Ipswich Investment Management Co. Inc. Has $6.04 Million Holdings in ONEOK, Inc. (NYSE:OKE)

Ipswich Investment Management Co. Inc. cut its position in ONEOK, Inc. (NYSE:OKE) by 5.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 60,890 shares of the utilities provider’s stock after selling 3,540 shares during the period. ONEOK accounts for about 1.5% of Ipswich Investment Management Co. Inc.’s investment portfolio, making the stock its 20th biggest position. Ipswich Investment Management Co. Inc.’s holdings in ONEOK were worth $6,042,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Elevation Point Wealth Partners LLC acquired a new position in ONEOK in the first quarter valued at about $348,000. West Branch Capital LLC acquired a new position in ONEOK in the first quarter valued at about $53,000. Salem Investment Counselors Inc. boosted its position in ONEOK by 1.3% in the first quarter. Salem Investment Counselors Inc. now owns 18,283 shares of the utilities provider’s stock valued at $1,814,000 after buying an additional 229 shares in the last quarter. Verity & Verity LLC boosted its position in ONEOK by 1.5% in the first quarter. Verity & Verity LLC now owns 280,590 shares of the utilities provider’s stock valued at $27,840,000 after buying an additional 4,188 shares in the last quarter. Finally, Fort Washington Investment Advisors Inc. OH boosted its position in ONEOK by 60.8% in the first quarter. Fort Washington Investment Advisors Inc. OH now owns 58,053 shares of the utilities provider’s stock valued at $5,760,000 after buying an additional 21,943 shares in the last quarter. 69.13% of the stock is currently owned by institutional investors and hedge funds.

ONEOK Stock Performance

Shares of ONEOK stock opened at $83.74 on Friday. The firm has a fifty day moving average of $83.07 and a two-hundred day moving average of $94.27. The stock has a market capitalization of $52.72 billion, a price-to-earnings ratio of 17.52, a PEG ratio of 3.77 and a beta of 0.94. ONEOK, Inc. has a 52 week low of $75.48 and a 52 week high of $118.07. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.59 and a current ratio of 0.81.

ONEOK (NYSE:OKE) last issued its earnings results on Tuesday, April 29th. The utilities provider reported $1.04 EPS for the quarter, missing the consensus estimate of $1.28 by ($0.24). ONEOK had a net margin of 14.05% and a return on equity of 16.84%. The business had revenue of $6.49 billion for the quarter, compared to the consensus estimate of $8.23 billion. During the same quarter in the previous year, the firm posted $1.09 EPS. As a group, equities research analysts predict that ONEOK, Inc. will post 5.07 EPS for the current year.

ONEOK Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Monday, May 5th were given a $1.03 dividend. This represents a $4.12 dividend on an annualized basis and a dividend yield of 4.92%. The ex-dividend date was Monday, May 5th. ONEOK’s dividend payout ratio is currently 80.47%.

Wall Street Analysts Forecast Growth

OKE has been the topic of a number of recent analyst reports. Citigroup reduced their price target on shares of ONEOK from $110.00 to $102.00 and set a “buy” rating on the stock in a research report on Tuesday, May 6th. Scotiabank reduced their target price on shares of ONEOK from $96.00 to $93.00 and set a “sector outperform” rating on the stock in a research report on Thursday, June 5th. Morgan Stanley upped their target price on shares of ONEOK from $111.00 to $133.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 25th. Barclays reduced their target price on shares of ONEOK from $101.00 to $91.00 and set an “equal weight” rating on the stock in a research report on Tuesday, June 3rd. Finally, Wells Fargo & Company reduced their target price on shares of ONEOK from $102.00 to $93.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 1st. Six analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, ONEOK has a consensus rating of “Moderate Buy” and a consensus price target of $103.69.

ONEOK Company 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.