Apollon Wealth Management LLC Purchases 6,621 Shares of ONEOK, Inc. (NYSE:OKE)

Apollon Wealth Management LLC boosted its holdings in ONEOK, Inc. (NYSE:OKE) by 16.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 45,860 shares of the utilities provider’s stock after acquiring an additional 6,621 shares during the quarter. Apollon Wealth Management LLC’s holdings in ONEOK were worth $3,220,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the stock. Brown Advisory Inc. lifted its stake in shares of ONEOK by 446.0% in the 3rd quarter. Brown Advisory Inc. now owns 150,435 shares of the utilities provider’s stock valued at $9,542,000 after purchasing an additional 122,884 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of ONEOK by 6.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 86,365 shares of the utilities provider’s stock valued at $5,478,000 after purchasing an additional 5,019 shares during the last quarter. Brighton Jones LLC lifted its position in ONEOK by 128.9% during the third quarter. Brighton Jones LLC now owns 10,350 shares of the utilities provider’s stock worth $656,000 after acquiring an additional 5,829 shares during the last quarter. Baystate Wealth Management LLC increased its position in ONEOK by 41.5% during the 3rd quarter. Baystate Wealth Management LLC now owns 795 shares of the utilities provider’s stock worth $50,000 after buying an additional 233 shares during the period. Finally, Cambridge Trust Co. increased its holdings in shares of ONEOK by 38.1% during the third quarter. Cambridge Trust Co. now owns 11,214 shares of the utilities provider’s stock worth $711,000 after purchasing an additional 3,093 shares during the period. 69.13% of the stock is owned by institutional investors and hedge funds.

ONEOK Stock Performance

NYSE:OKE traded up $0.29 during trading hours on Tuesday, hitting $78.36. 2,366,144 shares of the company were exchanged, compared to its average volume of 2,981,186. The company’s 50 day moving average price is $78.44 and its 200-day moving average price is $72.10. The stock has a market capitalization of $45.73 billion, a price-to-earnings ratio of 18.29, a PEG ratio of 4.13 and a beta of 1.64. ONEOK, Inc. has a 52-week low of $55.91 and a 52-week high of $81.81. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.70 and a quick ratio of 0.48.

ONEOK (NYSE:OKE) last released its quarterly earnings results on Tuesday, April 30th. The utilities provider reported $1.09 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.03. The company had revenue of $4.78 billion during the quarter, compared to analysts’ expectations of $5.84 billion. ONEOK had a return on equity of 15.94% and a net margin of 12.54%. During the same quarter in the prior year, the firm posted $2.34 EPS. As a group, research analysts forecast that ONEOK, Inc. will post 4.95 earnings per share for the current year.

ONEOK declared that its board has authorized a stock repurchase plan on Wednesday, January 17th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the utilities provider to repurchase up to 4.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

ONEOK Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Wednesday, May 1st will be given a dividend of $0.99 per share. The ex-dividend date of this dividend is Tuesday, April 30th. This represents a $3.96 annualized dividend and a dividend yield of 5.05%. ONEOK’s dividend payout ratio is currently 92.09%.

Insider Buying and Selling

In other news, Director Wayne Thomas Smith acquired 2,700 shares of the company’s stock in a transaction on Friday, March 1st. The shares were bought at an average price of $75.25 per share, with a total value of $203,175.00. Following the completion of the acquisition, the director now owns 2,700 shares in the company, valued at approximately $203,175. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Stifel Nicolaus boosted their price objective on shares of ONEOK from $81.00 to $88.00 and gave the stock a “buy” rating in a research note on Tuesday, April 16th. Mizuho lifted their price target on shares of ONEOK from $75.00 to $81.00 and gave the stock a “neutral” rating in a report on Wednesday, March 20th. Barclays lifted their price objective on shares of ONEOK from $73.00 to $80.00 and gave the company an “equal weight” rating in a research note on Thursday, March 7th. US Capital Advisors lowered shares of ONEOK from an “overweight” rating to a “hold” rating in a report on Wednesday, March 20th. Finally, Raymond James raised their price objective on shares of ONEOK from $80.00 to $85.00 and gave the company an “outperform” rating in a research report on Friday, January 19th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $83.58.

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.