Edgemoor Investment Advisors Inc. Trims Stake in ONEOK, Inc. (NYSE:OKE)

Edgemoor Investment Advisors Inc. cut its position in ONEOK, Inc. (NYSE:OKE) by 0.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 47,941 shares of the utilities provider’s stock after selling 236 shares during the period. Edgemoor Investment Advisors Inc.’s holdings in ONEOK were worth $4,813,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of OKE. Kieckhefer Group LLC bought a new position in ONEOK during the fourth quarter valued at $30,000. Canton Hathaway LLC purchased a new position in ONEOK during the 4th quarter valued at about $40,000. J.Safra Asset Management Corp purchased a new position in ONEOK during the 4th quarter valued at about $48,000. OFI Invest Asset Management bought a new stake in shares of ONEOK in the 4th quarter valued at about $51,000. Finally, Versant Capital Management Inc boosted its holdings in shares of ONEOK by 98.1% in the 4th quarter. Versant Capital Management Inc now owns 525 shares of the utilities provider’s stock valued at $53,000 after buying an additional 260 shares in the last quarter. Institutional investors own 69.13% of the company’s stock.

ONEOK Stock Up 3.2 %

OKE stock opened at $96.52 on Monday. The firm has a market capitalization of $60.26 billion, a price-to-earnings ratio of 20.19, a PEG ratio of 3.77 and a beta of 1.70. ONEOK, Inc. has a fifty-two week low of $76.23 and a fifty-two week high of $118.07. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.59 and a current ratio of 0.81. The company’s 50 day moving average price is $99.21 and its 200 day moving average price is $99.65.

ONEOK (NYSE:OKE) last announced its quarterly earnings results on Monday, February 24th. The utilities provider reported $1.57 EPS for the quarter, beating the consensus estimate of $1.46 by $0.11. The company had revenue of $7 billion for the quarter, compared to analyst estimates of $6.18 billion. ONEOK had a net margin of 14.05% and a return on equity of 16.84%. On average, equities research analysts anticipate that ONEOK, Inc. will post 5.07 EPS for the current fiscal year.

ONEOK Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Monday, February 3rd were issued a $1.03 dividend. This is an increase from ONEOK’s previous quarterly dividend of $0.99. This represents a $4.12 annualized dividend and a dividend yield of 4.27%. The ex-dividend date of this dividend was Monday, February 3rd. ONEOK’s dividend payout ratio is presently 79.69%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on OKE. Citigroup started coverage on shares of ONEOK in a research note on Friday, February 28th. They issued a “buy” rating and a $110.00 target price for the company. Wells Fargo & Company cut their target price on shares of ONEOK from $107.00 to $102.00 and set an “equal weight” rating for the company in a report on Wednesday, February 26th. US Capital Advisors raised shares of ONEOK from a “moderate buy” rating to a “strong-buy” rating in a report on Monday, February 3rd. Wolfe Research raised shares of ONEOK from a “peer perform” rating to an “outperform” rating and set a $110.00 price target for the company in a report on Monday, February 10th. Finally, Barclays lowered their target price on shares of ONEOK from $105.00 to $101.00 and set an “equal weight” rating on the stock in a research note on Friday, March 7th. Seven analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $103.31.

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.