Fifth Third Bancorp Acquires 2,312 Shares of ONEOK, Inc. (NYSE:OKE)

Fifth Third Bancorp grew its position in shares of ONEOK, Inc. (NYSE:OKE) by 8.6% during the first quarter, according to its most recent filing with the SEC. The firm owned 29,252 shares of the utilities provider’s stock after acquiring an additional 2,312 shares during the period. Fifth Third Bancorp’s holdings in ONEOK were worth $2,902,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in OKE. Greenline Partners LLC purchased a new stake in shares of ONEOK in the 4th quarter worth approximately $32,000. Vermillion Wealth Management Inc. purchased a new stake in ONEOK during the 4th quarter valued at $37,000. Marshall & Sterling Wealth Advisors Inc. bought a new stake in shares of ONEOK in the fourth quarter worth $39,000. Canton Hathaway LLC bought a new stake in shares of ONEOK in the fourth quarter worth $40,000. Finally, J.Safra Asset Management Corp bought a new stake in shares of ONEOK in the fourth quarter worth $48,000. Hedge funds and other institutional investors own 69.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Wells Fargo & Company lowered their target price on ONEOK from $102.00 to $93.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 1st. Scotiabank decreased their target price on ONEOK from $96.00 to $93.00 and set a “sector outperform” rating on the stock in a research report on Thursday, June 5th. Barclays decreased their target price on ONEOK from $101.00 to $91.00 and set an “equal weight” rating on the stock in a research report on Tuesday, June 3rd. Morgan Stanley upped their price objective on ONEOK from $111.00 to $133.00 and gave the company an “overweight” rating in a research report on Tuesday, March 25th. Finally, Stifel Nicolaus decreased their price objective on ONEOK from $110.00 to $107.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. Six equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $103.69.

ONEOK Price Performance

Shares of OKE opened at $83.74 on Friday. ONEOK, Inc. has a 1-year low of $75.48 and a 1-year high of $118.07. The stock has a market cap of $52.72 billion, a PE ratio of 17.52, a price-to-earnings-growth ratio of 3.77 and a beta of 0.94. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.81 and a quick ratio of 0.59. The firm has a fifty day moving average price of $83.07 and a 200 day moving average price of $94.14.

ONEOK (NYSE:OKE) last announced its earnings results on Tuesday, April 29th. The utilities provider reported $1.04 EPS for the quarter, missing analysts’ consensus estimates of $1.28 by ($0.24). The business had revenue of $6.49 billion during the quarter, compared to analysts’ expectations of $8.23 billion. ONEOK had a net margin of 14.05% and a return on equity of 16.84%. During the same period in the previous year, the company posted $1.09 earnings per share. As a group, sell-side analysts anticipate that ONEOK, Inc. will post 5.07 EPS for the current year.

ONEOK Announces Dividend

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

About ONEOK

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.