Connor Clark & Lunn Investment Management Ltd. Makes New Investment in ONEOK, Inc. (NYSE:OKE)

Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of ONEOK, Inc. (NYSE:OKE - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 153,631 shares of the utilities provider's stock, valued at approximately $15,425,000.

Several other hedge funds also recently modified their holdings of OKE. Kieckhefer Group LLC bought a new stake in ONEOK during the 4th quarter worth approximately $30,000. Canton Hathaway LLC acquired a new position in ONEOK in the fourth quarter worth $40,000. J.Safra Asset Management Corp bought a new stake in shares of ONEOK during the fourth quarter worth $48,000. OFI Invest Asset Management acquired a new stake in shares of ONEOK in the fourth quarter valued at $51,000. Finally, Versant Capital Management Inc raised its holdings in shares of ONEOK by 98.1% in the fourth quarter. Versant Capital Management Inc now owns 525 shares of the utilities provider's stock valued at $53,000 after buying an additional 260 shares during the last quarter. Institutional investors and hedge funds own 69.13% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on OKE shares. US Capital Advisors upgraded shares of ONEOK from a "moderate buy" rating to a "strong-buy" rating in a research report on Monday, February 3rd. Truist Financial raised their price target on shares of ONEOK from $99.00 to $107.00 and gave the company a "hold" rating in a report on Tuesday, December 3rd. Scotiabank reduced their price objective on ONEOK from $109.00 to $102.00 and set a "sector outperform" rating on the stock in a report on Thursday, March 6th. Wells Fargo & Company lowered their target price on ONEOK from $107.00 to $102.00 and set an "equal weight" rating for the company in a research note on Wednesday, February 26th. Finally, Wolfe Research raised ONEOK from a "peer perform" rating to an "outperform" rating and set a $110.00 price target on the stock in a research note on Monday, February 10th. Seven research 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's stock. Based on data from MarketBeat.com, ONEOK has an average rating of "Moderate Buy" and an average price target of $103.31.

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ONEOK Trading Up 2.1 %

Shares of ONEOK stock traded up $1.98 during trading on Monday, hitting $98.41. 2,878,920 shares of the company were exchanged, compared to its average volume of 2,828,335. The firm has a market capitalization of $61.44 billion, a P/E ratio of 20.59, a price-to-earnings-growth ratio of 3.77 and a beta of 1.70. The firm's fifty day moving average price is $99.21 and its 200 day moving average price is $99.65. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.81 and a quick ratio of 0.59. ONEOK, Inc. has a 1-year low of $76.23 and a 1-year high of $118.07.

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

ONEOK Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Monday, February 3rd were issued a dividend of $1.03 per share. The ex-dividend date was Monday, February 3rd. This is a positive change from ONEOK's previous quarterly dividend of $0.99. This represents a $4.12 annualized dividend and a yield of 4.19%. ONEOK's payout ratio is currently 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.