Vestcor Inc Grows Position in ONEOK, Inc. (NYSE:OKE)

Vestcor Inc grew its holdings in ONEOK, Inc. (NYSE:OKE - Free Report) by 26.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,507 shares of the utilities provider's stock after purchasing an additional 5,493 shares during the period. Vestcor Inc's holdings in ONEOK were worth $2,661,000 as of its most recent SEC filing.

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

ONEOK Stock Up 2.2 %

Shares of NYSE:OKE traded up $2.11 on Wednesday, reaching $100.12. The company had a trading volume of 3,138,605 shares, compared to its average volume of 2,829,522. The firm has a market capitalization of $62.51 billion, a PE ratio of 20.95, a PEG ratio of 3.77 and a beta of 1.70. The company has a current ratio of 0.81, a quick ratio of 0.59 and a debt-to-equity ratio of 1.59. ONEOK, Inc. has a 52-week low of $76.23 and a 52-week high of $118.07. The firm's 50 day simple moving average is $99.08 and its 200-day simple moving average is $99.74.

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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 the consensus estimate of $1.46 by $0.11. The company had revenue of $7 billion for the quarter, compared to analyst estimates of $6.18 billion. ONEOK had a return on equity of 16.84% and a net margin of 14.05%. As a group, analysts expect that ONEOK, Inc. will post 5.07 earnings per share for the current fiscal year.

ONEOK Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Monday, February 3rd were issued a $1.03 dividend. 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 4.11%. The ex-dividend date was Monday, February 3rd. ONEOK's payout ratio is currently 79.69%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on OKE. Barclays reduced 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. Citigroup started coverage on ONEOK in a report on Friday, February 28th. They set a "buy" rating and a $110.00 price target for the company. Scotiabank lowered their price objective on shares of ONEOK from $109.00 to $102.00 and set a "sector outperform" rating for the company in a research report on Thursday, March 6th. Wells Fargo & Company cut their target price on ONEOK from $107.00 to $102.00 and set an "equal weight" rating on the stock in a research report on Wednesday, February 26th. Finally, Truist Financial raised their price objective on shares of ONEOK from $99.00 to $107.00 and gave the stock a "hold" rating in a research note on Tuesday, December 3rd. Seven research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, ONEOK has an average rating of "Moderate Buy" and an average price target of $103.31.

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.