Bridges Investment Management Inc. Has $458,000 Stake in ONEOK, Inc. (NYSE:OKE)

Bridges Investment Management Inc. boosted its stake in shares of ONEOK, Inc. (NYSE:OKE) by 103.1% during the second quarter, Holdings Channel.com reports. The fund owned 5,619 shares of the utilities provider’s stock after acquiring an additional 2,853 shares during the period. Bridges Investment Management Inc.’s holdings in ONEOK were worth $458,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in OKE. Rise Advisors LLC bought a new position in shares of ONEOK in the first quarter worth $25,000. LifeSteps Financial Inc. bought a new stake in ONEOK during the first quarter worth about $26,000. Quest Partners LLC acquired a new stake in ONEOK during the second quarter worth about $28,000. Ridgewood Investments LLC bought a new position in ONEOK in the 2nd quarter valued at about $31,000. Finally, American National Bank acquired a new position in shares of ONEOK in the 1st quarter valued at approximately $32,000. 69.13% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Pattye L. Moore sold 3,379 shares of ONEOK stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $92.01, for a total transaction of $310,901.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.20% of the company’s stock.

ONEOK Stock Performance

Shares of ONEOK stock opened at $93.97 on Friday. The stock has a market cap of $54.89 billion, a price-to-earnings ratio of 21.85, a P/E/G ratio of 4.64 and a beta of 1.67. ONEOK, Inc. has a twelve month low of $60.58 and a twelve month high of $95.28. The company’s fifty day moving average is $87.24 and its 200 day moving average is $82.46. The company has a quick ratio of 0.41, a current ratio of 0.62 and a debt-to-equity ratio of 1.22.

ONEOK (NYSE:OKE) last issued its quarterly earnings results on Monday, August 5th. The utilities provider reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.12. The company had revenue of $4.89 billion during the quarter, compared to analysts’ expectations of $5.52 billion. ONEOK had a return on equity of 15.54% and a net margin of 13.41%. During the same quarter in the prior year, the firm posted $1.04 earnings per share. Sell-side analysts forecast that ONEOK, Inc. will post 5.07 EPS for the current year.

ONEOK Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Thursday, August 1st were paid a $0.99 dividend. This represents a $3.96 dividend on an annualized basis and a dividend yield of 4.21%. The ex-dividend date of this dividend was Thursday, August 1st. ONEOK’s dividend payout ratio is currently 92.09%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on OKE. Mizuho lifted their price objective on shares of ONEOK from $81.00 to $85.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. JPMorgan Chase & Co. lifted their price target on ONEOK from $89.00 to $92.00 and gave the company an “overweight” rating in a research note on Wednesday, June 26th. Barclays upped their price objective on ONEOK from $82.00 to $94.00 and gave the stock an “equal weight” rating in a research report on Monday, September 16th. Wells Fargo & Company lifted their target price on ONEOK from $91.00 to $100.00 and gave the company an “overweight” rating in a research report on Friday, August 30th. Finally, Scotiabank raised their price target on shares of ONEOK from $88.00 to $102.00 and gave the company a “sector outperform” rating in a research note on Friday, August 30th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $92.38.

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.