Sequoia Financial Advisors LLC Grows Stock Holdings in ONEOK, Inc. (NYSE:OKE)

Sequoia Financial Advisors LLC raised its holdings in shares of ONEOK, Inc. (NYSE:OKE) by 2,459.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 204,181 shares of the utilities provider’s stock after acquiring an additional 196,203 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in ONEOK were worth $18,607,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in OKE. M&G Plc purchased a new position in ONEOK in the 1st quarter worth approximately $77,634,000. Kayne Anderson Capital Advisors LP lifted its holdings in ONEOK by 28.7% in the 1st quarter. Kayne Anderson Capital Advisors LP now owns 3,705,367 shares of the utilities provider’s stock worth $297,059,000 after purchasing an additional 825,464 shares in the last quarter. Bahl & Gaynor Inc. lifted its holdings in ONEOK by 3,648.4% in the 2nd quarter. Bahl & Gaynor Inc. now owns 514,954 shares of the utilities provider’s stock worth $41,995,000 after purchasing an additional 501,216 shares in the last quarter. Cetera Investment Advisers lifted its holdings in ONEOK by 370.1% in the 1st quarter. Cetera Investment Advisers now owns 615,276 shares of the utilities provider’s stock worth $49,327,000 after purchasing an additional 484,403 shares in the last quarter. Finally, Strategic Financial Concepts LLC lifted its holdings in ONEOK by 3,137.6% in the 2nd quarter. Strategic Financial Concepts LLC now owns 405,158 shares of the utilities provider’s stock worth $330,000 after purchasing an additional 392,644 shares in the last quarter. 69.13% of the stock is currently owned by institutional investors.

Insider Activity at ONEOK

In related news, Director Pattye L. Moore sold 3,379 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were 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 Securities & Exchange Commission, which is available at this link. 0.20% of the stock is currently owned by insiders.

ONEOK Price Performance

Shares of ONEOK stock traded up $0.73 during trading hours on Tuesday, reaching $97.55. The stock had a trading volume of 352,559 shares, compared to its average volume of 2,730,174. ONEOK, Inc. has a twelve month low of $63.33 and a twelve month high of $98.43. The company has a current ratio of 0.62, a quick ratio of 0.41 and a debt-to-equity ratio of 1.22. The firm has a market capitalization of $56.93 billion, a PE ratio of 22.62, a PEG ratio of 4.82 and a beta of 1.67. The stock’s 50 day moving average is $92.02 and its 200 day moving average is $84.84.

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. The company had revenue of $4.89 billion during the quarter, compared to analyst estimates of $5.52 billion. ONEOK had a net margin of 13.41% and a return on equity of 15.54%. During the same quarter in the previous year, the firm earned $1.04 EPS. Equities analysts expect that ONEOK, Inc. will post 5.09 earnings per share for the current fiscal year.

ONEOK Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Friday, November 1st will be issued a dividend of $0.99 per share. This represents a $3.96 dividend on an annualized basis and a dividend yield of 4.06%. The ex-dividend date of this dividend is Friday, November 1st. ONEOK’s payout ratio is 92.09%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on OKE. Tudor Pickering upgraded ONEOK to a “hold” rating in a report on Thursday, July 18th. Scotiabank increased their price target on ONEOK from $88.00 to $102.00 and gave the company a “sector outperform” rating in a report on Friday, August 30th. Wells Fargo & Company increased their price target on ONEOK from $91.00 to $100.00 and gave the company an “overweight” rating in a report on Friday, August 30th. Morgan Stanley upgraded ONEOK from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $103.00 to $111.00 in a report on Monday, September 16th. Finally, Citigroup increased their price target on ONEOK from $85.00 to $102.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. Eight investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $94.77.

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.