Steel Grove Capital Advisors LLC Sells 5,060 Shares of ONEOK, Inc. (NYSE:OKE)

Steel Grove Capital Advisors LLC lessened its stake in ONEOK, Inc. (NYSE:OKE) by 15.3% in the second quarter, HoldingsChannel reports. The firm owned 27,995 shares of the utilities provider’s stock after selling 5,060 shares during the period. Steel Grove Capital Advisors LLC’s holdings in ONEOK were worth $2,283,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. QRG Capital Management Inc. grew its holdings in ONEOK by 2.2% during the second quarter. QRG Capital Management Inc. now owns 5,572 shares of the utilities provider’s stock valued at $454,000 after purchasing an additional 119 shares during the period. Johnson Investment Counsel Inc. increased its position in shares of ONEOK by 0.9% in the 2nd quarter. Johnson Investment Counsel Inc. now owns 13,623 shares of the utilities provider’s stock valued at $1,111,000 after buying an additional 122 shares in the last quarter. Brighton Jones LLC raised its stake in ONEOK by 1.1% during the 2nd quarter. Brighton Jones LLC now owns 11,462 shares of the utilities provider’s stock worth $935,000 after buying an additional 122 shares during the period. Capital Wealth Planning LLC lifted its holdings in ONEOK by 4.3% during the second quarter. Capital Wealth Planning LLC now owns 3,166 shares of the utilities provider’s stock worth $258,000 after acquiring an additional 131 shares in the last quarter. Finally, Ranch Capital Advisors Inc. grew its stake in ONEOK by 0.9% in the second quarter. Ranch Capital Advisors Inc. now owns 15,489 shares of the utilities provider’s stock valued at $1,263,000 after acquiring an additional 135 shares during the period. Institutional investors own 69.13% of the company’s stock.

Analyst Ratings Changes

OKE has been the topic of several recent analyst reports. Citigroup lifted their price objective on ONEOK from $85.00 to $102.00 and gave the company a “buy” rating in a report on Tuesday, September 3rd. Royal Bank of Canada upped their price target on shares of ONEOK from $84.00 to $89.00 and gave the company a “sector perform” rating in a report on Thursday, August 22nd. Morgan Stanley upgraded shares of ONEOK from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $103.00 to $111.00 in a report on Monday, September 16th. Scotiabank upped their target price on shares of ONEOK from $88.00 to $102.00 and gave the stock a “sector outperform” rating in a research note on Friday, August 30th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of ONEOK from $89.00 to $92.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 26th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $92.38.

Insider Activity at ONEOK

In other news, Director Pattye L. Moore sold 3,379 shares of ONEOK stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $92.01, for a total value of $310,901.79. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.20% of the stock is currently owned by insiders.

ONEOK Trading Up 0.2 %

OKE stock opened at $93.97 on Monday. ONEOK, Inc. has a 52 week low of $60.58 and a 52 week high of $95.28. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.41 and a current ratio of 0.62. The company’s 50-day simple moving average is $87.24 and its 200 day simple moving average is $82.49. The company has a market capitalization of $54.89 billion, a PE ratio of 21.85, a price-to-earnings-growth ratio of 4.64 and a beta of 1.67.

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

ONEOK Announces Dividend

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

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.