Renaissance Technologies LLC Cuts Position in ONEOK, Inc. (NYSE:OKE)

Renaissance Technologies LLC lessened its stake in ONEOK, Inc. (NYSE:OKE) by 16.3% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,058,147 shares of the utilities provider’s stock after selling 206,624 shares during the quarter. Renaissance Technologies LLC owned 0.18% of ONEOK worth $86,292,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Hilltop Holdings Inc. increased its holdings in shares of ONEOK by 7.3% in the 4th quarter. Hilltop Holdings Inc. now owns 16,525 shares of the utilities provider’s stock valued at $1,160,000 after purchasing an additional 1,124 shares in the last quarter. TD Asset Management Inc increased its holdings in shares of ONEOK by 11.6% in the 4th quarter. TD Asset Management Inc now owns 208,063 shares of the utilities provider’s stock valued at $14,610,000 after purchasing an additional 21,657 shares in the last quarter. Norden Group LLC increased its holdings in shares of ONEOK by 4,460.2% in the 1st quarter. Norden Group LLC now owns 134,388 shares of the utilities provider’s stock valued at $10,773,000 after purchasing an additional 131,441 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of ONEOK by 2,643.5% in the 4th quarter. Wellington Management Group LLP now owns 1,170,739 shares of the utilities provider’s stock valued at $82,209,000 after purchasing an additional 1,128,066 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC increased its holdings in ONEOK by 8.7% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 121,195 shares of the utilities provider’s stock valued at $8,510,000 after acquiring an additional 9,722 shares in the last quarter. Hedge funds and other institutional investors own 69.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on OKE. Scotiabank raised their target price on shares of ONEOK from $88.00 to $102.00 and gave the company a “sector outperform” rating in a report on Friday, August 30th. Morgan Stanley upgraded shares of ONEOK from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $103.00 to $111.00 in a report on Monday. Barclays raised their target price on shares of ONEOK from $82.00 to $94.00 and gave the company an “equal weight” rating in a report on Monday. Royal Bank of Canada raised their target price on shares of ONEOK from $84.00 to $89.00 and gave the company a “sector perform” rating in a report on Thursday, August 22nd. Finally, Truist Financial raised their target price on shares of ONEOK from $81.00 to $83.00 and gave the company a “hold” rating in a report on Wednesday, July 31st. One analyst has rated the stock with a sell rating, eight have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $92.38.

ONEOK Price Performance

ONEOK stock opened at $93.68 on Tuesday. ONEOK, Inc. has a 12-month low of $60.58 and a 12-month high of $93.88. The stock has a market capitalization of $54.72 billion, a P/E ratio of 21.79, a P/E/G ratio of 4.49 and a beta of 1.67. The firm’s 50-day moving average is $86.36 and its two-hundred day moving average is $82.00. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.62 and a quick ratio of 0.41.

ONEOK (NYSE:OKE) last issued its quarterly earnings results on Monday, August 5th. The utilities provider reported $1.33 EPS for the quarter, topping the consensus estimate of $1.21 by $0.12. ONEOK had a net margin of 13.41% and a return on equity of 15.54%. The firm had revenue of $4.89 billion during the quarter, compared to analyst estimates of $5.52 billion. During the same quarter in the prior year, the business posted $1.04 earnings per share. Equities analysts predict that ONEOK, Inc. will post 5.07 earnings per share for the current year.

ONEOK Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Thursday, August 1st were given a dividend of $0.99 per share. This represents a $3.96 annualized dividend and a yield of 4.23%. The ex-dividend date was Thursday, August 1st. ONEOK’s dividend payout ratio (DPR) is 92.09%.

Insider Buying and Selling

In related news, Director Pattye L. Moore sold 3,379 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $92.01, for a total transaction of $310,901.79. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.20% of the stock is currently owned by company insiders.

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.