Hennessy Advisors Inc. Lowers Position in ONEOK, Inc. (NYSE:OKE)

Hennessy Advisors Inc. reduced its stake in ONEOK, Inc. (NYSE:OKE) by 13.6% in the first quarter, HoldingsChannel reports. The institutional investor owned 331,045 shares of the utilities provider’s stock after selling 52,200 shares during the quarter. ONEOK accounts for approximately 1.1% of Hennessy Advisors Inc.’s portfolio, making the stock its 26th biggest position. Hennessy Advisors Inc.’s holdings in ONEOK were worth $26,540,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Rise Advisors LLC purchased a new stake in ONEOK in the 1st quarter valued at $25,000. American National Bank purchased a new stake in shares of ONEOK during the 1st quarter valued at $32,000. Beacon Capital Management LLC increased its position in shares of ONEOK by 90.7% during the 4th quarter. Beacon Capital Management LLC now owns 408 shares of the utilities provider’s stock valued at $29,000 after purchasing an additional 194 shares during the last quarter. HHM Wealth Advisors LLC purchased a new stake in shares of ONEOK during the 4th quarter valued at $32,000. Finally, Security National Bank purchased a new stake in shares of ONEOK during the 4th quarter valued at $35,000. 69.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on OKE. Barclays raised their target price on ONEOK from $73.00 to $80.00 and gave the company an “equal weight” rating in a research report on Thursday, March 7th. StockNews.com raised ONEOK from a “sell” rating to a “hold” rating in a report on Friday, May 17th. Truist Financial lifted their price objective on ONEOK from $71.00 to $81.00 and gave the stock a “hold” rating in a report on Thursday, March 21st. Morgan Stanley lifted their price objective on ONEOK from $90.00 to $93.00 and gave the stock an “equal weight” rating in a report on Monday, June 10th. Finally, US Capital Advisors lowered ONEOK from an “overweight” rating to a “hold” rating in a report on Wednesday, March 20th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, ONEOK presently has an average rating of “Hold” and a consensus price target of $84.50.

ONEOK Price Performance

NYSE OKE traded up $0.33 during trading hours on Friday, hitting $81.08. The company had a trading volume of 1,323,055 shares, compared to its average volume of 2,830,684. The firm has a market capitalization of $47.32 billion, a price-to-earnings ratio of 18.81, a PEG ratio of 4.32 and a beta of 1.65. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.48 and a current ratio of 0.70. The firm has a 50 day simple moving average of $80.05 and a 200 day simple moving average of $75.61. ONEOK, Inc. has a 52 week low of $60.52 and a 52 week high of $83.31.

ONEOK (NYSE:OKE) last issued its quarterly earnings results on Tuesday, April 30th. The utilities provider reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.03. The firm had revenue of $4.78 billion during the quarter, compared to the consensus estimate of $5.84 billion. ONEOK had a return on equity of 15.94% and a net margin of 12.54%. During the same quarter last year, the company posted $2.34 EPS. Equities research analysts expect that ONEOK, Inc. will post 4.94 earnings per share for the current year.

ONEOK Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Wednesday, May 1st were given a dividend of $0.99 per share. The ex-dividend date of this dividend was Tuesday, April 30th. This represents a $3.96 dividend on an annualized basis and a dividend yield of 4.88%. ONEOK’s dividend payout ratio (DPR) is presently 92.09%.

ONEOK Company 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.