Intech Investment Management LLC Cuts Stock Holdings in ONEOK, Inc. (NYSE:OKE)

Intech Investment Management LLC decreased its stake in shares of ONEOK, Inc. (NYSE:OKE) by 51.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 73,989 shares of the utilities provider’s stock after selling 78,844 shares during the period. Intech Investment Management LLC’s holdings in ONEOK were worth $6,743,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Matrix Trust Co purchased a new position in shares of ONEOK during the third quarter valued at approximately $29,000. Quest Partners LLC purchased a new position in shares of ONEOK during the second quarter valued at approximately $28,000. Ridgewood Investments LLC purchased a new position in shares of ONEOK during the second quarter valued at approximately $31,000. Access Investment Management LLC purchased a new position in shares of ONEOK during the third quarter valued at approximately $37,000. Finally, Values First Advisors Inc. purchased a new position in shares of ONEOK during the third quarter valued at approximately $44,000. Hedge funds and other institutional investors own 69.13% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Citigroup lifted their target price on ONEOK from $85.00 to $102.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. Royal Bank of Canada boosted their price objective on ONEOK from $89.00 to $98.00 and gave the stock a “sector perform” rating in a research report on Wednesday, October 16th. Scotiabank boosted their price objective on ONEOK from $88.00 to $102.00 and gave the stock a “sector outperform” rating in a research report on Friday, August 30th. Morgan Stanley raised ONEOK from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $103.00 to $111.00 in a research report on Monday, September 16th. Finally, Mizuho raised ONEOK to a “hold” rating in a research report on Thursday, November 7th. Eight research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $100.38.

ONEOK Stock Performance

NYSE:OKE opened at $116.65 on Friday. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.59 and a current ratio of 0.81. ONEOK, Inc. has a 52-week low of $65.49 and a 52-week high of $117.24. The firm has a market cap of $68.14 billion, a price-to-earnings ratio of 24.40, a PEG ratio of 5.64 and a beta of 1.66. The business’s fifty day moving average is $98.36 and its 200 day moving average is $88.59.

ONEOK (NYSE:OKE) last released its quarterly earnings data on Tuesday, October 29th. The utilities provider reported $1.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.05). ONEOK had a net margin of 14.05% and a return on equity of 16.84%. The company had revenue of $5.02 billion for the quarter, compared to the consensus estimate of $5.81 billion. During the same quarter in the previous year, the firm posted $0.99 earnings per share. Research analysts predict that ONEOK, Inc. will post 5.15 EPS for the current year.

ONEOK Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Friday, November 1st were paid a dividend of $0.99 per share. The ex-dividend date of this dividend was Friday, November 1st. This represents a $3.96 dividend on an annualized basis and a dividend yield of 3.39%. ONEOK’s payout ratio is 82.85%.

Insider Activity at ONEOK

In other ONEOK news, Director Pattye L. Moore sold 3,379 shares of the company’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $92.01, for a total value of $310,901.79. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 0.20% of the stock is currently owned by corporate insiders.

About ONEOK

ONEOK, Inc engages in gathering, processing, fractionation, storage, transportation, and marketing of natural gas and natural gas liquids (NGL) in the United States. It operates through four segments: Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude.