Narwhal Capital Management Has $1.61 Million Position in ONEOK, Inc. (NYSE:OKE)

Narwhal Capital Management lessened its stake in ONEOK, Inc. (NYSE:OKE) by 2.6% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 17,622 shares of the utilities provider’s stock after selling 466 shares during the quarter. Narwhal Capital Management’s holdings in ONEOK were worth $1,606,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Caxton Associates LP purchased a new stake in shares of ONEOK during the second quarter worth $1,225,000. Point72 Europe London LLP acquired a new stake in shares of ONEOK during the 2nd quarter valued at about $15,008,000. Norden Group LLC grew its stake in shares of ONEOK by 4,460.2% in the 1st quarter. Norden Group LLC now owns 134,388 shares of the utilities provider’s stock valued at $10,773,000 after buying an additional 131,441 shares in the last quarter. NewEdge Advisors LLC increased its holdings in ONEOK by 61.0% in the second quarter. NewEdge Advisors LLC now owns 145,132 shares of the utilities provider’s stock worth $11,836,000 after buying an additional 54,978 shares during the last quarter. Finally, Catalyst Financial Partners LLC bought a new position in ONEOK during the second quarter valued at approximately $328,000. Hedge funds and other institutional investors own 69.13% of the company’s stock.

ONEOK Stock Up 0.6 %

Shares of OKE opened at $97.39 on Wednesday. ONEOK, Inc. has a 52 week low of $63.33 and a 52 week high of $98.43. The firm has a market capitalization of $56.88 billion, a P/E ratio of 21.22, a P/E/G ratio of 4.20 and a beta of 1.67. The company has a 50-day simple moving average of $92.25 and a 200-day simple moving average of $84.96. 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 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 firm 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 firm posted $1.04 EPS. On average, equities research analysts expect that ONEOK, Inc. will post 5.06 earnings per share for the current year.

ONEOK Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Friday, November 1st will be paid a dividend of $0.99 per share. The ex-dividend date of this dividend is Friday, November 1st. This represents a $3.96 dividend on an annualized basis and a yield of 4.07%. ONEOK’s dividend payout ratio is currently 86.27%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on OKE. Truist Financial increased their price target on shares of ONEOK from $81.00 to $83.00 and gave the stock a “hold” rating in a research note on Wednesday, July 31st. Scotiabank raised their target price on ONEOK from $88.00 to $102.00 and gave the company a “sector outperform” rating in a report on Friday, August 30th. Wells Fargo & Company upped their price target on ONEOK from $91.00 to $100.00 and gave the stock an “overweight” rating in a research note on Friday, August 30th. Tudor Pickering raised ONEOK to a “hold” rating in a research note on Thursday, July 18th. Finally, Citigroup upped their target price on ONEOK from $85.00 to $102.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. Eight analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $94.77.

Insider Buying and Selling at ONEOK

In other news, Director Pattye L. Moore sold 3,379 shares of the firm’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $92.01, for a total transaction of $310,901.79. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.20% of the company’s stock.

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.