Tyche Wealth Partners LLC Acquires New Position in ONEOK, Inc. (NYSE:OKE)

Tyche Wealth Partners LLC acquired a new stake in shares of ONEOK, Inc. (NYSE:OKE) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 4,152 shares of the utilities provider’s stock, valued at approximately $292,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Fifth Third Bancorp lifted its holdings in ONEOK by 16.2% during the 4th quarter. Fifth Third Bancorp now owns 21,800 shares of the utilities provider’s stock valued at $1,531,000 after buying an additional 3,032 shares in the last quarter. ELCO Management Co. LLC increased its position in ONEOK by 102.3% during the 3rd quarter. ELCO Management Co. LLC now owns 26,432 shares of the utilities provider’s stock valued at $1,677,000 after purchasing an additional 13,367 shares during the period. Meiji Yasuda Asset Management Co Ltd. increased its position in ONEOK by 11.4% during the 3rd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 7,729 shares of the utilities provider’s stock valued at $490,000 after purchasing an additional 790 shares during the period. Prime Capital Investment Advisors LLC increased its position in ONEOK by 1.5% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 38,780 shares of the utilities provider’s stock valued at $2,460,000 after purchasing an additional 581 shares during the period. Finally, Janney Montgomery Scott LLC increased its position in ONEOK by 59.7% during the 3rd quarter. Janney Montgomery Scott LLC now owns 154,628 shares of the utilities provider’s stock valued at $9,808,000 after purchasing an additional 57,798 shares during the period. Institutional investors own 69.13% of the company’s stock.

ONEOK Stock Performance

Shares of NYSE OKE opened at $77.68 on Thursday. The company has a current ratio of 0.90, a quick ratio of 0.67 and a debt-to-equity ratio of 1.29. ONEOK, Inc. has a 12 month low of $55.91 and a 12 month high of $80.81. The company has a 50 day simple moving average of $76.35 and a two-hundred day simple moving average of $70.86. The stock has a market cap of $45.34 billion, a price-to-earnings ratio of 14.00, a PEG ratio of 2.22 and a beta of 1.65.

ONEOK (NYSE:OKE) last announced its quarterly earnings data on Monday, February 26th. The utilities provider reported $1.18 EPS for the quarter, missing the consensus estimate of $1.21 by ($0.03). ONEOK had a net margin of 15.04% and a return on equity of 22.57%. The business had revenue of $5.24 billion for the quarter, compared to analyst estimates of $5.57 billion. During the same quarter in the previous year, the firm posted $1.08 earnings per share. As a group, analysts predict that ONEOK, Inc. will post 4.98 earnings per share for the current year.

ONEOK declared that its board has authorized a share buyback program on Wednesday, January 17th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the utilities provider to purchase up to 4.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

OKE has been the topic of a number of research reports. Wolfe Research raised shares of ONEOK from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, January 10th. Barclays raised their target price on shares of ONEOK from $73.00 to $80.00 and gave the company an “equal weight” rating in a research report on Thursday, March 7th. Seaport Res Ptn raised shares of ONEOK from a “neutral” rating to a “buy” rating in a research report on Thursday, February 8th. JPMorgan Chase & Co. lifted their price objective on shares of ONEOK from $81.00 to $85.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 13th. Finally, Mizuho lifted their price objective on shares of ONEOK from $75.00 to $81.00 and gave the stock a “neutral” rating in a research report on Wednesday, March 20th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $82.25.

Insider Activity at ONEOK

In other news, Director Wayne Thomas Smith bought 2,700 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The stock was purchased at an average cost of $75.25 per share, for a total transaction of $203,175.00. Following the purchase, the director now directly owns 2,700 shares in the company, valued at approximately $203,175. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.20% of the company’s stock.

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.