ONEOK, Inc. (OKE) Stake Reduced by Driehaus Capital Management LLC
Driehaus Capital Management LLC decreased its position in shares of ONEOK, Inc. (NYSE:OKE) by 24.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,335 shares of the utilities provider’s stock after selling 1,397 shares during the period. Driehaus Capital Management LLC’s holdings in ONEOK were worth $240,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. BlackRock Inc. raised its stake in shares of ONEOK by 2,987.9% in the first quarter. BlackRock Inc. now owns 18,697,403 shares of the utilities provider’s stock worth $1,036,584,000 after buying an additional 18,091,903 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in ONEOK during the first quarter worth $90,888,000. Neuberger Berman Group LLC raised its stake in ONEOK by 16.1% in the first quarter. Neuberger Berman Group LLC now owns 8,572,212 shares of the utilities provider’s stock worth $475,243,000 after buying an additional 1,190,284 shares during the period. MARSHALL WACE ASIA Ltd acquired a new stake in ONEOK during the first quarter worth $58,755,000. Finally, Marshall Wace North America L.P. acquired a new stake in ONEOK during the first quarter worth $58,755,000. 80.89% of the stock is owned by hedge funds and other institutional investors.
ONEOK, Inc. (OKE) traded down 1.40% during midday trading on Thursday, reaching $53.85. The company’s stock had a trading volume of 2,803,609 shares. The stock has a market cap of $20.46 billion, a P/E ratio of 31.86 and a beta of 1.31. The stock’s 50 day moving average is $52.22 and its 200 day moving average is $53.15. ONEOK, Inc. has a 12-month low of $42.87 and a 12-month high of $59.47.
ONEOK (NYSE:OKE) last released its earnings results on Tuesday, August 1st. The utilities provider reported $0.33 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.45 by $0.12. The company had revenue of $2.73 billion during the quarter, compared to analyst estimates of $2.64 billion. ONEOK had a net margin of 3.26% and a return on equity of 9.94%. During the same period in the previous year, the firm posted $0.40 EPS. Analysts anticipate that ONEOK, Inc. will post $2.08 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 14th. Investors of record on Monday, August 7th will be issued a dividend of $0.745 per share. This represents a $2.98 dividend on an annualized basis and a yield of 5.53%. The ex-dividend date of this dividend is Thursday, August 3rd. This is a positive change from ONEOK’s previous quarterly dividend of $0.62. ONEOK’s dividend payout ratio is currently 153.75%.
A number of analysts recently weighed in on the stock. UBS AG raised shares of ONEOK from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $56.00 to $59.00 in a research note on Wednesday, June 14th. Credit Suisse Group decreased their price target on shares of ONEOK from $64.00 to $61.00 and set an “outperform” rating for the company in a research report on Thursday. Zacks Investment Research raised shares of ONEOK from a “strong sell” rating to a “hold” rating in a research report on Friday, July 14th. BMO Capital Markets raised shares of ONEOK from a “market perform” rating to an “outperform” rating and increased their price target for the company from $53.00 to $59.00 in a research report on Wednesday, July 5th. Finally, Stifel Nicolaus started coverage on shares of ONEOK in a research report on Monday, June 26th. They set a “hold” rating and a $48.00 price target for the company. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $57.15.
In related news, Director Eduardo A. Rodriguez sold 2,000 shares of the company’s stock in a transaction on Friday, June 16th. The stock was sold at an average price of $50.34, for a total transaction of $100,680.00. Following the transaction, the director now owns 18,125 shares of the company’s stock, valued at $912,412.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.90% of the company’s stock.
ONEOK, Inc is an energy midstream service provider in the United States. The Company owns and operates natural gas liquids (NGL) systems, and is engaged in the gathering, processing, storage and transportation of natural gas. THe Company’s operations include a 38,000-mile integrated network of NGL and natural gas pipelines, processing plants, fractionators and storage facilities in the Mid-Continent, Williston, Permian and Rocky Mountain regions.
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