PNC Financial Services Group Inc. Reduces Stock Position in ONEOK, Inc. (NYSE:OKE)

PNC Financial Services Group Inc. lowered its stake in shares of ONEOK, Inc. (NYSE:OKE - Free Report) by 6.5% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 180,170 shares of the utilities provider's stock after selling 12,441 shares during the period. PNC Financial Services Group Inc.'s holdings in ONEOK were worth $18,089,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Kieckhefer Group LLC purchased a new position in shares of ONEOK in the 4th quarter worth approximately $30,000. Access Investment Management LLC purchased a new position in shares of ONEOK in the 3rd quarter worth approximately $37,000. Canton Hathaway LLC purchased a new position in shares of ONEOK in the 4th quarter worth approximately $40,000. J.Safra Asset Management Corp purchased a new position in shares of ONEOK in the 4th quarter worth approximately $48,000. Finally, Versant Capital Management Inc boosted its stake in shares of ONEOK by 98.1% in the 4th quarter. Versant Capital Management Inc now owns 525 shares of the utilities provider's stock worth $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 Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Wolfe Research upgraded ONEOK from a "peer perform" rating to an "outperform" rating and set a $110.00 target price on the stock in a research note on Monday, February 10th. Wells Fargo & Company dropped their price objective 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. Scotiabank dropped their price objective on ONEOK from $109.00 to $102.00 and set a "sector outperform" rating on the stock in a research note on Thursday, March 6th. UBS Group upped their price objective on ONEOK from $112.00 to $132.00 and gave the company a "buy" rating in a research note on Friday, November 15th. Finally, Citigroup initiated coverage on ONEOK in a research note on Friday, February 28th. They issued a "buy" rating and a $110.00 price objective on the stock. Seven equities 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. According to MarketBeat.com, ONEOK has an average rating of "Moderate Buy" and a consensus price target of $103.31.

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ONEOK Stock Performance

OKE stock traded up $1.21 during midday trading on Tuesday, reaching $92.63. 5,919,767 shares of the company's stock traded hands, compared to its average volume of 4,167,655. The firm has a market capitalization of $57.83 billion, a PE ratio of 19.38, a price-to-earnings-growth ratio of 3.77 and a beta of 1.70. ONEOK, Inc. has a 52 week low of $76.23 and a 52 week high of $118.07. The company has a 50-day moving average price of $99.81 and a two-hundred day moving average price of $99.49. 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 released its quarterly earnings results on Monday, February 24th. The utilities provider reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.46 by $0.11. The firm had revenue of $7 billion for the quarter, compared to analysts' expectations of $6.18 billion. ONEOK had a net margin of 14.05% and a return on equity of 16.84%. As a group, equities analysts anticipate that ONEOK, Inc. will post 5.07 EPS for the current 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 issued a $1.03 dividend. The ex-dividend date of this dividend was Monday, February 3rd. This represents a $4.12 annualized dividend and a dividend yield of 4.45%. This is a boost from ONEOK's previous quarterly dividend of $0.99. ONEOK's dividend payout ratio is presently 79.69%.

About ONEOK

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.