Beacon Harbor Wealth Advisors Inc. Takes $5.02 Million Position in ONEOK, Inc. (NYSE:OKE)

Beacon Harbor Wealth Advisors Inc. bought a new position in shares of ONEOK, Inc. (NYSE:OKE) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 71,459 shares of the utilities provider’s stock, valued at approximately $5,018,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Chevy Chase Trust Holdings LLC raised its holdings in shares of ONEOK by 27.9% during the third quarter. Chevy Chase Trust Holdings LLC now owns 330,158 shares of the utilities provider’s stock worth $20,942,000 after purchasing an additional 71,968 shares during the last quarter. SVB Wealth LLC raised its position in ONEOK by 9.3% during the third quarter. SVB Wealth LLC now owns 19,826 shares of the utilities provider’s stock worth $1,258,000 after acquiring an additional 1,685 shares during the period. Cambridge Investment Research Advisors Inc. grew its position in shares of ONEOK by 30.7% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 136,559 shares of the utilities provider’s stock valued at $8,662,000 after purchasing an additional 32,078 shares during the period. Kingswood Wealth Advisors LLC raised its position in shares of ONEOK by 31.8% during the 3rd quarter. Kingswood Wealth Advisors LLC now owns 5,048 shares of the utilities provider’s stock worth $320,000 after purchasing an additional 1,218 shares during the last quarter. Finally, Xponance Inc. boosted its holdings in ONEOK by 48.8% in the 3rd quarter. Xponance Inc. now owns 87,156 shares of the utilities provider’s stock worth $5,528,000 after buying an additional 28,590 shares during the last quarter. 69.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other ONEOK news, Director Wayne Thomas Smith acquired 2,700 shares of the stock in a transaction on Friday, March 1st. The stock was purchased at an average price of $75.25 per share, for a total transaction of $203,175.00. Following the purchase, the director now directly owns 2,700 shares in the company, valued at $203,175. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.20% of the company’s stock.

ONEOK Price Performance

Shares of OKE stock traded up $0.42 during midday trading on Thursday, reaching $77.34. 1,288,511 shares of the company traded hands, compared to its average volume of 2,988,125. The firm has a market cap of $45.14 billion, a PE ratio of 17.86, a price-to-earnings-growth ratio of 4.81 and a beta of 1.64. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.90 and a quick ratio of 0.67. The firm’s 50 day simple moving average is $78.19 and its two-hundred day simple moving average is $71.91. ONEOK, Inc. has a 1-year low of $55.91 and a 1-year high of $81.81.

ONEOK (NYSE:OKE) last released its quarterly earnings data on Tuesday, April 30th. The utilities provider reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.03. ONEOK had a net margin of 12.54% and a return on equity of 16.87%. The company had revenue of $4.78 billion during the quarter, compared to the consensus estimate of $5.84 billion. During the same period in the previous year, the firm earned $2.34 earnings per share. On average, equities research analysts expect that ONEOK, Inc. will post 5.01 EPS for the current fiscal year.

ONEOK announced that its Board of Directors has authorized a share repurchase program on Wednesday, January 17th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the utilities provider to repurchase up to 4.9% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

ONEOK Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Wednesday, May 1st will be paid a $0.99 dividend. The ex-dividend date of this dividend is Tuesday, April 30th. This represents a $3.96 annualized dividend and a dividend yield of 5.12%. ONEOK’s dividend payout ratio (DPR) is presently 92.09%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. StockNews.com upgraded ONEOK from a “sell” rating to a “hold” rating in a research report on Wednesday, March 6th. Morgan Stanley upped their price target on ONEOK from $84.00 to $85.00 and gave the company an “equal weight” rating in a research report on Tuesday, March 26th. Raymond James increased their price target on ONEOK from $80.00 to $85.00 and gave the stock an “outperform” rating in a report on Friday, January 19th. Barclays boosted their price target on shares of ONEOK from $73.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 7th. Finally, Wells Fargo & Company raised their price objective on shares of ONEOK from $81.00 to $85.00 and gave the company an “overweight” rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, ONEOK has an average rating of “Hold” and a consensus price target of $83.25.

ONEOK Company 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.