Cambridge Financial Group Inc. Invests $9.41 Million in ONEOK, Inc. (NYSE:OKE)

Cambridge Financial Group Inc. bought a new position in shares of ONEOK, Inc. (NYSE:OKE) during the fourth quarter, HoldingsChannel.com reports. The firm bought 93,687 shares of the utilities provider’s stock, valued at approximately $9,406,000. ONEOK comprises about 3.9% of Cambridge Financial Group Inc.’s portfolio, making the stock its 3rd biggest position.

Other institutional investors and hedge funds also recently modified their holdings of the company. OneAscent Wealth Management LLC purchased a new stake in ONEOK during the 4th quarter worth $226,000. Allstate Corp bought a new stake in shares of ONEOK in the 4th quarter valued at approximately $1,734,000. Brown Brothers Harriman & Co. lifted its position in shares of ONEOK by 11.5% in the 4th quarter. Brown Brothers Harriman & Co. now owns 7,134 shares of the utilities provider’s stock worth $716,000 after buying an additional 733 shares during the last quarter. DnB Asset Management AS boosted its stake in ONEOK by 3.8% in the fourth quarter. DnB Asset Management AS now owns 112,881 shares of the utilities provider’s stock valued at $11,333,000 after acquiring an additional 4,138 shares during the period. Finally, Premier Fund Managers Ltd boosted its holdings in shares of ONEOK by 21.4% during the fourth quarter. Premier Fund Managers Ltd now owns 82,250 shares of the utilities provider’s stock valued at $8,288,000 after acquiring an additional 14,500 shares during the period. Institutional investors and hedge funds own 69.13% of the company’s stock.

Wall Street Analyst Weigh In

OKE has been the topic of several research reports. Morgan Stanley boosted their price target on shares of ONEOK from $111.00 to $133.00 and gave the stock an “overweight” rating in a research report on Tuesday. US Capital Advisors raised ONEOK from a “moderate buy” rating to a “strong-buy” rating in a report on Monday, February 3rd. Wells Fargo & Company reduced their target price on shares of ONEOK from $107.00 to $102.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 26th. Wolfe Research upgraded shares of ONEOK from a “peer perform” rating to an “outperform” rating and set a $110.00 target price on the stock in a research report on Monday, February 10th. Finally, Citigroup assumed coverage on ONEOK in a research note on Friday, February 28th. They issued a “buy” rating and a $110.00 target price on the stock. Seven equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $105.00.

ONEOK Stock Performance

Shares of ONEOK stock opened at $98.47 on Friday. The firm has a market capitalization of $61.48 billion, a P/E ratio of 20.60, a price-to-earnings-growth ratio of 3.77 and a beta of 1.70. The business’s fifty day simple moving average is $98.32 and its 200 day simple moving average is $100.11. The company has a current ratio of 0.81, a quick ratio of 0.59 and a debt-to-equity ratio of 1.59. ONEOK, Inc. has a 12 month low of $76.23 and a 12 month high of $118.07.

ONEOK (NYSE:OKE) last posted its earnings results on Monday, February 24th. The utilities provider reported $1.57 earnings per share for the quarter, beating analysts’ consensus estimates of $1.46 by $0.11. The business had revenue of $7 billion during the quarter, compared to analyst estimates of $6.18 billion. ONEOK had a return on equity of 16.84% and a net margin of 14.05%. As a group, analysts anticipate that ONEOK, Inc. will post 5.07 EPS for the current year.

ONEOK Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Monday, February 3rd were issued a dividend of $1.03 per share. The ex-dividend date of this dividend was Monday, February 3rd. This is a boost from ONEOK’s previous quarterly dividend of $0.99. This represents a $4.12 annualized dividend and a yield of 4.18%. ONEOK’s dividend payout ratio is currently 79.69%.

ONEOK 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.