California Public Employees Retirement System Sells 68,878 Shares of ONEOK, Inc. (NYSE:OKE)

California Public Employees Retirement System lessened its stake in shares of ONEOK, Inc. (NYSE:OKE) by 6.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 977,622 shares of the utilities provider’s stock after selling 68,878 shares during the quarter. California Public Employees Retirement System’s holdings in ONEOK were worth $98,153,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in OKE. FMR LLC increased its position in shares of ONEOK by 11.7% in the third quarter. FMR LLC now owns 1,171,917 shares of the utilities provider’s stock valued at $106,797,000 after acquiring an additional 122,362 shares during the period. Captrust Financial Advisors raised its position in ONEOK by 0.3% during the 3rd quarter. Captrust Financial Advisors now owns 100,222 shares of the utilities provider’s stock valued at $9,133,000 after purchasing an additional 297 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its holdings in ONEOK by 4.4% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 4,721 shares of the utilities provider’s stock worth $430,000 after buying an additional 200 shares during the period. Edgestream Partners L.P. grew its position in shares of ONEOK by 129.6% in the 3rd quarter. Edgestream Partners L.P. now owns 34,776 shares of the utilities provider’s stock worth $3,169,000 after buying an additional 19,632 shares during the last quarter. Finally, Tradition Wealth Management LLC increased its stake in shares of ONEOK by 3.4% during the third quarter. Tradition Wealth Management LLC now owns 6,718 shares of the utilities provider’s stock valued at $612,000 after buying an additional 221 shares during the period. Institutional investors own 69.13% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Scotiabank cut their price target on shares of ONEOK from $109.00 to $102.00 and set a “sector outperform” rating on the stock in a report on Thursday, March 6th. Barclays reduced their price target on shares of ONEOK from $105.00 to $101.00 and set an “equal weight” rating on the stock in a research report on Friday, March 7th. Truist Financial raised their price objective on shares of ONEOK from $99.00 to $107.00 and gave the stock a “hold” rating in a report on Tuesday, December 3rd. Wolfe Research raised ONEOK from a “peer perform” rating to an “outperform” rating and set a $110.00 target price for the company in a research report on Monday, February 10th. Finally, Citigroup began coverage on ONEOK in a research report on Friday, February 28th. They set a “buy” rating and a $110.00 price target on the stock. Seven equities 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’s stock. Based on data from MarketBeat.com, ONEOK presently has an average rating of “Moderate Buy” and an average price target of $105.00.

ONEOK Stock Performance

Shares of OKE opened at $99.28 on Tuesday. The company has a market cap of $61.98 billion, a price-to-earnings ratio of 20.77, a P/E/G ratio of 3.77 and a beta of 1.70. The business’s fifty day simple moving average is $98.12 and its two-hundred day simple moving average is $100.30. ONEOK, Inc. has a 12 month low of $76.23 and a 12 month high of $118.07. The company has a current ratio of 0.81, a quick ratio of 0.59 and a debt-to-equity ratio of 1.59.

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

ONEOK Increases Dividend

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

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.