24,492 Shares in ONEOK, Inc. (OKE) Acquired by Convergence Investment Partners LLC
Convergence Investment Partners LLC purchased a new stake in shares of ONEOK, Inc. (NYSE:OKE) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 24,492 shares of the utilities provider’s stock, valued at approximately $1,278,000.
Other hedge funds have also bought and sold shares of the company. Massmutual Trust Co. FSB ADV acquired a new stake in ONEOK during the first quarter valued at about $100,000. Delta Asset Management LLC TN acquired a new stake in ONEOK during the second quarter valued at about $103,000. Smithfield Trust Co. raised its stake in ONEOK by 107.7% in the second quarter. Smithfield Trust Co. now owns 1,994 shares of the utilities provider’s stock valued at $104,000 after buying an additional 1,034 shares during the last quarter. Huntington National Bank raised its stake in ONEOK by 33.7% in the first quarter. Huntington National Bank now owns 2,196 shares of the utilities provider’s stock valued at $122,000 after buying an additional 554 shares during the last quarter. Finally, Financial Architects Inc raised its stake in ONEOK by 165.4% in the first quarter. Financial Architects Inc now owns 3,755 shares of the utilities provider’s stock valued at $208,000 after buying an additional 2,340 shares during the last quarter. Institutional investors and hedge funds own 80.89% of the company’s stock.
Shares of ONEOK, Inc. (OKE) opened at 50.95 on Wednesday. The stock has a market capitalization of $19.36 billion, a price-to-earnings ratio of 31.92 and a beta of 1.31. ONEOK, Inc. has a one year low of $45.41 and a one year high of $59.47. The firm has a 50-day moving average of $53.27 and a 200 day moving average of $52.95.
ONEOK (NYSE:OKE) last issued its quarterly earnings results on Tuesday, August 1st. The utilities provider reported $0.33 EPS for the quarter, missing the consensus estimate of $0.45 by $0.12. The firm had revenue of $2.73 billion for the quarter, compared to the consensus estimate of $2.64 billion. ONEOK had a net margin of 3.26% and a return on equity of 8.62%. During the same quarter in the previous year, the company posted $0.40 earnings per share. On average, equities research analysts predict that ONEOK, Inc. will post $1.54 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, August 14th. Investors of record on Monday, August 7th were issued a dividend of $0.745 per share. This represents a $2.98 annualized dividend and a yield of 5.85%. This is an increase from ONEOK’s previous quarterly dividend of $0.62. The ex-dividend date was Thursday, August 3rd. ONEOK’s dividend payout ratio is presently 186.25%.
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Several research firms have issued reports on OKE. Credit Suisse Group cut 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, August 3rd. Royal Bank Of Canada restated a “hold” rating and set a $58.00 price target on shares of ONEOK in a research report on Friday, May 12th. UBS AG upgraded shares of ONEOK from a “neutral” rating to a “buy” rating and upped their price target for the company from $56.00 to $59.00 in a research report on Wednesday, June 14th. Jefferies Group LLC set a $51.00 price target on shares of ONEOK and gave the company a “hold” rating in a research report on Friday, June 16th. Finally, Zacks Investment Research upgraded shares of ONEOK from a “strong sell” rating to a “hold” rating in a report on Friday, July 14th. Eight equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has an average 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 dated Friday, June 16th. The shares were sold at an average price of $50.34, for a total transaction of $100,680.00. Following the transaction, the director now directly owns 18,125 shares in the company, valued at approximately $912,412.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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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