Groesbeck Investment Management Corp NJ Sells 6,329 Shares of ONEOK, Inc. (NYSE:OKE)

Groesbeck Investment Management Corp NJ lessened its holdings in shares of ONEOK, Inc. (NYSE:OKE) by 67.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,019 shares of the utilities provider’s stock after selling 6,329 shares during the quarter. Groesbeck Investment Management Corp NJ’s holdings in ONEOK were worth $212,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Fifth Third Bancorp increased its stake in ONEOK by 16.2% during the 4th quarter. Fifth Third Bancorp now owns 21,800 shares of the utilities provider’s stock valued at $1,531,000 after purchasing an additional 3,032 shares in the last quarter. ELCO Management Co. LLC boosted its holdings in ONEOK by 102.3% during the 3rd quarter. ELCO Management Co. LLC now owns 26,432 shares of the utilities provider’s stock worth $1,677,000 after acquiring an additional 13,367 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. boosted its holdings in ONEOK by 11.4% during the 3rd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 7,729 shares of the utilities provider’s stock worth $490,000 after acquiring an additional 790 shares during the last quarter. Prime Capital Investment Advisors LLC boosted its holdings in ONEOK by 1.5% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 38,780 shares of the utilities provider’s stock worth $2,460,000 after acquiring an additional 581 shares during the last quarter. Finally, Janney Montgomery Scott LLC boosted its holdings in ONEOK by 59.7% during the 3rd quarter. Janney Montgomery Scott LLC now owns 154,628 shares of the utilities provider’s stock worth $9,808,000 after acquiring an additional 57,798 shares during the last quarter. Institutional investors own 69.13% of the company’s stock.

Insider Buying and Selling at ONEOK

In other ONEOK news, Director Wayne Thomas Smith acquired 2,700 shares of the company’s stock in a transaction on Friday, March 1st. The shares were acquired at an average cost of $75.25 per share, with a total value of $203,175.00. Following the completion of the acquisition, the director now directly owns 2,700 shares in the company, valued at $203,175. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.20% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Raymond James lifted their price objective on shares of ONEOK from $80.00 to $85.00 and gave the stock an “outperform” rating in a report on Friday, January 19th. US Capital Advisors downgraded shares of ONEOK from an “overweight” rating to a “hold” rating in a report on Wednesday, March 20th. UBS Group lifted their price objective on shares of ONEOK from $80.00 to $87.00 and gave the stock a “buy” rating in a report on Tuesday, February 27th. Wolfe Research raised shares of ONEOK from an “underperform” rating to a “peer perform” rating in a report on Wednesday, January 10th. Finally, Citigroup boosted their price target on shares of ONEOK from $73.00 to $83.00 and gave the stock a “buy” rating in a report on Tuesday, March 5th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $82.25.

ONEOK Stock Performance

NYSE OKE traded up $0.32 during trading on Thursday, hitting $78.00. 594,819 shares of the company’s stock traded hands, compared to its average volume of 3,011,381. The stock has a market capitalization of $45.52 billion, a price-to-earnings ratio of 14.00, a PEG ratio of 2.22 and a beta of 1.65. ONEOK, Inc. has a 12-month low of $55.91 and a 12-month high of $80.81. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.67 and a current ratio of 0.90. The business has a 50 day moving average of $76.35 and a 200-day moving average of $70.86.

ONEOK (NYSE:OKE) last released its quarterly earnings data on Monday, February 26th. The utilities provider reported $1.18 EPS for the quarter, missing the consensus estimate of $1.21 by ($0.03). The business had revenue of $5.24 billion for the quarter, compared to analysts’ expectations of $5.57 billion. ONEOK had a net margin of 15.04% and a return on equity of 22.57%. During the same period last year, the company earned $1.08 earnings per share. As a group, equities research analysts anticipate that ONEOK, Inc. will post 4.98 earnings per share for the current fiscal year.

ONEOK announced that its Board of Directors has authorized a stock buyback plan on Wednesday, January 17th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the utilities provider to purchase up to 4.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

ONEOK Profile

ONEOK, Inc engages in gathering, processing, fractionation, storage, transportation, and marketing of natural gas and natural gas liquids (NGL) in the United States. It operates through four segments: Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude.