Cinctive Capital Management LP Purchases Shares of 198,299 ONEOK, Inc. (NYSE:OKE)

Cinctive Capital Management LP acquired a new position in shares of ONEOK, Inc. (NYSE:OKE) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 198,299 shares of the utilities provider’s stock, valued at approximately $19,909,000. ONEOK makes up about 1.0% of Cinctive Capital Management LP’s investment portfolio, making the stock its 15th biggest position.

Other large investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of ONEOK by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 70,120,264 shares of the utilities provider’s stock worth $7,040,075,000 after purchasing an additional 558,789 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in ONEOK by 5.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 18,414,781 shares of the utilities provider’s stock worth $1,848,844,000 after buying an additional 934,007 shares during the last quarter. Geode Capital Management LLC raised its holdings in ONEOK by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 14,037,890 shares of the utilities provider’s stock worth $1,405,697,000 after buying an additional 357,015 shares during the last quarter. Norges Bank acquired a new position in shares of ONEOK during the fourth quarter valued at about $539,554,000. Finally, Wellington Management Group LLP increased its position in shares of ONEOK by 433.4% during the fourth quarter. Wellington Management Group LLP now owns 4,206,906 shares of the utilities provider’s stock worth $422,373,000 after acquiring an additional 3,418,207 shares in the last quarter. 69.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on OKE shares. Truist Financial lifted their price target on ONEOK from $99.00 to $107.00 and gave the company a “hold” rating in a research note on Tuesday, December 3rd. Scotiabank dropped their price objective on ONEOK from $109.00 to $102.00 and set a “sector outperform” rating on the stock in a research note on Thursday, March 6th. Barclays lowered their target price on shares of ONEOK from $105.00 to $101.00 and set an “equal weight” rating for the company in a report on Friday, March 7th. Citigroup assumed coverage on shares of ONEOK in a report on Friday, February 28th. They set a “buy” rating and a $110.00 price target on the stock. Finally, Morgan Stanley increased their price objective on shares of ONEOK from $111.00 to $133.00 and gave the company an “overweight” rating in a research note on Tuesday, March 25th. Seven research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $105.00.

ONEOK Trading Up 0.2 %

NYSE OKE opened at $99.37 on Wednesday. The stock’s 50-day simple moving average is $97.91 and its two-hundred day simple moving average is $100.36. ONEOK, Inc. has a twelve month low of $76.23 and a twelve month high of $118.07. The company has a quick ratio of 0.59, a current ratio of 0.81 and a debt-to-equity ratio of 1.59. The company has a market capitalization of $62.04 billion, a price-to-earnings ratio of 20.79, a PEG ratio of 3.77 and a beta of 1.70.

ONEOK (NYSE:OKE) last released its earnings results on Monday, February 24th. The utilities provider reported $1.57 earnings per share for the quarter, topping analysts’ consensus estimates of $1.46 by $0.11. ONEOK had a return on equity of 16.84% and a net margin of 14.05%. The company had revenue of $7 billion during the quarter, compared to the consensus estimate of $6.18 billion. Research analysts forecast that ONEOK, Inc. will post 5.07 EPS for the current fiscal year.

ONEOK Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Monday, February 3rd were paid a $1.03 dividend. The ex-dividend date of this dividend was Monday, February 3rd. This is an increase from ONEOK’s previous quarterly dividend of $0.99. This represents a $4.12 annualized dividend and a yield of 4.15%. ONEOK’s payout ratio is currently 79.69%.

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.