Sound Income Strategies LLC Reduces Holdings in ONEOK, Inc. (NYSE:OKE)

Sound Income Strategies LLC reduced its stake in ONEOK, Inc. (NYSE:OKE) by 42.2% during the fourth quarter, Holdings Channel.com reports. The firm owned 119,019 shares of the utilities provider’s stock after selling 86,931 shares during the quarter. Sound Income Strategies LLC’s holdings in ONEOK were worth $11,950,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the stock. Kieckhefer Group LLC bought a new stake in ONEOK during the 4th quarter worth approximately $30,000. Matrix Trust Co bought a new position in shares of ONEOK in the third quarter worth about $29,000. Access Investment Management LLC purchased a new position in ONEOK in the 3rd quarter worth approximately $37,000. Values First Advisors Inc. bought a new position in ONEOK in the 3rd quarter worth approximately $44,000. Finally, Fortitude Family Office LLC grew its holdings in ONEOK by 37.4% during the 3rd quarter. Fortitude Family Office LLC now owns 496 shares of the utilities provider’s stock valued at $45,000 after buying an additional 135 shares in the last quarter. Institutional investors own 69.13% of the company’s stock.

Wall Street Analyst Weigh In

OKE has been the subject of a number of research reports. Mizuho upgraded shares of ONEOK to a “hold” rating in a research report on Thursday, November 7th. US Capital Advisors raised shares of ONEOK from a “hold” rating to a “moderate buy” rating in a report on Tuesday, November 26th. Scotiabank initiated coverage on ONEOK in a report on Friday, January 10th. They issued a “sector outperform” rating and a $109.00 target price on the stock. Royal Bank of Canada increased their price target on ONEOK from $89.00 to $98.00 and gave the company a “sector perform” rating in a research note on Wednesday, October 16th. Finally, Truist Financial lifted their price objective on ONEOK from $99.00 to $107.00 and gave the stock a “hold” rating in a research note on Tuesday, December 3rd. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $102.92.

ONEOK Stock Performance

NYSE:OKE opened at $104.91 on Friday. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.59 and a current ratio of 0.81. The stock’s fifty day moving average is $106.17 and its 200 day moving average is $96.28. The firm has a market capitalization of $61.29 billion, a PE ratio of 21.95, a PEG ratio of 4.03 and a beta of 1.70. ONEOK, Inc. has a fifty-two week low of $67.05 and a fifty-two week high of $118.07.

ONEOK (NYSE:OKE) last released its quarterly earnings results on Tuesday, October 29th. The utilities provider reported $1.18 EPS for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.05). The firm had revenue of $5.02 billion for the quarter, compared to analysts’ expectations of $5.81 billion. ONEOK had a return on equity of 16.84% and a net margin of 14.05%. During the same period in the prior year, the firm posted $0.99 earnings per share. On average, sell-side analysts anticipate that ONEOK, Inc. will post 5.1 earnings per share for the current year.

ONEOK Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Monday, February 3rd will be paid a dividend of $1.03 per share. This is a positive change from ONEOK’s previous quarterly dividend of $0.99. This represents a $4.12 dividend on an annualized basis and a dividend yield of 3.93%. The ex-dividend date of this dividend is Monday, February 3rd. ONEOK’s dividend payout ratio (DPR) is currently 82.85%.

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.