Fisher Asset Management LLC Cuts Stake in ONEOK, Inc. (NYSE:OKE)

Fisher Asset Management LLC reduced its position in ONEOK, Inc. (NYSE:OKE - Free Report) by 56.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,189 shares of the utilities provider's stock after selling 10,561 shares during the quarter. Fisher Asset Management LLC's holdings in ONEOK were worth $575,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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Several other hedge funds have also recently made changes to their positions in the company. First Trust Direct Indexing L.P. boosted its holdings in ONEOK by 59.4% in the 4th quarter. First Trust Direct Indexing L.P. now owns 16,236 shares of the utilities provider's stock worth $1,140,000 after buying an additional 6,052 shares during the period. Great Valley Advisor Group Inc. raised its stake in shares of ONEOK by 3.0% during the 4th quarter. Great Valley Advisor Group Inc. now owns 7,524 shares of the utilities provider's stock valued at $528,000 after purchasing an additional 219 shares during the period. New York Life Investment Management LLC lifted its holdings in ONEOK by 13.5% during the 4th quarter. New York Life Investment Management LLC now owns 90,552 shares of the utilities provider's stock worth $6,359,000 after purchasing an additional 10,791 shares in the last quarter. RB Capital Management LLC bought a new position in ONEOK in the 4th quarter worth about $217,000. Finally, Victory Capital Management Inc. grew its holdings in ONEOK by 7.5% during the 4th quarter. Victory Capital Management Inc. now owns 446,125 shares of the utilities provider's stock valued at $31,327,000 after buying an additional 31,249 shares in the last quarter. 69.13% of the stock is currently owned by institutional investors.

ONEOK Price Performance

OKE stock opened at $80.07 on Friday. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.48 and a current ratio of 0.70. The firm has a market cap of $46.73 billion, a P/E ratio of 18.62, a P/E/G ratio of 4.18 and a beta of 1.64. The firm's fifty day moving average is $78.71 and its 200 day moving average is $72.28. ONEOK, Inc. has a 52 week low of $55.91 and a 52 week high of $81.81.

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ONEOK (NYSE:OKE - Get Free Report) last released its earnings results on Tuesday, April 30th. The utilities provider reported $1.09 earnings per share for the quarter, beating analysts' consensus estimates of $1.06 by $0.03. ONEOK had a return on equity of 15.94% and a net margin of 12.54%. The company had revenue of $4.78 billion during the quarter, compared to analyst estimates of $5.84 billion. During the same quarter in the previous year, the company posted $2.34 EPS. Research analysts predict that ONEOK, Inc. will post 4.95 earnings per share for the current year.

ONEOK Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Wednesday, May 1st will be paid a $0.99 dividend. This represents a $3.96 annualized dividend and a dividend yield of 4.95%. The ex-dividend date of this dividend is Tuesday, April 30th. ONEOK's payout ratio is 92.09%.

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Stifel Nicolaus raised their price objective on shares of ONEOK from $81.00 to $88.00 and gave the company a "buy" rating in a research report on Tuesday, April 16th. Citigroup increased their price objective on ONEOK from $73.00 to $83.00 and gave the stock a "buy" rating in a research report on Tuesday, March 5th. Wells Fargo & Company boosted their target price on ONEOK from $81.00 to $85.00 and gave the stock an "overweight" rating in a research report on Thursday, May 2nd. UBS Group raised their price target on ONEOK from $80.00 to $87.00 and gave the company a "buy" rating in a report on Tuesday, February 27th. Finally, StockNews.com lowered ONEOK from a "hold" rating to a "sell" rating in a report on Thursday. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $83.58.

Check Out Our Latest Report on OKE

Insider Activity at ONEOK

In other news, Director Wayne Thomas Smith purchased 2,700 shares of the business's stock in a transaction on Friday, March 1st. The shares were acquired at an average price of $75.25 per share, with a total value of $203,175.00. Following the acquisition, the director now directly owns 2,700 shares in the company, valued at $203,175. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.20% of the stock is currently owned by company insiders.

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.

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