Summit Financial LLC Has $3.10 Million Stake in ONEOK, Inc. (NYSE:OKE)

Summit Financial LLC raised its position in ONEOK, Inc. (NYSE:OKE) by 551.4% in the 4th quarter, Holdings Channel.com reports. The firm owned 30,838 shares of the utilities provider’s stock after buying an additional 26,104 shares during the period. Summit Financial LLC’s holdings in ONEOK were worth $3,096,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in OKE. Kieckhefer Group LLC acquired a new stake in ONEOK during the 4th quarter worth approximately $30,000. Canton Hathaway LLC bought a new position in shares of ONEOK during the fourth quarter valued at $40,000. J.Safra Asset Management Corp acquired a new position in shares of ONEOK during the fourth quarter worth $48,000. VSM Wealth Advisory LLC bought a new stake in shares of ONEOK in the fourth quarter worth $50,000. Finally, OFI Invest Asset Management acquired a new stake in ONEOK in the fourth quarter valued at $51,000. 69.13% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Wells Fargo & Company reduced their price target on ONEOK from $107.00 to $102.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 26th. Barclays reduced their target price on ONEOK from $105.00 to $101.00 and set an “equal weight” rating on the stock in a report on Friday, March 7th. Morgan Stanley boosted their price target on shares of ONEOK from $111.00 to $133.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 25th. Scotiabank reduced their price objective on shares of ONEOK from $109.00 to $102.00 and set a “sector outperform” rating on the stock in a research note on Thursday, March 6th. Finally, Citigroup started coverage on shares of ONEOK in a research note on Friday, February 28th. They set a “buy” rating and a $110.00 target price for the company. Seven equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $105.00.

ONEOK Trading Up 0.8 %

NYSE OKE opened at $99.28 on Tuesday. The company has a quick ratio of 0.59, a current ratio of 0.81 and a debt-to-equity ratio of 1.59. ONEOK, Inc. has a 52 week low of $76.23 and a 52 week high of $118.07. The business has a 50 day moving average price of $98.12 and a 200-day moving average price of $100.30. The company has a market cap of $61.98 billion, a price-to-earnings ratio of 20.77, a P/E/G ratio of 3.77 and a beta of 1.70.

ONEOK (NYSE:OKE) last released its quarterly earnings data on Monday, February 24th. The utilities provider reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.46 by $0.11. The firm had revenue of $7 billion for the quarter, compared to the consensus estimate of $6.18 billion. ONEOK had a net margin of 14.05% and a return on equity of 16.84%. As a group, equities analysts expect that ONEOK, Inc. will post 5.07 earnings per share for the current fiscal year.

ONEOK Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Monday, February 3rd were paid a $1.03 dividend. The ex-dividend date was Monday, February 3rd. This is an increase from ONEOK’s previous quarterly dividend of $0.99. This represents a $4.12 annualized dividend and a dividend yield of 4.15%. ONEOK’s dividend payout ratio is 79.69%.

ONEOK Profile

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.