Meridian Wealth Management LLC grew its position in ONEOK, Inc. (NYSE:OKE) by 14.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,315 shares of the utilities provider’s stock after buying an additional 1,434 shares during the quarter. Meridian Wealth Management LLC’s holdings in ONEOK were worth $790,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of the business. C J Advisory Inc purchased a new stake in shares of ONEOK during the 1st quarter worth $26,000. PRW Wealth Management LLC purchased a new stake in shares of ONEOK during the 4th quarter worth $27,000. Pinnacle Financial Partners Inc. purchased a new stake in shares of ONEOK during the 1st quarter worth $27,000. Buffington Mohr McNeal purchased a new stake in shares of ONEOK during the 1st quarter worth $28,000. Finally, Capital Financial Planning LLC purchased a new stake in shares of ONEOK during the 4th quarter worth $30,000. Institutional investors and hedge funds own 75.10% of the company’s stock.
NYSE:OKE traded down $0.57 during mid-day trading on Friday, hitting $64.46. 1,573,867 shares of the company’s stock traded hands, compared to its average volume of 1,829,089. ONEOK, Inc. has a twelve month low of $50.26 and a twelve month high of $71.99. The firm has a market capitalization of $26.61 billion, a P/E ratio of 23.19, a P/E/G ratio of 1.85 and a beta of 1.19. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.79 and a quick ratio of 0.55.
ONEOK (NYSE:OKE) last announced its earnings results on Tuesday, April 30th. The utilities provider reported $0.81 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.73 by $0.08. ONEOK had a return on equity of 18.47% and a net margin of 9.98%. The company had revenue of $2.78 billion for the quarter, compared to analyst estimates of $2.70 billion. During the same period in the prior year, the company posted $0.64 EPS. On average, analysts expect that ONEOK, Inc. will post 3.07 EPS for the current year.
A number of brokerages recently weighed in on OKE. Raymond James cut ONEOK from a “strong-buy” rating to an “outperform” rating in a research note on Tuesday, April 16th. UBS Group upped their price objective on ONEOK from $68.00 to $69.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 3rd. Jefferies Financial Group cut ONEOK from a “buy” rating to a “hold” rating and upped their price objective for the stock from $72.00 to $74.00 in a research note on Monday, April 1st. Seaport Global Securities cut ONEOK from a “buy” rating to a “neutral” rating and set a $69.07 price objective for the company. in a research note on Monday, April 22nd. Finally, Zacks Investment Research upgraded ONEOK from a “hold” rating to a “buy” rating and set a $77.00 price objective for the company in a research note on Tuesday, March 19th. Twelve equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $71.85.
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ONEOK, Inc, together with its subsidiaries, engages in the gathering, processing, storage, and transportation of natural gas in the United States. It operates through Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines segments. The company owns natural gas gathering pipelines and processing plants in the Mid-Continent and Rocky Mountain regions.
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