Karpas Strategies LLC acquired a new position in ONEOK, Inc. (NYSE:OKE) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 80,422 shares of the utilities provider’s stock, valued at approximately $4,456,000. ONEOK accounts for 2.0% of Karpas Strategies LLC’s portfolio, making the stock its 14th biggest holding.
Several other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of ONEOK by 17.3% in the second quarter. Vanguard Group Inc. now owns 27,197,952 shares of the utilities provider’s stock worth $1,418,645,000 after acquiring an additional 4,002,795 shares during the period. BlackRock Inc. increased its stake in shares of ONEOK by 28.4% in the second quarter. BlackRock Inc. now owns 24,014,654 shares of the utilities provider’s stock worth $1,252,605,000 after acquiring an additional 5,317,251 shares during the period. State Street Corp increased its stake in shares of ONEOK by 53.7% in the second quarter. State Street Corp now owns 17,416,296 shares of the utilities provider’s stock worth $908,434,000 after acquiring an additional 6,086,061 shares during the period. Neuberger Berman Group LLC increased its stake in shares of ONEOK by 6.1% in the second quarter. Neuberger Berman Group LLC now owns 9,098,662 shares of the utilities provider’s stock worth $474,586,000 after acquiring an additional 526,450 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in shares of ONEOK by 13.2% in the third quarter. Bank of New York Mellon Corp now owns 7,724,860 shares of the utilities provider’s stock worth $428,034,000 after acquiring an additional 899,502 shares during the period. Hedge funds and other institutional investors own 57.79% of the company’s stock.
Shares of ONEOK, Inc. (NYSE OKE) traded up $0.02 during midday trading on Monday, hitting $50.67. 1,526,500 shares of the stock traded hands, compared to its average volume of 3,274,277. ONEOK, Inc. has a 1-year low of $47.14 and a 1-year high of $59.47. The firm has a market capitalization of $19,430.00, a price-to-earnings ratio of 31.67, a price-to-earnings-growth ratio of 3.66 and a beta of 1.30. The company has a current ratio of 0.55, a quick ratio of 0.41 and a debt-to-equity ratio of 1.47.
The business also recently announced a quarterly dividend, which was paid on Tuesday, November 14th. Stockholders of record on Monday, November 6th were given a $0.745 dividend. The ex-dividend date of this dividend was Friday, November 3rd. This represents a $2.98 annualized dividend and a dividend yield of 5.88%. ONEOK’s dividend payout ratio (DPR) is 186.25%.
OKE has been the topic of a number of research reports. J P Morgan Chase & Co reiterated a “neutral” rating and issued a $58.00 price objective on shares of ONEOK in a research note on Monday, September 11th. Zacks Investment Research upgraded shares of ONEOK from a “hold” rating to a “strong-buy” rating and set a $65.00 price target on the stock in a research report on Tuesday, October 17th. Argus restated a “buy” rating and set a $59.00 price target (up previously from $55.00) on shares of ONEOK in a research report on Thursday, August 24th. Credit Suisse Group dropped their price target on shares of ONEOK from $64.00 to $61.00 and set an “outperform” rating on the stock in a research report on Thursday, August 3rd. Finally, BMO Capital Markets set a $62.00 price target on shares of ONEOK and gave the company a “buy” rating in a research report on Wednesday, October 18th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the stock. ONEOK presently has an average rating of “Hold” and a consensus price target of $59.07.
ONEOK Company Profile
ONEOK, Inc is an energy midstream service provider in the United States. The Company owns and operates natural gas liquids (NGL) systems, and is engaged in the gathering, processing, storage and transportation of natural gas. THe Company’s operations include a 38,000-mile integrated network of NGL and natural gas pipelines, processing plants, fractionators and storage facilities in the Mid-Continent, Williston, Permian and Rocky Mountain regions.
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