Cambridge Financial Group Inc. Takes $9.41 Million Position in ONEOK, Inc. (NYSE:OKE)

Cambridge Financial Group Inc. bought a new stake in ONEOK, Inc. (NYSE:OKE - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 93,687 shares of the utilities provider's stock, valued at approximately $9,406,000. ONEOK comprises approximately 3.9% of Cambridge Financial Group Inc.'s investment portfolio, making the stock its 3rd largest holding.

Other hedge funds have also made changes to their positions in the company. Kieckhefer Group LLC acquired a new stake in shares of ONEOK during the fourth quarter valued at $30,000. Canton Hathaway LLC acquired a new stake in shares of ONEOK during the 4th quarter worth about $40,000. J.Safra Asset Management Corp purchased a new stake in shares of ONEOK during the fourth quarter worth about $48,000. VSM Wealth Advisory LLC acquired a new position in shares of ONEOK in the fourth quarter valued at approximately $50,000. Finally, OFI Invest Asset Management purchased a new position in shares of ONEOK during the fourth quarter valued at approximately $51,000. Hedge funds and other institutional investors own 69.13% of the company's stock.

Analyst Ratings Changes

OKE has been the subject of several analyst reports. Truist Financial boosted their price target on ONEOK from $99.00 to $107.00 and gave the company a "hold" rating in a report on Tuesday, December 3rd. Citigroup initiated coverage on ONEOK in a research report on Friday, February 28th. They set a "buy" rating and a $110.00 target price on the stock. Barclays dropped their price objective on shares of ONEOK from $105.00 to $101.00 and set an "equal weight" rating for the company in a research note on Friday, March 7th. Wolfe Research upgraded shares of ONEOK from a "peer perform" rating to an "outperform" rating and set a $110.00 target price for the company in a report on Monday, February 10th. Finally, Wells Fargo & Company cut their price target on shares of ONEOK from $107.00 to $102.00 and set an "equal weight" rating on the stock in a research note on Wednesday, February 26th. Seven analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, ONEOK presently has an average rating of "Moderate Buy" and a consensus target price of $105.00.

Remove Ads

ONEOK Stock Performance

Shares of NYSE OKE traded up $0.94 during midday trading on Wednesday, hitting $100.44. The company's stock had a trading volume of 836,357 shares, compared to its average volume of 3,024,755. The firm has a market cap of $62.71 billion, a P/E ratio of 21.01, a P/E/G ratio of 3.77 and a beta of 1.70. ONEOK, Inc. has a 1-year low of $76.23 and a 1-year high of $118.07. The firm's fifty day moving average price is $97.91 and its 200-day moving average price is $100.36. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.59 and a current ratio of 0.81.

ONEOK (NYSE:OKE - Get Free Report) last posted its earnings results on Monday, February 24th. The utilities provider reported $1.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.46 by $0.11. The company had revenue of $7 billion for the quarter, compared to analysts' expectations of $6.18 billion. ONEOK had a return on equity of 16.84% and a net margin of 14.05%. On average, sell-side analysts forecast that ONEOK, Inc. will post 5.07 EPS for the current fiscal year.

ONEOK Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Monday, February 3rd were given a dividend of $1.03 per share. The ex-dividend date was Monday, February 3rd. This is a boost from ONEOK's previous quarterly dividend of $0.99. This represents a $4.12 annualized dividend and a dividend yield of 4.10%. ONEOK's dividend payout ratio (DPR) is 79.69%.

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.