CIBC Asset Management Inc Buys 9,263 Shares of ONEOK, Inc. (OKE)
CIBC Asset Management Inc increased its position in shares of ONEOK, Inc. (NYSE:OKE) by 43.2% during the second quarter, Holdings Channel reports. The institutional investor owned 30,721 shares of the utilities provider’s stock after buying an additional 9,263 shares during the period. CIBC Asset Management Inc’s holdings in ONEOK were worth $1,602,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of OKE. Vanguard Group Inc. raised its position in ONEOK by 3.9% in the first quarter. Vanguard Group Inc. now owns 23,195,157 shares of the utilities provider’s stock worth $1,285,939,000 after buying an additional 875,668 shares in the last quarter. BlackRock Inc. raised its position in 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. State Street Corp raised its position in ONEOK by 6.1% in the first quarter. State Street Corp now owns 11,330,235 shares of the utilities provider’s stock worth $628,143,000 after buying an additional 649,957 shares in the last quarter. Neuberger Berman Group LLC raised its position 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 in the last quarter. Finally, Bank of New York Mellon Corp raised its position in ONEOK by 15.9% in the first quarter. Bank of New York Mellon Corp now owns 5,455,920 shares of the utilities provider’s stock worth $302,476,000 after buying an additional 749,725 shares in the last quarter. Institutional investors own 80.89% of the company’s stock.
Shares of ONEOK, Inc. (NYSE:OKE) opened at 52.76 on Thursday. The firm has a 50-day moving average price of $52.90 and a 200-day moving average price of $53.07. ONEOK, Inc. has a 52-week low of $44.98 and a 52-week high of $59.47. The stock has a market capitalization of $20.05 billion, a P/E ratio of 33.06 and a beta of 1.31.
ONEOK (NYSE:OKE) last issued its quarterly 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. ONEOK had a return on equity of 8.62% and a net margin of 3.26%. The business had revenue of $2.73 billion during the quarter, compared to analysts’ expectations of $2.64 billion. During the same quarter in the previous year, the company posted $0.40 EPS. On average, analysts predict that ONEOK, Inc. will post $1.54 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, August 14th. Shareholders of record on Monday, August 7th will be paid a $0.745 dividend. This represents a $2.98 dividend on an annualized basis and a yield of 5.65%. The ex-dividend date is Thursday, August 3rd. This is a positive change from ONEOK’s previous quarterly dividend of $0.62. ONEOK’s dividend payout ratio is presently 186.25%.
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A number of research analysts have recently weighed in on OKE shares. Morgan Stanley lowered ONEOK from an “overweight” rating to an “equal weight” rating and set a $54.00 target price on the stock. in a report on Wednesday, July 5th. BidaskClub upgraded ONEOK from a “strong sell” rating to a “sell” rating in a report on Tuesday, June 27th. Argus upgraded ONEOK from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a report on Wednesday, June 21st. Zacks Investment Research lowered ONEOK from a “hold” rating to a “sell” rating in a report on Tuesday, June 27th. Finally, BMO Capital Markets upgraded ONEOK from a “market perform” rating to an “outperform” rating and raised their target price for the company from $53.00 to $59.00 in a report on Wednesday, July 5th. Eight analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. ONEOK has an average rating of “Hold” and an average price target of $57.15.
In other ONEOK news, Director Eduardo A. Rodriguez sold 2,000 shares of the stock in a transaction on Friday, June 16th. The stock was sold at an average price of $50.34, for a total value of $100,680.00. Following the completion of the sale, the director now owns 18,125 shares in the company, valued at approximately $912,412.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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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