Brookstone Capital Management Has $1.77 Million Stock Position in ONEOK, Inc. (NYSE:OKE)

Brookstone Capital Management cut its holdings in shares of ONEOK, Inc. (NYSE:OKE) by 2.7% during the third quarter, HoldingsChannel.com reports. The firm owned 19,458 shares of the utilities provider’s stock after selling 540 shares during the quarter. Brookstone Capital Management’s holdings in ONEOK were worth $1,773,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of OKE. Rise Advisors LLC acquired a new position in ONEOK in the first quarter valued at approximately $25,000. Quest Partners LLC acquired a new position in shares of ONEOK in the 2nd quarter valued at $28,000. Ridgewood Investments LLC bought a new position in shares of ONEOK in the 2nd quarter worth $31,000. American National Bank acquired a new stake in shares of ONEOK during the first quarter worth $32,000. Finally, Manchester Capital Management LLC lifted its stake in ONEOK by 66.4% in the first quarter. Manchester Capital Management LLC now owns 456 shares of the utilities provider’s stock valued at $37,000 after buying an additional 182 shares during the period. Institutional investors own 69.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on OKE shares. Morgan Stanley upgraded ONEOK from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $103.00 to $111.00 in a research report on Monday, September 16th. Royal Bank of Canada boosted their price objective 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. JPMorgan Chase & Co. increased their target price on shares of ONEOK from $89.00 to $92.00 and gave the stock an “overweight” rating in a report on Wednesday, June 26th. Mizuho boosted their price target on shares of ONEOK from $81.00 to $85.00 and gave the company a “neutral” rating in a report on Friday, July 26th. Finally, Wells Fargo & Company raised their price objective on ONEOK from $91.00 to $100.00 and gave the stock an “overweight” rating in a research note on Friday, August 30th. Eight analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $92.38.

Insider Transactions at ONEOK

In related news, Director Pattye L. Moore sold 3,379 shares of ONEOK stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $92.01, for a total value of $310,901.79. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.20% of the company’s stock.

ONEOK Stock Up 2.0 %

OKE stock opened at $96.59 on Friday. The business has a 50-day moving average of $90.11 and a 200-day moving average of $83.95. ONEOK, Inc. has a fifty-two week low of $63.33 and a fifty-two week high of $96.64. The stock has a market capitalization of $56.42 billion, a P/E ratio of 20.63, a P/E/G ratio of 4.68 and a beta of 1.67. 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 (NYSE:OKE) last released its quarterly earnings results on Monday, August 5th. The utilities provider reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.12. The firm had revenue of $4.89 billion during the quarter, compared to the consensus estimate 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 EPS. On average, sell-side analysts anticipate that ONEOK, Inc. will post 5.09 earnings per share for the current fiscal year.

ONEOK Announces Dividend

The firm also recently disclosed 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 was Thursday, August 1st. This represents a $3.96 dividend on an annualized basis and a dividend yield of 4.10%. ONEOK’s dividend payout ratio is 86.27%.

ONEOK 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.