Summit Securities Group LLC Acquires New Position in ONEOK, Inc. (NYSE:OKE)

Summit Securities Group LLC bought a new position in shares of ONEOK, Inc. (NYSE:OKE - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 61,200 shares of the utilities provider's stock, valued at approximately $6,144,000. ONEOK accounts for approximately 1.3% of Summit Securities Group LLC's portfolio, making the stock its 11th biggest holding.

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

Analyst Ratings Changes

Several brokerages have weighed in on OKE. Scotiabank dropped their price objective on ONEOK from $109.00 to $102.00 and set a "sector outperform" rating for the company in a report on Thursday, March 6th. US Capital Advisors raised shares of ONEOK from a "moderate buy" rating to a "strong-buy" rating in a research note on Monday, February 3rd. Citigroup assumed coverage on ONEOK in a research note on Friday, February 28th. They set a "buy" rating and a $110.00 target price for the company. Wolfe Research upgraded 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. Finally, Barclays dropped their price objective on ONEOK from $105.00 to $101.00 and set an "equal weight" rating for the company in a research report on Friday, March 7th. Seven research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $105.00.

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ONEOK Trading Down 6.1 %

Shares of ONEOK stock traded down $6.08 on Thursday, hitting $94.29. 2,282,600 shares of the company's stock traded hands, compared to its average volume of 3,912,771. The company has a market capitalization of $58.87 billion, a price-to-earnings ratio of 19.73, a price-to-earnings-growth ratio of 3.77 and a beta of 1.70. The company has a fifty day moving average of $97.80 and a two-hundred day moving average of $100.36. ONEOK, Inc. has a one year low of $76.23 and a one year high of $118.07. 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 (NYSE:OKE - Get Free Report) last announced 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 net margin of 14.05% and a return on equity of 16.84%. The business had revenue of $7 billion for the quarter, compared to analysts' expectations of $6.18 billion. As a group, sell-side analysts expect that ONEOK, Inc. will post 5.07 earnings per share for the current year.

ONEOK Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Monday, February 3rd were paid a $1.03 dividend. This is a positive change from ONEOK's previous quarterly dividend of $0.99. The ex-dividend date was Monday, February 3rd. This represents a $4.12 annualized dividend and a dividend yield of 4.37%. ONEOK's dividend payout ratio is presently 79.69%.

ONEOK 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.