Summit Global Investments Takes $243,000 Position in ONEOK, Inc. (NYSE:OKE)

Summit Global Investments purchased a new position in ONEOK, Inc. (NYSE:OKE) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,422 shares of the utilities provider’s stock, valued at approximately $243,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. FNY Investment Advisers LLC grew its holdings in shares of ONEOK by 14,279.1% in the 4th quarter. FNY Investment Advisers LLC now owns 22,000 shares of the utilities provider’s stock worth $2,208,000 after purchasing an additional 21,847 shares during the last quarter. Kingswood Wealth Advisors LLC boosted its position in ONEOK by 57.9% in the fourth quarter. Kingswood Wealth Advisors LLC now owns 14,506 shares of the utilities provider’s stock valued at $1,456,000 after buying an additional 5,321 shares in the last quarter. Simon Quick Advisors LLC bought a new stake in ONEOK during the fourth quarter worth about $251,000. Rockefeller Capital Management L.P. increased its holdings in shares of ONEOK by 1.9% during the third quarter. Rockefeller Capital Management L.P. now owns 275,137 shares of the utilities provider’s stock worth $25,070,000 after buying an additional 5,067 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of ONEOK by 9.7% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,544,208 shares of the utilities provider’s stock worth $155,038,000 after acquiring an additional 136,071 shares in the last quarter. Institutional investors own 69.13% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on OKE. Scotiabank dropped their price target on ONEOK from $109.00 to $102.00 and set a “sector outperform” rating for the company in a report on Thursday, March 6th. Barclays cut their price target on ONEOK from $105.00 to $101.00 and set an “equal weight” rating for the company in a report on Friday, March 7th. Wells Fargo & Company decreased their price objective on shares of ONEOK from $107.00 to $102.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 26th. Morgan Stanley boosted their target price on shares of ONEOK from $111.00 to $133.00 and gave the stock an “overweight” rating in a research note on Tuesday. Finally, Truist Financial increased their price target on shares of ONEOK from $99.00 to $107.00 and gave the company a “hold” rating in a research note on Tuesday, December 3rd. Seven analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $105.00.

ONEOK Stock Up 0.1 %

Shares of ONEOK stock opened at $102.42 on Wednesday. The business has a fifty day simple moving average of $98.84 and a 200 day simple moving average of $100.07. The stock has a market cap of $63.94 billion, a PE ratio of 21.43, a price-to-earnings-growth ratio of 3.77 and a beta of 1.70. The company has a quick ratio of 0.59, a current ratio of 0.81 and a debt-to-equity ratio of 1.59. ONEOK, Inc. has a 12 month low of $76.23 and a 12 month high of $118.07.

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, topping the consensus estimate of $1.46 by $0.11. The company had revenue of $7 billion during the quarter, compared to analyst estimates of $6.18 billion. ONEOK had a return on equity of 16.84% and a net margin of 14.05%. Research analysts predict that ONEOK, Inc. will post 5.07 EPS for the current year.

ONEOK Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Monday, February 3rd were given a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a dividend yield of 4.02%. This is a boost from ONEOK’s previous quarterly dividend of $0.99. The ex-dividend date was Monday, February 3rd. ONEOK’s dividend payout ratio (DPR) is currently 79.69%.

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.