Burney Co. Lowers Stock Position in ONEOK, Inc. $OKE

Burney Co. reduced its stake in ONEOK, Inc. (NYSE:OKE) by 13.0% during the second quarter, HoldingsChannel reports. The firm owned 6,002 shares of the utilities provider’s stock after selling 898 shares during the period. Burney Co.’s holdings in ONEOK were worth $490,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. raised its stake in ONEOK by 7.2% in the first quarter. Vanguard Group Inc. now owns 75,196,969 shares of the utilities provider’s stock valued at $7,461,043,000 after purchasing an additional 5,076,705 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in ONEOK by 13.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 20,957,230 shares of the utilities provider’s stock valued at $2,079,376,000 after purchasing an additional 2,542,449 shares in the last quarter. Invesco Ltd. raised its stake in ONEOK by 25.1% in the first quarter. Invesco Ltd. now owns 8,339,939 shares of the utilities provider’s stock valued at $827,489,000 after purchasing an additional 1,674,706 shares in the last quarter. Tortoise Capital Advisors L.L.C. raised its stake in ONEOK by 17.1% in the first quarter. Tortoise Capital Advisors L.L.C. now owns 7,171,795 shares of the utilities provider’s stock valued at $711,586,000 after purchasing an additional 1,047,810 shares in the last quarter. Finally, Northern Trust Corp raised its stake in ONEOK by 5.3% in the first quarter. Northern Trust Corp now owns 6,879,863 shares of the utilities provider’s stock valued at $682,620,000 after purchasing an additional 344,002 shares in the last quarter. 69.13% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Citigroup lowered their target price on shares of ONEOK from $102.00 to $95.00 and set a “buy” rating on the stock in a research note on Friday, October 31st. Barclays reduced their price target on shares of ONEOK from $83.00 to $78.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 9th. Scotiabank reduced their price target on shares of ONEOK from $88.00 to $87.00 and set a “sector outperform” rating on the stock in a research report on Tuesday. The Goldman Sachs Group reiterated a “neutral” rating and set a $72.00 price target on shares of ONEOK in a research report on Monday. Finally, TD Cowen reduced their price target on shares of ONEOK from $78.00 to $76.00 and set a “hold” rating on the stock in a research report on Thursday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $92.80.

Insiders Place Their Bets

In related news, Director Brian L. Derksen purchased 2,500 shares of the business’s stock in a transaction that occurred on Monday, November 3rd. The shares were acquired at an average price of $66.00 per share, for a total transaction of $165,000.00. Following the completion of the acquisition, the director directly owned 21,200 shares in the company, valued at approximately $1,399,200. The trade was a 13.37% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.21% of the stock is currently owned by company insiders.

ONEOK Stock Up 3.1%

Shares of ONEOK stock opened at $66.28 on Thursday. The company has a debt-to-equity ratio of 1.44, a quick ratio of 0.46 and a current ratio of 0.90. ONEOK, Inc. has a 52-week low of $64.02 and a 52-week high of $118.07. The stock has a market capitalization of $41.71 billion, a price-to-earnings ratio of 12.18, a P/E/G ratio of 2.62 and a beta of 1.01. The company’s 50 day moving average price is $71.24 and its 200-day moving average price is $77.42.

ONEOK (NYSE:OKE) last issued its earnings results on Tuesday, October 28th. The utilities provider reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.48 by $0.01. ONEOK had a net margin of 10.58% and a return on equity of 15.12%. The firm had revenue of $9.17 billion for the quarter, compared to analysts’ expectations of $8.23 billion. During the same quarter last year, the business earned $1.18 earnings per share. ONEOK has set its FY 2025 guidance at 4.970-5.770 EPS. Equities research analysts forecast that ONEOK, Inc. will post 5.07 EPS for the current year.

ONEOK Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Monday, November 3rd will be issued a $1.03 dividend. The ex-dividend date is Monday, November 3rd. This represents a $4.12 annualized dividend and a yield of 6.2%. ONEOK’s payout ratio is 75.74%.

About ONEOK

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.