Cornerstone Wealth Management LLC Sells 382 Shares of ONEOK, Inc. (NYSE:OKE)

Cornerstone Wealth Management LLC cut its holdings in ONEOK, Inc. (NYSE:OKEFree Report) by 2.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 16,130 shares of the utilities provider’s stock after selling 382 shares during the period. Cornerstone Wealth Management LLC’s holdings in ONEOK were worth $1,133,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Peoples Bank KS purchased a new position in shares of ONEOK during the 3rd quarter worth about $25,000. Beacon Capital Management LLC boosted its stake in shares of ONEOK by 90.7% during the 4th quarter. Beacon Capital Management LLC now owns 408 shares of the utilities provider’s stock worth $29,000 after purchasing an additional 194 shares during the period. Quent Capital LLC boosted its stake in shares of ONEOK by 97.7% during the 3rd quarter. Quent Capital LLC now owns 437 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 216 shares during the period. Resurgent Financial Advisors LLC purchased a new position in shares of ONEOK during the 4th quarter worth about $29,000. Finally, Worth Asset Management LLC purchased a new position in shares of ONEOK during the 1st quarter worth about $30,000. 68.87% of the stock is currently owned by institutional investors.

ONEOK Price Performance

Shares of OKE opened at $77.00 on Monday. The company has a 50 day moving average price of $71.98 and a 200-day moving average price of $68.74. ONEOK, Inc. has a fifty-two week low of $55.91 and a fifty-two week high of $78.37. The stock has a market capitalization of $44.91 billion, a PE ratio of 13.87, a PEG ratio of 2.24 and a beta of 1.65. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.67 and a current ratio of 0.90.

ONEOK (NYSE:OKEGet Free Report) last announced its quarterly earnings results on Monday, February 26th. The utilities provider reported $1.18 earnings per share for the quarter, missing the consensus estimate of $1.21 by ($0.03). ONEOK had a return on equity of 22.57% and a net margin of 15.04%. The business had revenue of $5.24 billion during the quarter, compared to analysts’ expectations of $5.57 billion. During the same period in the previous year, the company posted $1.08 EPS. Equities analysts predict that ONEOK, Inc. will post 4.95 earnings per share for the current fiscal year.

ONEOK declared that its Board of Directors has initiated a share buyback plan on Wednesday, January 17th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the utilities provider to buy up to 4.9% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

ONEOK Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 14th. Investors of record on Tuesday, January 30th were paid a dividend of $0.99 per share. This represents a $3.96 annualized dividend and a dividend yield of 5.14%. The ex-dividend date was Monday, January 29th. This is a positive change from ONEOK’s previous quarterly dividend of $0.96. ONEOK’s payout ratio is 71.35%.

Insider Buying and Selling

In other news, Director Wayne Thomas Smith acquired 2,700 shares of ONEOK stock in a transaction that occurred on Friday, March 1st. The stock was purchased at an average price of $75.25 per share, for a total transaction of $203,175.00. Following the purchase, the director now directly owns 2,700 shares in the company, valued at approximately $203,175. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other ONEOK news, Director Eduardo A. Rodriguez sold 800 shares of the company’s stock in a transaction that occurred on Friday, December 22nd. The shares were sold at an average price of $70.29, for a total transaction of $56,232.00. Following the transaction, the director now owns 25,154 shares in the company, valued at approximately $1,768,074.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Wayne Thomas Smith purchased 2,700 shares of the business’s stock in a transaction on Friday, March 1st. The shares were bought at an average price of $75.25 per share, for a total transaction of $203,175.00. Following the purchase, the director now directly owns 2,700 shares in the company, valued at approximately $203,175. The disclosure for this purchase can be found here. 0.65% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms recently commented on OKE. Raymond James lifted their price target on shares of ONEOK from $80.00 to $85.00 and gave the stock an “outperform” rating in a research note on Friday, January 19th. Mizuho reissued a “neutral” rating and issued a $75.00 price objective (up from $72.00) on shares of ONEOK in a research report on Friday, February 23rd. UBS Group boosted their price objective on shares of ONEOK from $80.00 to $87.00 and gave the company a “buy” rating in a research report on Tuesday, February 27th. Wolfe Research raised shares of ONEOK from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, January 10th. Finally, Seaport Res Ptn raised shares of ONEOK from a “neutral” rating to a “buy” rating in a research report on Thursday, February 8th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $79.22.

View Our Latest Stock Analysis on OKE

ONEOK Profile

(Free Report)

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.

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Institutional Ownership by Quarter for ONEOK (NYSE:OKE)

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