Bank of Nova Scotia lessened its stake in ONEOK, Inc. (NYSE:OKE) by 73.6% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 45,075 shares of the utilities provider’s stock after selling 125,568 shares during the quarter. Bank of Nova Scotia’s holdings in ONEOK were worth $3,147,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in the business. Verition Fund Management LLC increased its stake in ONEOK by 139.6% in the 2nd quarter. Verition Fund Management LLC now owns 14,708 shares of the utilities provider’s stock valued at $1,027,000 after buying an additional 8,570 shares during the period. Lake Street Advisors Group LLC increased its stake in shares of ONEOK by 349.2% during the 2nd quarter. Lake Street Advisors Group LLC now owns 21,346 shares of the utilities provider’s stock worth $1,491,000 after purchasing an additional 16,594 shares during the last quarter. Castleark Management LLC increased its stake in shares of ONEOK by 69.5% during the 2nd quarter. Castleark Management LLC now owns 40,844 shares of the utilities provider’s stock worth $2,852,000 after purchasing an additional 16,750 shares during the last quarter. Family Management Corp acquired a new position in shares of ONEOK during the 2nd quarter worth $208,000. Finally, HRT Financial LLC acquired a new position in shares of ONEOK during the 2nd quarter worth $388,000. Hedge funds and other institutional investors own 73.13% of the company’s stock.
In other news, Director Brian L. Derksen bought 1,500 shares of the stock in a transaction that occurred on Monday, August 6th. The shares were acquired at an average cost of $67.60 per share, for a total transaction of $101,400.00. Following the purchase, the director now owns 5,100 shares of the company’s stock, valued at approximately $344,760. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.53% of the company’s stock.
ONEOK (NYSE:OKE) last posted its earnings results on Tuesday, July 31st. The utilities provider reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.01. ONEOK had a net margin of 6.07% and a return on equity of 14.70%. The business had revenue of $2.96 billion for the quarter, compared to analyst estimates of $3.20 billion. research analysts forecast that ONEOK, Inc. will post 2.7 EPS for the current year.
Several research analysts have recently commented on the stock. US Capital Advisors restated a “buy” rating on shares of ONEOK in a research note on Tuesday, July 17th. Barclays increased their price target on shares of ONEOK from $72.00 to $73.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 11th. Wells Fargo & Co increased their price target on shares of ONEOK from $69.00 to $77.00 and gave the stock an “outperform” rating in a research note on Thursday, August 2nd. Bank of America increased their price target on shares of ONEOK from $70.00 to $71.00 and gave the stock a “neutral” rating in a research note 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 price target on the stock. in a research note on Wednesday, July 18th. They noted that the move was a valuation call. Nine equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $69.53.
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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