Quaero Capital SA makes new investment in ONEOK, Inc. (NYSE: OKE)


Quaero Capital SA bought a new position in shares of ONEOK, Inc. (NYSE: OKE – Get Rating) in the first quarter, according to the company in its most recent communication with the Securities and Exchange Commission. The fund bought 36,000 shares of the utility provider, valued at around $2,543,000. ONEOK represents 1.6% of Quaero Capital SA’s portfolio, making it its 16th largest holding.

Other institutional investors and hedge funds have also increased or reduced their stake in the company. CVA Family Office LLC acquired a new stake in ONEOK during Q4 valued at $28,000. Elmwood Wealth Management Inc. acquired a new stake in ONEOK during Q4 for $29,000. Missouri Trust & Investment Co acquired a new stake in ONEOK during Q4 valued at $30,000. Covestor Ltd acquired a new stake in ONEOK during the 4th quarter for a value of $31,000. Finally, Larson Financial Group LLC acquired a new stake in ONEOK during the 4th quarter at a value of $33,000. 65.46% of the shares are held by hedge funds and other institutional investors.

A number of research companies have commented on OKE. Wells Fargo & Company lowered its target price on ONEOK stock to $71.00 and set an “equal weight” rating for the company in a Friday, May 20 report. US Capital Advisors reissued an “overweight” rating on ONEOK shares in a research report on Wednesday, June 1. Royal Bank of Canada raised its price target on ONEOK shares from $63.00 to $68.00 and gave the stock an ‘sector performance’ rating in a Thursday, March 17 research report . Morgan Stanley raised its price target on ONEOK shares from $70.00 to $81.00 and gave the stock an “equal weight” rating in a Tuesday, April 26 research report. Finally, Credit Suisse Group raised its price target on ONEOK shares from $64.00 to $66.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 15. One investment analyst gave the stock a sell rating, nine gave the company a hold rating and three gave the company a buy rating. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $69.08.

In other ONEOK news, CEO Pierce Norton purchased 8,975 shares of the company in a transaction on Friday, June 17. The shares were purchased at an average cost of $55.54 per share, with a total value of $498,471.50. As a result of the transaction, the CEO now directly owns 9,414 shares of the company, valued at approximately $522,853.56. The purchase was disclosed in a document filed with the SEC, which can be accessed on the SEC’s website. Insiders own 0.65% of the shares of the company.

OKE opened at $55.10 on Wednesday. The stock has a market capitalization of $24.61 billion, a P/E ratio of 16.35, a P/E/G ratio of 1.85 and a beta of 1.76. ONEOK, Inc. has a 12-month low of $48.51 and a 12-month high of $75.07. The company’s fifty-day simple moving average is $62.18 and its 200-day simple moving average is $63.79. The company has a current ratio of 0.76, a quick ratio of 0.55 and a debt ratio of 2.13.

ONEOK (NYSE:OKE – Get Rating) last released its quarterly results on Tuesday, May 3. The utility provider reported EPS of $0.87 for the quarter, missing the consensus estimate of $0.89 per ($0.02). ONEOK had a return on equity of 25.33% and a net margin of 8.01%. The company posted revenue of $5.44 billion for the quarter, versus a consensus estimate of $5 billion. During the same period last year, the company made earnings per share of $0.86. On average, equity research analysts expect ONEOK, Inc. to post EPS of 3.88 for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Monday, May 16. Shareholders of record on Monday, May 2 received a dividend of $0.935 per share. The ex-dividend date was Friday, April 29. This represents an annualized dividend of $3.74 and a yield of 6.79%. ONEOK’s dividend payout ratio (DPR) is currently 110.98%.

ONEOK Profile (Get an assessment)

ONEOK, Inc, together with its subsidiaries, is engaged in the gathering, processing, storage and transportation of natural gas in the United States. It operates through the Natural Gas Gathering and Processing, Natural Gas Liquids and Gas Pipelines segments. The company has natural gas gathering pipelines and processing plants in the Midcontinent and Rocky Mountain regions.

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Institutional ownership by quarter for ONEOK (NYSE: OKE)

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