Ingalls & Snyder LLC Raises Position in ONEOK, Inc. (OKE)
Ingalls & Snyder LLC increased its position in shares of ONEOK, Inc. (NYSE:OKE) by 12.0% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 171,134 shares of the utilities provider’s stock after acquiring an additional 18,380 shares during the period. Ingalls & Snyder LLC’s holdings in ONEOK were worth $9,483,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the stock. Howe & Rusling Inc. grew its position in ONEOK by 1.7% during the 3rd quarter. Howe & Rusling Inc. now owns 77,808 shares of the utilities provider’s stock worth $4,311,000 after acquiring an additional 1,313 shares during the last quarter. Monarch Capital Management Inc. bought a new stake in shares of ONEOK in the 3rd quarter valued at about $278,000. Shell Asset Management Co. grew its position in shares of ONEOK by 240.1% in the 3rd quarter. Shell Asset Management Co. now owns 47,465 shares of the utilities provider’s stock valued at $3,111,000 after buying an additional 33,507 shares during the last quarter. Yorkville Capital Management LLC bought a new stake in shares of ONEOK in the 2nd quarter valued at about $261,000. Finally, W. E. Donoghue & Co. LLC bought a new stake in shares of ONEOK in the 2nd quarter valued at about $17,217,000. Institutional investors and hedge funds own 51.30% of the company’s stock.
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OKE has been the topic of a number of analyst reports. Argus reiterated a “buy” rating and issued a $59.00 price target (up previously from $55.00) on shares of ONEOK in a research report on Thursday, August 24th. BidaskClub upgraded ONEOK from a “hold” rating to a “buy” rating in a research report on Friday, August 4th. BMO Capital Markets set a $62.00 price target on ONEOK and gave the company a “buy” rating in a research report on Wednesday. Barclays PLC initiated coverage on ONEOK in a research report on Tuesday, September 5th. They issued an “equal weight” rating and a $58.00 price target on the stock. Finally, Morgan Stanley lowered ONEOK from an “overweight” rating to an “equal weight” rating and set a $54.00 price target on the stock. in a research report on Wednesday, July 5th. Nine investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $58.86.
Shares of ONEOK, Inc. (NYSE:OKE) traded up 0.34% during midday trading on Friday, hitting $56.00. The company had a trading volume of 2,309,081 shares. ONEOK, Inc. has a 52 week low of $45.41 and a 52 week high of $59.47. The firm’s 50 day moving average is $55.95 and its 200 day moving average is $53.23. The company has a market capitalization of $21.28 billion, a P/E ratio of 35.09 and a beta of 1.30.
ONEOK (NYSE:OKE) last released its quarterly earnings data on Tuesday, August 1st. The utilities provider reported $0.33 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by ($0.12). The company had revenue of $2.73 billion during 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 firm posted $0.40 EPS. Equities research analysts anticipate that ONEOK, Inc. will post $1.72 EPS for the current year.
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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