Delta Investment Management LLC Sells 2,145 Shares of ONEOK, Inc. (NYSE:OKE)

Delta Investment Management LLC lowered its holdings in shares of ONEOK, Inc. (NYSE:OKE) by 21.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,821 shares of the utilities provider’s stock after selling 2,145 shares during the quarter. Delta Investment Management LLC’s holdings in ONEOK were worth $549,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of ONEOK by 10.3% during the 3rd quarter. Vanguard Group Inc. now owns 59,237,038 shares of the utilities provider’s stock worth $3,757,405,000 after purchasing an additional 5,525,010 shares in the last quarter. Deutsche Bank AG raised its position in ONEOK by 37.7% during the third quarter. Deutsche Bank AG now owns 13,292,341 shares of the utilities provider’s stock worth $843,133,000 after acquiring an additional 3,636,660 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in ONEOK by 9.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 10,255,430 shares of the utilities provider’s stock valued at $650,502,000 after acquiring an additional 889,110 shares during the last quarter. Morgan Stanley grew its position in shares of ONEOK by 20.3% in the 3rd quarter. Morgan Stanley now owns 8,660,013 shares of the utilities provider’s stock valued at $549,305,000 after acquiring an additional 1,458,392 shares during the period. Finally, Invesco Ltd. increased its stake in shares of ONEOK by 65.9% during the 3rd quarter. Invesco Ltd. now owns 8,132,301 shares of the utilities provider’s stock worth $515,832,000 after purchasing an additional 3,229,046 shares during the last quarter. Institutional investors and hedge funds own 69.13% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on OKE shares. UBS Group lifted their price target on ONEOK from $80.00 to $87.00 and gave the stock a “buy” rating in a report on Tuesday, February 27th. JPMorgan Chase & Co. boosted their target price on ONEOK from $81.00 to $85.00 and gave the stock an “overweight” rating in a report on Wednesday, March 13th. Raymond James raised their price target on ONEOK from $80.00 to $85.00 and gave the company an “outperform” rating in a report on Friday, January 19th. Barclays lifted their price objective on shares of ONEOK from $73.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 7th. Finally, StockNews.com raised shares of ONEOK from a “sell” rating to a “hold” rating in a research report on Wednesday, March 6th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $82.25.

Insider Activity

In other news, Director Wayne Thomas Smith purchased 2,700 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The shares were acquired at an average cost of $75.25 per share, for a total transaction of $203,175.00. Following the completion of the acquisition, the director now owns 2,700 shares in the company, valued at $203,175. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.20% of the stock is currently owned by corporate insiders.

ONEOK Stock Performance

OKE opened at $81.06 on Friday. The company has a market cap of $47.31 billion, a price-to-earnings ratio of 14.61, a PEG ratio of 4.95 and a beta of 1.65. The company’s fifty day moving average price is $77.78 and its two-hundred day moving average price is $71.68. ONEOK, Inc. has a 1-year low of $55.91 and a 1-year high of $81.81. The company has a current ratio of 0.90, a quick ratio of 0.67 and a debt-to-equity ratio of 1.29.

ONEOK (NYSE:OKE) last posted its earnings results on Monday, February 26th. The utilities provider reported $1.18 earnings per share for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.03). ONEOK had a net margin of 15.04% and a return on equity of 22.57%. The company had revenue of $5.24 billion during the quarter, compared to the consensus estimate of $5.57 billion. During the same quarter in the prior year, the business earned $1.08 EPS. On average, analysts expect that ONEOK, Inc. will post 4.99 EPS for the current fiscal year.

ONEOK Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Wednesday, May 1st will be paid a $0.99 dividend. The ex-dividend date is Tuesday, April 30th. This represents a $3.96 annualized dividend and a dividend yield of 4.89%. ONEOK’s payout ratio is 71.35%.

ONEOK announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, January 17th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the utilities provider to purchase up to 4.9% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.

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.