Fred Alger Management LLC Increases Position in ONEOK, Inc. (NYSE:OKE)

Fred Alger Management LLC raised its position in ONEOK, Inc. (NYSE:OKE) by 6.1% during the second quarter, Holdings Channel reports. The firm owned 40,470 shares of the utilities provider’s stock after buying an additional 2,336 shares during the quarter. Fred Alger Management LLC’s holdings in ONEOK were worth $3,300,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. TD Asset Management Inc raised its position in ONEOK by 11.6% in the fourth quarter. TD Asset Management Inc now owns 208,063 shares of the utilities provider’s stock valued at $14,610,000 after purchasing an additional 21,657 shares during the period. Norden Group LLC increased its position in shares of ONEOK by 4,460.2% during the first quarter. Norden Group LLC now owns 134,388 shares of the utilities provider’s stock worth $10,773,000 after acquiring an additional 131,441 shares during the period. Wellington Management Group LLP increased its position in shares of ONEOK by 2,643.5% during the fourth quarter. Wellington Management Group LLP now owns 1,170,739 shares of the utilities provider’s stock worth $82,209,000 after acquiring an additional 1,128,066 shares during the period. Catalyst Financial Partners LLC purchased a new stake in shares of ONEOK during the second quarter worth $328,000. Finally, HighPoint Advisor Group LLC purchased a new stake in shares of ONEOK during the fourth quarter worth $1,532,000. Hedge funds and other institutional investors own 69.13% of the company’s stock.

Insider Transactions at ONEOK

In other news, Director Pattye L. Moore sold 3,379 shares of the stock in a transaction dated 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 the SEC website. Insiders own 0.20% of the company’s stock.

Wall Street Analysts Forecast Growth

OKE has been the topic of a number of recent research reports. Royal Bank of Canada upped their price objective on ONEOK from $84.00 to $89.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 22nd. Mizuho upped their price objective on ONEOK from $81.00 to $85.00 and gave the stock a “neutral” rating in a research report on Friday, July 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. Tudor Pickering raised ONEOK to a “hold” rating in a research report on Thursday, July 18th. Finally, Citigroup boosted their target price on shares of ONEOK from $85.00 to $102.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $92.38.

ONEOK Stock Performance

NYSE OKE opened at $89.14 on Friday. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.62 and a quick ratio of 0.41. ONEOK, Inc. has a 1 year low of $60.58 and a 1 year high of $96.05. The company has a market capitalization of $52.06 billion, a PE ratio of 21.39, a P/E/G ratio of 4.71 and a beta of 1.67. The company has a fifty day moving average of $87.84 and a two-hundred day moving average of $82.83.

ONEOK (NYSE:OKE) last announced its earnings results on Monday, August 5th. The utilities provider reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.12. ONEOK had a net margin of 13.41% and a return on equity of 15.54%. The business had revenue of $4.89 billion during the quarter, compared to the consensus estimate of $5.52 billion. During the same quarter in the prior year, the firm earned $1.04 earnings per share. As a group, analysts expect that ONEOK, Inc. will post 5.09 earnings per share for the current year.

ONEOK Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Thursday, August 1st were paid a dividend of $0.99 per share. The ex-dividend date of this dividend was Thursday, August 1st. This represents a $3.96 annualized dividend and a dividend yield of 4.44%. ONEOK’s dividend payout ratio (DPR) is 92.09%.

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.