Summit Financial Wealth Advisors LLC Acquires 2,129 Shares of ONEOK, Inc. (NYSE:OKE)

Summit Financial Wealth Advisors LLC increased its stake in ONEOK, Inc. (NYSE:OKE) by 37.1% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,870 shares of the utilities provider’s stock after acquiring an additional 2,129 shares during the quarter. Summit Financial Wealth Advisors LLC’s holdings in ONEOK were worth $768,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Norges Bank bought a new stake in ONEOK in the fourth quarter valued at $539,554,000. Wellington Management Group LLP lifted its position in ONEOK by 433.4% in the 4th quarter. Wellington Management Group LLP now owns 4,206,906 shares of the utilities provider’s stock valued at $422,373,000 after acquiring an additional 3,418,207 shares in the last quarter. Raymond James Financial Inc. acquired a new position in ONEOK during the 4th quarter valued at about $182,694,000. ClearBridge Investments Ltd bought a new stake in ONEOK during the 4th quarter worth approximately $177,045,000. Finally, Mitsubishi UFJ Trust & Banking Corp raised its stake in shares of ONEOK by 445.4% in the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 1,526,899 shares of the utilities provider’s stock worth $153,319,000 after purchasing an additional 1,246,963 shares during the last quarter. Institutional investors and hedge funds own 69.13% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Scotiabank cut their target price on ONEOK from $109.00 to $102.00 and set a “sector outperform” rating on the stock in a research report on Thursday, March 6th. US Capital Advisors raised shares of ONEOK from a “moderate buy” rating to a “strong-buy” rating in a report on Monday, February 3rd. Wells Fargo & Company lowered their target price on shares of ONEOK from $107.00 to $102.00 and set an “equal weight” rating for the company in a report on Wednesday, February 26th. Barclays cut their price target on shares of ONEOK from $105.00 to $101.00 and set an “equal weight” rating on the stock in a report on Friday, March 7th. Finally, Citigroup started coverage on shares of ONEOK in a research note on Friday, February 28th. They issued a “buy” rating and a $110.00 price objective for the company. Seven research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, ONEOK presently has an average rating of “Moderate Buy” and an average target price of $105.00.

ONEOK Stock Performance

Shares of NYSE OKE traded down $3.23 during midday trading on Thursday, hitting $81.63. The company’s stock had a trading volume of 915,123 shares, compared to its average volume of 3,142,138. The firm has a market capitalization of $50.99 billion, a price-to-earnings ratio of 17.08, a P/E/G ratio of 3.77 and a beta of 1.20. The company has a current ratio of 0.81, a quick ratio of 0.59 and a debt-to-equity ratio of 1.59. The stock has a fifty day moving average price of $95.26 and a 200 day moving average price of $99.77. ONEOK, Inc. has a one year low of $75.48 and a one year high of $118.07.

ONEOK (NYSE:OKE) last issued its earnings results on Monday, February 24th. The utilities provider reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.46 by $0.11. The business had revenue of $7 billion for the quarter, compared to analysts’ expectations of $6.18 billion. ONEOK had a net margin of 14.05% and a return on equity of 16.84%. On average, research analysts forecast that ONEOK, Inc. will post 5.07 EPS for the current fiscal year.

ONEOK Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Monday, February 3rd were issued a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a yield of 5.05%. The ex-dividend date was Monday, February 3rd. This is a positive change from ONEOK’s previous quarterly dividend of $0.99. ONEOK’s payout ratio is presently 79.69%.

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.