Cambridge Financial Group Inc. Trims Holdings in ONEOK, Inc. (NYSE:OKE)

Cambridge Financial Group Inc. trimmed its holdings in shares of ONEOK, Inc. (NYSE:OKE) by 3.6% in the 4th quarter, Holdings Channel.com reports. The firm owned 95,057 shares of the utilities provider’s stock after selling 3,504 shares during the period. ONEOK makes up approximately 3.4% of Cambridge Financial Group Inc.’s portfolio, making the stock its 15th largest holding. Cambridge Financial Group Inc.’s holdings in ONEOK were worth $6,675,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Peoples Bank KS purchased a new stake in shares of ONEOK during the 3rd quarter valued at about $25,000. Beacon Capital Management LLC grew its position in ONEOK by 90.7% during the fourth quarter. Beacon Capital Management LLC now owns 408 shares of the utilities provider’s stock valued at $29,000 after buying an additional 194 shares during the period. HHM Wealth Advisors LLC purchased a new stake in ONEOK during the fourth quarter valued at approximately $32,000. Loomis Sayles & Co. L P raised its position in ONEOK by 605.1% in the third quarter. Loomis Sayles & Co. L P now owns 557 shares of the utilities provider’s stock worth $35,000 after acquiring an additional 478 shares during the period. Finally, SOA Wealth Advisors LLC. boosted its stake in shares of ONEOK by 283.5% during the 4th quarter. SOA Wealth Advisors LLC. now owns 510 shares of the utilities provider’s stock worth $36,000 after acquiring an additional 377 shares during the last quarter. 69.13% of the stock is owned by institutional investors.

ONEOK Price Performance

NYSE:OKE traded up $0.28 during trading hours on Friday, reaching $77.23. The stock had a trading volume of 2,235,558 shares, compared to its average volume of 2,820,855. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.67 and a current ratio of 0.70. The stock has a market capitalization of $45.08 billion, a PE ratio of 17.96, a PEG ratio of 4.13 and a beta of 1.64. ONEOK, Inc. has a 52 week low of $55.91 and a 52 week high of $81.81. The company has a 50 day moving average price of $78.34 and a two-hundred day moving average price of $72.04.

ONEOK (NYSE:OKE) last released its quarterly earnings data on Tuesday, April 30th. The utilities provider reported $1.09 EPS for the quarter, beating the consensus estimate of $1.06 by $0.03. ONEOK had a net margin of 12.54% and a return on equity of 15.94%. The business had revenue of $4.78 billion during the quarter, compared to analyst estimates of $5.84 billion. During the same quarter last year, the business earned $2.34 earnings per share. As a group, sell-side analysts anticipate that ONEOK, Inc. will post 4.95 earnings per share for the current fiscal year.

ONEOK Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Wednesday, May 1st will be paid a dividend of $0.99 per share. The ex-dividend date of this dividend is Tuesday, April 30th. This represents a $3.96 annualized dividend and a yield of 5.13%. ONEOK’s payout ratio is currently 92.09%.

ONEOK announced that its board has authorized a share buyback program on Wednesday, January 17th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the utilities provider to purchase up to 4.9% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on OKE shares. US Capital Advisors downgraded ONEOK from an “overweight” rating to a “hold” rating in a research report on Wednesday, March 20th. Seaport Res Ptn raised shares of ONEOK from a “neutral” rating to a “buy” rating in a report on Thursday, February 8th. Truist Financial raised their price objective on shares of ONEOK from $71.00 to $81.00 and gave the company a “hold” rating in a research report on Thursday, March 21st. Morgan Stanley upped their target price on shares of ONEOK from $84.00 to $85.00 and gave the stock an “equal weight” rating in a report on Tuesday, March 26th. Finally, Stifel Nicolaus raised their price target on ONEOK from $81.00 to $88.00 and gave the company a “buy” rating in a report on Tuesday, April 16th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, ONEOK has a consensus rating of “Hold” and a consensus price target of $83.58.

Insider Buying and Selling at ONEOK

In related news, Director Wayne Thomas Smith purchased 2,700 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The shares were bought at an average price of $75.25 per share, for a total transaction of $203,175.00. Following the acquisition, the director now owns 2,700 shares of the company’s stock, valued at approximately $203,175. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.20% of the company’s stock.

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.