Balyasny Asset Management LLC Lowers Stock Position in ONE Gas Inc (NYSE:OGS)
Balyasny Asset Management LLC reduced its position in shares of ONE Gas Inc (NYSE:OGS) by 50.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,479 shares of the utilities provider’s stock after selling 5,646 shares during the period. Balyasny Asset Management LLC’s holdings in ONE Gas were worth $422,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in OGS. JPMorgan Chase & Co. increased its stake in ONE Gas by 49.3% in the 1st quarter. JPMorgan Chase & Co. now owns 511,152 shares of the utilities provider’s stock valued at $42,743,000 after buying an additional 168,781 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of ONE Gas by 37.8% in the 2nd quarter. Principal Financial Group Inc. now owns 470,056 shares of the utilities provider’s stock worth $36,217,000 after buying an additional 128,992 shares during the last quarter. First Trust Advisors LP grew its holdings in shares of ONE Gas by 23.6% in the second quarter. First Trust Advisors LP now owns 614,159 shares of the utilities provider’s stock valued at $47,321,000 after acquiring an additional 117,312 shares in the last quarter. Vident Investment Advisory LLC purchased a new stake in shares of ONE Gas during the first quarter valued at approximately $9,492,000. Finally, Beck Bode LLC bought a new stake in ONE Gas during the first quarter worth $7,500,000. Institutional investors and hedge funds own 79.36% of the company’s stock.
In other news, insider Jeffrey J. Husen sold 700 shares of the business’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $77.61, for a total transaction of $54,327.00. Following the completion of the transaction, the insider now owns 1,748 shares of the company’s stock, valued at $135,662.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.85% of the company’s stock.
ONE Gas (NYSE:OGS) last released its quarterly earnings results on Monday, July 27th. The utilities provider reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.02. The firm had revenue of $273.29 million for the quarter, compared to analysts’ expectations of $274.48 million. ONE Gas had a net margin of 12.35% and a return on equity of 8.62%. The business’s quarterly revenue was down 5.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.46 earnings per share. On average, research analysts anticipate that ONE Gas Inc will post 3.54 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th were issued a $0.54 dividend. The ex-dividend date was Thursday, August 13th. This represents a $2.16 annualized dividend and a dividend yield of 3.12%. ONE Gas’s payout ratio is currently 61.54%.
Several brokerages have recently issued reports on OGS. Mizuho decreased their target price on ONE Gas from $94.00 to $87.00 and set a “neutral” rating for the company in a research report on Wednesday, July 29th. They noted that the move was a valuation call. BofA Securities raised shares of ONE Gas from an “underperform” rating to a “neutral” rating in a research report on Thursday, July 23rd. Bank of America upgraded ONE Gas from an “underperform” rating to a “neutral” rating and set a $79.00 price objective on the stock in a research note on Thursday, July 23rd. They noted that the move was a valuation call. Morgan Stanley increased their price target on ONE Gas from $68.00 to $70.00 and gave the stock an “underweight” rating in a research note on Friday, August 14th. Finally, Zacks Investment Research cut ONE Gas from a “hold” rating to a “sell” rating and set a $81.00 price objective on the stock. in a research note on Thursday, July 2nd. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $86.40.
About ONE Gas
ONE Gas, Inc operates as a regulated natural gas distribution utility company in the United States. The company operates through three divisions: Oklahoma Natural Gas, Kansas Gas Service, and Texas Gas Service. It serves residential, commercial, and industrial and transportation customers, as well as provides natural gas distribution services to wholesale and public authority customers.
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