Axxcess Wealth Management LLC Sells 374 Shares of ONEOK, Inc. (NYSE:OKE)

Axxcess Wealth Management LLC reduced its holdings in ONEOK, Inc. (NYSE:OKE) by 2.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 17,071 shares of the utilities provider’s stock after selling 374 shares during the quarter. Axxcess Wealth Management LLC’s holdings in ONEOK were worth $1,556,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Envestnet Portfolio Solutions Inc. increased its position in ONEOK by 21.6% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 4,752 shares of the utilities provider’s stock worth $381,000 after buying an additional 844 shares during the period. NorthRock Partners LLC boosted its stake in ONEOK by 41.4% in the 1st quarter. NorthRock Partners LLC now owns 4,359 shares of the utilities provider’s stock worth $349,000 after purchasing an additional 1,276 shares during the period. Meeder Advisory Services Inc. increased its position in shares of ONEOK by 7.5% in the first quarter. Meeder Advisory Services Inc. now owns 9,101 shares of the utilities provider’s stock worth $730,000 after purchasing an additional 634 shares during the last quarter. QRG Capital Management Inc. lifted its position in ONEOK by 3.8% in the 1st quarter. QRG Capital Management Inc. now owns 5,453 shares of the utilities provider’s stock worth $437,000 after buying an additional 198 shares during the last quarter. Finally, Qsemble Capital Management LP purchased a new position in shares of ONEOK in the first quarter worth $681,000. Institutional investors and hedge funds own 69.13% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on OKE. Citigroup raised their target price on shares of ONEOK from $85.00 to $102.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. Tudor Pickering raised shares of ONEOK to a “hold” rating in a research report on Thursday, July 18th. Morgan Stanley raised ONEOK from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $103.00 to $111.00 in a research report on Monday, September 16th. Royal Bank of Canada upped their target price on ONEOK from $89.00 to $98.00 and gave the company a “sector perform” rating in a research report on Wednesday, October 16th. Finally, Mizuho increased their target price on ONEOK from $81.00 to $85.00 and gave the company a “neutral” rating in a report on Friday, July 26th. Eight research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $96.92.

ONEOK Price Performance

Shares of OKE stock opened at $109.05 on Tuesday. The firm’s 50 day moving average price is $94.86 and its two-hundred day moving average price is $86.71. ONEOK, Inc. has a 52-week low of $63.77 and a 52-week high of $109.18. The stock has a market cap of $63.71 billion, a PE ratio of 22.42, a PEG ratio of 5.35 and a beta of 1.66. 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 announced its earnings results on Tuesday, October 29th. The utilities provider reported $1.18 EPS for the quarter, missing the consensus estimate of $1.23 by ($0.05). The company had revenue of $5.02 billion for the quarter, compared to the consensus estimate of $5.81 billion. ONEOK had a return on equity of 16.84% and a net margin of 14.05%. During the same period in the previous year, the firm posted $0.99 EPS. As a group, analysts forecast that ONEOK, Inc. will post 5.15 EPS for the current year.

ONEOK Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Friday, November 1st will be given a $0.99 dividend. This represents a $3.96 dividend on an annualized basis and a yield of 3.63%. The ex-dividend date of this dividend is Friday, November 1st. ONEOK’s payout ratio is 82.85%.

Insider Transactions at ONEOK

In related news, Director Pattye L. Moore sold 3,379 shares of the business’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $92.01, for a total transaction of $310,901.79. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.20% of the company’s stock.

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.