Patton Fund Management Inc. Makes New Investment in ONEOK, Inc. (NYSE:OKE)

Patton Fund Management Inc. purchased a new position in ONEOK, Inc. (NYSE:OKE) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 62,894 shares of the utilities provider’s stock, valued at approximately $6,315,000. ONEOK makes up about 1.2% of Patton Fund Management Inc.’s investment portfolio, making the stock its 25th biggest holding.

Other institutional investors also recently modified their holdings of the company. International Assets Investment Management LLC increased its position in ONEOK by 9,439.9% in the 3rd quarter. International Assets Investment Management LLC now owns 3,230,989 shares of the utilities provider’s stock worth $294,440,000 after purchasing an additional 3,197,121 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in ONEOK by 3.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 17,480,774 shares of the utilities provider’s stock worth $1,593,023,000 after acquiring an additional 661,854 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of ONEOK during the 3rd quarter worth $47,957,000. Yaupon Capital Management LP bought a new stake in ONEOK in the third quarter worth $45,194,000. Finally, National Bank of Canada FI lifted its position in shares of ONEOK by 199.9% in the third quarter. National Bank of Canada FI now owns 697,985 shares of the utilities provider’s stock worth $63,605,000 after buying an additional 465,243 shares during the last quarter. Institutional investors and hedge funds own 69.13% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Royal Bank of Canada upped their target price on ONEOK from $89.00 to $98.00 and gave the stock a “sector perform” rating in a research report on Wednesday, October 16th. UBS Group raised their price target on ONEOK from $112.00 to $132.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Scotiabank began coverage on ONEOK in a research note on Friday, January 10th. They set a “sector outperform” rating and a $109.00 target price for the company. Wells Fargo & Company downgraded ONEOK from an “overweight” rating to an “equal weight” rating and set a $107.00 price target on the stock. in a research report on Wednesday, December 18th. 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 analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $102.92.

ONEOK Trading Up 0.1 %

Shares of OKE stock opened at $100.50 on Wednesday. The firm has a fifty day moving average of $105.51 and a 200-day moving average of $96.93. The stock has a market cap of $58.71 billion, a price-to-earnings ratio of 21.03, a P/E/G ratio of 4.03 and a beta of 1.70. ONEOK, Inc. has a 52-week low of $67.05 and a 52-week high of $118.07. 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) last posted its quarterly earnings results on Tuesday, October 29th. The utilities provider reported $1.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.23 by ($0.05). The business had revenue of $5.02 billion during the quarter, compared to analyst estimates of $5.81 billion. ONEOK had a return on equity of 16.84% and a net margin of 14.05%. During the same period last year, the company earned $0.99 EPS. On average, equities research analysts forecast that ONEOK, Inc. will post 5.1 earnings per share for the current fiscal year.

ONEOK Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Monday, February 3rd will be issued a $1.03 dividend. The ex-dividend date is Monday, February 3rd. This is a boost from ONEOK’s previous quarterly dividend of $0.99. This represents a $4.12 dividend on an annualized basis and a dividend yield of 4.10%. ONEOK’s dividend payout ratio is presently 82.85%.

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.