Morton Capital Management LLC CA Raises Position in ONEOK, Inc. (NYSE:OKE)

Morton Capital Management LLC CA lifted its stake in shares of ONEOK, Inc. (NYSE:OKE) by 2.5% during the third quarter, Holdings Channel reports. The fund owned 7,209 shares of the utilities provider’s stock after acquiring an additional 173 shares during the period. Morton Capital Management LLC CA’s holdings in ONEOK were worth $657,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of OKE. USA Financial Formulas raised its holdings in ONEOK by 15.8% in the third quarter. USA Financial Formulas now owns 11,907 shares of the utilities provider’s stock valued at $1,085,000 after acquiring an additional 1,627 shares in the last quarter. Marcum Wealth LLC raised its holdings in shares of ONEOK by 1.8% in the 3rd quarter. Marcum Wealth LLC now owns 9,947 shares of the utilities provider’s stock valued at $906,000 after purchasing an additional 176 shares in the last quarter. Perkins Coie Trust Co lifted its position in shares of ONEOK by 50.0% during the 3rd quarter. Perkins Coie Trust Co now owns 1,500 shares of the utilities provider’s stock worth $137,000 after purchasing an additional 500 shares during the last quarter. Helen Stephens Group LLC acquired a new position in shares of ONEOK during the third quarter worth $213,000. Finally, Hoxton Planning & Management LLC increased its holdings in ONEOK by 15.5% in the third quarter. Hoxton Planning & Management LLC now owns 4,527 shares of the utilities provider’s stock valued at $413,000 after buying an additional 609 shares during the last quarter. 69.13% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have issued reports on OKE. Barclays lifted their price target on ONEOK from $82.00 to $94.00 and gave the stock an “equal weight” rating in a report on Monday, September 16th. Mizuho boosted their target price on ONEOK from $81.00 to $85.00 and gave the stock a “neutral” rating in a research note on Friday, July 26th. Royal Bank of Canada increased their price target on shares of ONEOK from $84.00 to $89.00 and gave the company a “sector perform” rating in a research note on Thursday, August 22nd. Morgan Stanley upgraded shares of ONEOK from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $103.00 to $111.00 in a research report on Monday, September 16th. Finally, Tudor Pickering raised shares of ONEOK to a “hold” rating in a research report on Thursday, July 18th. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, ONEOK has a consensus rating of “Moderate Buy” and an average 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 that occurred 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 available through the SEC website. Company insiders own 0.20% of the company’s stock.

ONEOK Price Performance

Shares of OKE opened at $94.66 on Thursday. ONEOK, Inc. has a fifty-two week low of $63.33 and a fifty-two week high of $96.05. The firm has a 50-day simple moving average of $89.85 and a 200-day simple moving average of $83.87. 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 has a market capitalization of $55.25 billion, a price-to-earnings ratio of 22.03, a price-to-earnings-growth ratio of 4.62 and a beta of 1.67.

ONEOK (NYSE:OKE) last released its quarterly 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. ONEOK had a return on equity of 15.54% and a net margin of 13.41%. The business had revenue of $4.89 billion during the quarter, compared to analysts’ expectations of $5.52 billion. During the same quarter in the prior year, the business earned $1.04 earnings per share. On average, equities research analysts anticipate that ONEOK, Inc. will post 5.09 earnings per share for the current year.

ONEOK Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Thursday, August 1st were issued a $0.99 dividend. This represents a $3.96 annualized dividend and a dividend yield of 4.18%. The ex-dividend date was Thursday, August 1st. ONEOK’s payout ratio 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.