Brookstone Capital Management Raises Stake in ONEOK, Inc. (OKE)
Brookstone Capital Management increased its stake in ONEOK, Inc. (NYSE:OKE) by 6.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 112,914 shares of the utilities provider’s stock after buying an additional 6,958 shares during the period. Brookstone Capital Management’s holdings in ONEOK were worth $5,890,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Janney Montgomery Scott LLC increased its stake in ONEOK by 102.1% in the first quarter. Janney Montgomery Scott LLC now owns 39,307 shares of the utilities provider’s stock worth $2,179,000 after buying an additional 19,859 shares in the last quarter. Penserra Capital Management LLC increased its stake in ONEOK by 14.6% in the first quarter. Penserra Capital Management LLC now owns 22,931 shares of the utilities provider’s stock worth $1,271,000 after buying an additional 2,925 shares in the last quarter. Parsons Capital Management Inc. RI increased its stake in ONEOK by 12.0% in the first quarter. Parsons Capital Management Inc. RI now owns 4,465 shares of the utilities provider’s stock worth $248,000 after buying an additional 480 shares in the last quarter. 1st Global Advisors Inc. acquired a new stake in ONEOK during the first quarter worth $885,000. Finally, Catalyst Capital Advisors LLC increased its stake in ONEOK by 30.7% in the first quarter. Catalyst Capital Advisors LLC now owns 108,336 shares of the utilities provider’s stock worth $6,006,000 after buying an additional 25,440 shares in the last quarter. Institutional investors and hedge funds own 80.89% of the company’s stock.
Shares of ONEOK, Inc. (NYSE:OKE) traded up 0.36% during mid-day trading on Friday, hitting $53.66. 1,893,018 shares of the stock were exchanged. The stock has a market cap of $20.39 billion, a PE ratio of 33.62 and a beta of 1.31. ONEOK, Inc. has a 12 month low of $45.41 and a 12 month high of $59.47. The stock’s 50 day moving average is $53.33 and its 200-day moving average is $52.81.
ONEOK (NYSE:OKE) last released its quarterly earnings results on Tuesday, August 1st. The utilities provider reported $0.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by $0.12. The firm had revenue of $2.73 billion for the quarter, compared to analysts’ expectations of $2.64 billion. ONEOK had a return on equity of 8.62% and a net margin of 3.26%. During the same quarter in the prior year, the business earned $0.40 EPS. On average, analysts anticipate that ONEOK, Inc. will post $1.67 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 paid a dividend of $0.745 per share. This represents a $2.98 dividend on an annualized basis and a yield of 5.55%. The ex-dividend date was Thursday, August 3rd. This is an increase from ONEOK’s previous quarterly dividend of $0.62. ONEOK’s dividend payout ratio (DPR) is currently 186.25%.
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A number of analysts have recently weighed in on OKE shares. Argus raised shares of ONEOK from a “hold” rating to a “buy” rating and set a $55.00 target price on the stock in a research report on Wednesday, June 21st. BidaskClub raised shares of ONEOK from a “strong sell” rating to a “sell” rating in a research report on Tuesday, June 27th. Morgan Stanley downgraded shares of ONEOK from an “overweight” rating to an “equal weight” rating and set a $54.00 target price on the stock. in a research report on Wednesday, July 5th. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $58.00 target price on shares of ONEOK in a research report on Friday, May 12th. Finally, Zacks Investment Research downgraded shares of ONEOK from a “hold” rating to a “sell” rating in a research report on Tuesday, June 27th. Nine investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $57.46.
In related news, Director Eduardo A. Rodriguez sold 2,000 shares of the firm’s stock in a transaction that occurred 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 in the company, valued at approximately $912,412.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company 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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