Groesbeck Investment Management Corp NJ Acquires Shares of 21,533 ONEOK, Inc. (NYSE:OKE)

Groesbeck Investment Management Corp NJ acquired a new stake in ONEOK, Inc. (NYSE:OKE) in the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 21,533 shares of the utilities provider’s stock, valued at approximately $2,162,000. ONEOK accounts for 2.8% of Groesbeck Investment Management Corp NJ’s investment portfolio, making the stock its 9th largest position.

A number of other institutional investors have also recently bought and sold shares of the business. Matrix Trust Co bought a new position in shares of ONEOK during the 3rd quarter worth $29,000. Kieckhefer Group LLC bought a new position in shares of ONEOK during the 4th quarter worth $30,000. Access Investment Management LLC bought a new position in shares of ONEOK during the 3rd quarter worth $37,000. Values First Advisors Inc. bought a new position in shares of ONEOK during the 3rd quarter worth $44,000. Finally, Fortitude Family Office LLC grew its stake in shares of ONEOK by 37.4% during the 3rd quarter. Fortitude Family Office LLC now owns 496 shares of the utilities provider’s stock worth $45,000 after acquiring an additional 135 shares during the period. Institutional investors own 69.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on OKE. Wells Fargo & Company downgraded ONEOK from an “overweight” rating to an “equal weight” rating and set a $107.00 target price for the company. in a research note on Wednesday, December 18th. US Capital Advisors upgraded ONEOK from a “moderate buy” rating to a “strong-buy” rating in a research note on Monday. Barclays raised their target price on ONEOK from $94.00 to $99.00 and gave the stock an “equal weight” rating in a research note on Monday, November 4th. Bank of America assumed coverage on ONEOK in a research note on Thursday, October 17th. They issued a “buy” rating and a $105.00 target price for the company. Finally, UBS Group raised their price target on ONEOK from $112.00 to $132.00 and gave the company a “buy” rating in a report on Friday, November 15th. Seven equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, ONEOK presently has a consensus rating of “Moderate Buy” and an average price target of $102.92.

ONEOK Stock Down 0.6 %

NYSE:OKE opened at $97.03 on Wednesday. The firm’s 50-day moving average price is $104.24 and its 200-day moving average price is $97.33. The company has a market capitalization of $56.68 billion, a PE ratio of 20.30, a P/E/G ratio of 3.69 and a beta of 1.70. 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, Inc. has a 1-year low of $67.05 and a 1-year high of $118.07.

ONEOK Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Monday, February 3rd will be paid a $1.03 dividend. This is a boost from ONEOK’s previous quarterly dividend of $0.99. The ex-dividend date of this dividend is Monday, February 3rd. This represents a $4.12 dividend on an annualized basis and a yield of 4.25%. ONEOK’s 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.