ONEOK from a “buy” rating to a “hold” rating and set a $77.00 target price on the stock. in a research report on Wednesday, July 18th. They noted that the move was a valuation call. Nine analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $69.53.

OKE stock traded down $1.26 during trading on Monday, hitting $67.85. 160,637 shares of the stock traded hands, compared to its average volume of 2,367,646. ONEOK, Inc. has a one year low of $49.65 and a one year high of $71.99. The company has a market capitalization of $28.42 billion, a P/E ratio of 38.51, a P/E/G ratio of 2.69 and a beta of 0.99. The company has a quick ratio of 0.40, a current ratio of 0.56 and a debt-to-equity ratio of 1.04.

ONEOK (NYSE:OKE) last announced its quarterly earnings results on Tuesday, July 31st. The utilities provider reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.01. ONEOK had a net margin of 6.07% and a return on equity of 14.70%. The firm had revenue of $2.96 billion during the quarter, compared to the consensus estimate of $3.20 billion. research analysts expect that ONEOK, Inc. will post 2.7 earnings per share for the current year.

About ONEOK

ONEOK, Inc, through its general partner interests in ONEOK Partners, L.P., engages in the gathering, processing, storage, and transportation of natural gas in the United States. The company operates through Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines segments.

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Institutional Ownership by Quarter for ONEOK (NYSE:OKE)

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