NewEdge Advisors LLC Cuts Stock Holdings in ONEOK, Inc. (NYSE:OKE)

NewEdge Advisors LLC lowered its position in ONEOK, Inc. (NYSE:OKE - Free Report) by 2.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 134,915 shares of the utilities provider's stock after selling 3,648 shares during the quarter. NewEdge Advisors LLC's holdings in ONEOK were worth $13,545,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of OKE. Kieckhefer Group LLC acquired a new stake in shares of ONEOK during the fourth quarter worth $30,000. Canton Hathaway LLC acquired a new stake in shares of ONEOK in the 4th quarter worth $40,000. J.Safra Asset Management Corp purchased a new stake in shares of ONEOK in the fourth quarter valued at about $48,000. VSM Wealth Advisory LLC purchased a new position in ONEOK during the fourth quarter worth about $50,000. Finally, OFI Invest Asset Management acquired a new stake in ONEOK in the fourth quarter valued at about $51,000. 69.13% of the stock is currently owned by hedge funds and other institutional investors.

ONEOK Trading Up 0.6 %

Shares of NYSE OKE traded up $0.53 during midday trading on Wednesday, reaching $84.58. 2,047,143 shares of the stock were exchanged, compared to its average volume of 3,158,590. The stock has a 50 day moving average price of $92.78 and a 200-day moving average price of $99.20. The company has a current ratio of 0.81, a quick ratio of 0.59 and a debt-to-equity ratio of 1.59. The company has a market capitalization of $52.83 billion, a P/E ratio of 17.69, a P/E/G ratio of 3.77 and a beta of 1.20. ONEOK, Inc. has a 52-week low of $75.48 and a 52-week high of $118.07.

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

Analysts Set New Price Targets

Several analysts have recently commented on the company. Morgan Stanley raised their price target on ONEOK from $111.00 to $133.00 and gave the company an "overweight" rating in a report on Tuesday, March 25th. Scotiabank lowered their price target on shares of ONEOK from $109.00 to $102.00 and set a "sector outperform" rating on the stock in a research note on Thursday, March 6th. US Capital Advisors upgraded shares of ONEOK from a "moderate buy" rating to a "strong-buy" rating in a research note on Monday, February 3rd. Wolfe Research raised 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 decreased their price target on 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 research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $106.42.

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.