Synovus Financial Corp Raises Holdings in ONEOK, Inc. (NYSE:OKE)

Synovus Financial Corp boosted its stake in shares of ONEOK, Inc. (NYSE:OKE) by 61.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,265 shares of the utilities provider’s stock after buying an additional 1,622 shares during the period. Synovus Financial Corp’s holdings in ONEOK were worth $389,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of OKE. Quest Partners LLC bought a new position in shares of ONEOK in the 2nd quarter worth $28,000. Matrix Trust Co purchased a new position in ONEOK in the third quarter valued at about $29,000. Ridgewood Investments LLC bought a new position in ONEOK in the second quarter worth about $31,000. Access Investment Management LLC purchased a new stake in shares of ONEOK during the third quarter valued at about $37,000. Finally, Values First Advisors Inc. bought a new stake in shares of ONEOK in the 3rd quarter valued at about $44,000. Hedge funds and other institutional investors own 69.13% of the company’s stock.

Wall Street Analyst Weigh In

OKE has been the subject of several recent analyst reports. Wells Fargo & Company lowered shares of ONEOK from an “overweight” rating to an “equal weight” rating and set a $107.00 price objective for the company. in a research note on Wednesday. Truist Financial upped their price target on ONEOK from $99.00 to $107.00 and gave the stock a “hold” rating in a research report on Tuesday, December 3rd. Royal Bank of Canada raised their price objective on ONEOK from $89.00 to $98.00 and gave the stock a “sector perform” rating in a research report on Wednesday, October 16th. Morgan Stanley raised ONEOK from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $103.00 to $111.00 in a research report on Monday, September 16th. Finally, Barclays raised their price target on ONEOK from $94.00 to $99.00 and gave the stock an “equal weight” rating in a report on Monday, November 4th. Eight research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $101.00.

ONEOK Stock Down 4.1 %

OKE stock opened at $97.64 on Thursday. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.81 and a quick ratio of 0.59. The firm’s fifty day simple moving average is $103.92 and its 200-day simple moving average is $92.28. ONEOK, Inc. has a 12 month low of $67.05 and a 12 month high of $118.07. The company has a market capitalization of $57.04 billion, a P/E ratio of 20.43, a price-to-earnings-growth ratio of 5.24 and a beta of 1.69.

ONEOK (NYSE:OKE) last announced its quarterly earnings results on Tuesday, October 29th. The utilities provider reported $1.18 earnings per share for the quarter, missing the consensus estimate of $1.23 by ($0.05). The company had revenue of $5.02 billion for the quarter, compared to analyst estimates of $5.81 billion. ONEOK had a return on equity of 16.84% and a net margin of 14.05%. During the same period in the prior year, the business posted $0.99 earnings per share. As a group, equities research analysts forecast that ONEOK, Inc. will post 5.1 earnings per share for the current year.

ONEOK Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Friday, November 1st were issued a $0.99 dividend. This represents a $3.96 dividend on an annualized basis and a yield of 4.06%. The ex-dividend date was Friday, November 1st. ONEOK’s payout ratio is presently 82.85%.

About ONEOK

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.