Corebridge Financial Inc. Increases Position in ONEOK, Inc. (NYSE:OKE)

Corebridge Financial Inc. boosted its position in ONEOK, Inc. (NYSE:OKE) by 9.8% in the 4th quarter, Holdings Channel reports. The fund owned 161,826 shares of the utilities provider’s stock after purchasing an additional 14,460 shares during the period. Corebridge Financial Inc.’s holdings in ONEOK were worth $16,247,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. Astoria Portfolio Advisors LLC. boosted its stake in ONEOK by 4.1% in the 4th quarter. Astoria Portfolio Advisors LLC. now owns 2,453 shares of the utilities provider’s stock worth $260,000 after buying an additional 96 shares during the last quarter. McAdam LLC boosted its position in shares of ONEOK by 3.8% in the fourth quarter. McAdam LLC now owns 2,612 shares of the utilities provider’s stock worth $262,000 after acquiring an additional 96 shares during the last quarter. Alliance Wealth Advisors LLC boosted its position in shares of ONEOK by 0.8% in the fourth quarter. Alliance Wealth Advisors LLC now owns 12,569 shares of the utilities provider’s stock worth $1,262,000 after acquiring an additional 100 shares during the last quarter. Mutual Advisors LLC increased its position in ONEOK by 1.2% during the fourth quarter. Mutual Advisors LLC now owns 8,883 shares of the utilities provider’s stock worth $965,000 after purchasing an additional 103 shares during the last quarter. Finally, Morton Capital Management LLC CA raised its stake in ONEOK by 1.4% during the fourth quarter. Morton Capital Management LLC CA now owns 7,313 shares of the utilities provider’s stock worth $734,000 after purchasing an additional 104 shares during the period. 69.13% of the stock is currently owned by institutional investors and hedge funds.

ONEOK Stock Performance

Shares of OKE stock opened at $102.34 on Tuesday. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.81 and a quick ratio of 0.59. The company’s fifty day moving average price is $98.91 and its two-hundred day moving average price is $99.99. The firm has a market capitalization of $63.89 billion, a P/E ratio of 21.41, a P/E/G ratio of 3.77 and a beta of 1.70. ONEOK, Inc. has a 12 month low of $76.23 and a 12 month high of $118.07.

ONEOK (NYSE:OKE) last released its quarterly earnings results on Monday, February 24th. The utilities provider reported $1.57 EPS for the quarter, topping the consensus estimate of $1.46 by $0.11. ONEOK had a return on equity of 16.84% and a net margin of 14.05%. The business had revenue of $7 billion for the quarter, compared to analysts’ expectations of $6.18 billion. On average, 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 declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Monday, February 3rd were paid a $1.03 dividend. This represents a $4.12 dividend on an annualized basis and a dividend yield of 4.03%. The ex-dividend date was Monday, February 3rd. This is a positive change from ONEOK’s previous quarterly dividend of $0.99. ONEOK’s payout ratio is 79.69%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on OKE shares. Barclays cut their target price on ONEOK from $105.00 to $101.00 and set an “equal weight” rating on the stock in a research report on Friday, March 7th. Wolfe Research upgraded ONEOK from a “peer perform” rating to an “outperform” rating and set a $110.00 price objective on the stock in a report on Monday, February 10th. Citigroup began coverage on ONEOK in a report on Friday, February 28th. They set a “buy” rating and a $110.00 target price for the company. 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. Finally, US Capital Advisors upgraded shares of ONEOK from a “moderate buy” rating to a “strong-buy” rating in a research note on Monday, February 3rd. Seven analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $103.31.

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.