ONEOK, Inc. (NYSE:OKE) Position Lifted by Fred Alger Management LLC

Fred Alger Management LLC raised its stake in ONEOK, Inc. (NYSE:OKE) by 4.9% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 42,459 shares of the utilities provider’s stock after purchasing an additional 1,989 shares during the period. Fred Alger Management LLC’s holdings in ONEOK were worth $4,263,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Norges Bank bought a new stake in ONEOK in the fourth quarter valued at about $539,554,000. Wellington Management Group LLP increased its holdings in shares of ONEOK by 433.4% in the 4th quarter. Wellington Management Group LLP now owns 4,206,906 shares of the utilities provider’s stock valued at $422,373,000 after acquiring an additional 3,418,207 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of ONEOK by 240.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,790,760 shares of the utilities provider’s stock valued at $280,194,000 after acquiring an additional 1,971,147 shares in the last quarter. Raymond James Financial Inc. bought a new position in ONEOK during the fourth quarter worth $182,694,000. Finally, ClearBridge Investments Ltd acquired a new position in ONEOK in the fourth quarter worth $177,045,000. Institutional investors and hedge funds own 69.13% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Barclays reduced their price target on shares of ONEOK from $105.00 to $101.00 and set an “equal weight” rating on the stock in a research report on Friday, March 7th. Morgan Stanley lifted their target price on ONEOK from $111.00 to $133.00 and gave the company an “overweight” rating in a research note on Tuesday, March 25th. Stifel Nicolaus dropped their price target on ONEOK from $110.00 to $107.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. Citigroup cut their price target on ONEOK from $110.00 to $102.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, Scotiabank lowered their price objective on ONEOK from $101.00 to $100.00 and set a “sector outperform” rating for the company in a research note on Tuesday, April 29th. Seven investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $105.00.

ONEOK Price Performance

NYSE OKE opened at $82.33 on Friday. ONEOK, Inc. has a 12 month low of $75.48 and a 12 month high of $118.07. The firm has a market capitalization of $51.43 billion, a PE ratio of 17.22, a P/E/G ratio of 3.77 and a beta of 1.01. The company’s 50 day simple moving average is $89.10 and its 200 day simple moving average is $98.05. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.81 and a quick ratio of 0.59.

ONEOK (NYSE:OKE) last posted its quarterly earnings data on Tuesday, April 29th. The utilities provider reported $1.04 EPS for the quarter, missing analysts’ consensus estimates of $1.28 by ($0.24). ONEOK had a return on equity of 16.84% and a net margin of 14.05%. The firm had revenue of $6.49 billion during the quarter, compared to the consensus estimate of $8.23 billion. During the same period in the prior year, the firm posted $1.09 EPS. As a group, equities research analysts forecast that ONEOK, Inc. will post 5.07 EPS for the current fiscal year.

ONEOK Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Monday, May 5th will be paid a $1.03 dividend. The ex-dividend date is Monday, May 5th. This represents a $4.12 annualized dividend and a dividend yield of 5.00%. ONEOK’s dividend payout ratio is currently 80.47%.

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.