ELCO Management Co. LLC Has $1.91 Million Stock Holdings in ONEOK, Inc. (NYSE:OKE)

ELCO Management Co. LLC reduced its holdings in ONEOK, Inc. (NYSE:OKE) by 2.7% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 23,459 shares of the utilities provider’s stock after selling 652 shares during the period. ONEOK accounts for approximately 1.1% of ELCO Management Co. LLC’s portfolio, making the stock its 23rd largest position. ELCO Management Co. LLC’s holdings in ONEOK were worth $1,913,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Wellington Management Group LLP increased its stake in 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 valued at $82,209,000 after acquiring an additional 1,128,066 shares during the period. M&G Plc bought a new stake in shares of ONEOK during the first quarter valued at approximately $77,634,000. Kayne Anderson Capital Advisors LP raised its stake in shares of ONEOK by 28.7% in the first quarter. Kayne Anderson Capital Advisors LP now owns 3,705,367 shares of the utilities provider’s stock valued at $297,059,000 after purchasing an additional 825,464 shares in the last quarter. Westwood Holdings Group Inc. lifted its position in ONEOK by 36.3% in the fourth quarter. Westwood Holdings Group Inc. now owns 2,076,078 shares of the utilities provider’s stock worth $145,782,000 after purchasing an additional 552,824 shares during the period. Finally, Bahl & Gaynor Inc. boosted its stake in ONEOK by 3,648.4% during the second quarter. Bahl & Gaynor Inc. now owns 514,954 shares of the utilities provider’s stock worth $41,995,000 after buying an additional 501,216 shares in the last quarter. 69.13% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Director Pattye L. Moore sold 3,379 shares of the 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 transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.20% of the company’s stock.

ONEOK Stock Down 0.0 %

NYSE:OKE opened at $95.24 on Wednesday. The stock’s fifty day moving average price is $87.65 and its two-hundred day moving average price is $82.74. The company has a market cap of $55.63 billion, a price-to-earnings ratio of 22.15, a P/E/G ratio of 4.71 and a beta of 1.67. ONEOK, Inc. has a 52-week low of $60.58 and a 52-week high of $96.05. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.41 and a current ratio of 0.62.

ONEOK (NYSE:OKE) last posted its quarterly earnings results on Monday, August 5th. The utilities provider reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.12. ONEOK had a return on equity of 15.54% and a net margin of 13.41%. The business had revenue of $4.89 billion for the quarter, compared to analysts’ expectations of $5.52 billion. During the same quarter last year, the business earned $1.04 earnings per share. On average, analysts anticipate that ONEOK, Inc. will post 5.09 EPS for the current year.

ONEOK Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Thursday, August 1st were issued a $0.99 dividend. The ex-dividend date of this dividend was Thursday, August 1st. This represents a $3.96 annualized dividend and a yield of 4.16%. ONEOK’s dividend payout ratio is currently 92.09%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on OKE shares. Barclays raised their price objective on shares of ONEOK from $82.00 to $94.00 and gave the stock an “equal weight” rating in a report on Monday, September 16th. Scotiabank raised their price target 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. Wells Fargo & Company upped their price target on ONEOK from $91.00 to $100.00 and gave the company an “overweight” rating in a research report on Friday, August 30th. JPMorgan Chase & Co. lifted their price objective on ONEOK from $89.00 to $92.00 and gave the company an “overweight” rating in a report on Wednesday, June 26th. Finally, Royal Bank of Canada lifted 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. One analyst has rated the stock with a sell rating, eight have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, ONEOK currently has an average rating of “Hold” and an average price target 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.