Midwest Financial Group LLC Lowers Stock Holdings in ONEOK, Inc. (NYSE:OKE)

Midwest Financial Group LLC cut its holdings in shares of ONEOK, Inc. (NYSE:OKE) by 0.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 35,117 shares of the utilities provider’s stock after selling 283 shares during the quarter. ONEOK comprises approximately 2.0% of Midwest Financial Group LLC’s portfolio, making the stock its 16th biggest holding. Midwest Financial Group LLC’s holdings in ONEOK were worth $3,526,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. National Pension Service boosted its position in shares of ONEOK by 1.6% in the third quarter. National Pension Service now owns 763,833 shares of the utilities provider’s stock worth $69,608,000 after acquiring an additional 12,349 shares during the last quarter. Leavell Investment Management Inc. boosted its holdings in shares of ONEOK by 3.8% in the 3rd quarter. Leavell Investment Management Inc. now owns 141,236 shares of the utilities provider’s stock valued at $12,871,000 after purchasing an additional 5,175 shares during the last quarter. Caxton Associates LP purchased a new stake in shares of ONEOK during the 2nd quarter valued at $1,225,000. Nations Financial Group Inc. IA ADV raised its position in shares of ONEOK by 11.1% in the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 54,557 shares of the utilities provider’s stock worth $4,972,000 after buying an additional 5,451 shares during the period. Finally, Sageworth Trust Co acquired a new position in ONEOK in the third quarter valued at $568,000. Hedge funds and other institutional investors own 69.13% of the company’s stock.

ONEOK Price Performance

Shares of NYSE OKE opened at $105.03 on Friday. 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 fifty-two week low of $67.05 and a fifty-two week high of $118.07. The business has a 50 day moving average price of $106.17 and a two-hundred day moving average price of $96.28. The firm has a market cap of $61.36 billion, a PE ratio of 21.97, a price-to-earnings-growth ratio of 4.03 and a beta of 1.70.

ONEOK (NYSE:OKE) last released its quarterly earnings results on Tuesday, October 29th. The utilities provider reported $1.18 earnings per share for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.05). The company had revenue of $5.02 billion for the quarter, compared to analyst estimates of $5.81 billion. ONEOK had a return on equity of 16.84% and a net margin of 14.05%. During the same period in the previous year, the business posted $0.99 EPS. Sell-side analysts expect that ONEOK, Inc. will post 5.1 earnings per share for the current fiscal year.

ONEOK Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Monday, February 3rd will be given a dividend of $1.03 per share. This is a boost from ONEOK’s previous quarterly dividend of $0.99. The ex-dividend date is Monday, February 3rd. This represents a $4.12 annualized dividend and a dividend yield of 3.92%. ONEOK’s dividend payout ratio (DPR) is presently 82.85%.

Wall Street Analyst Weigh In

Several brokerages have commented on OKE. Truist Financial raised their price objective on ONEOK from $99.00 to $107.00 and gave the stock a “hold” rating in a report on Tuesday, December 3rd. Barclays lifted their price target on shares of ONEOK from $94.00 to $99.00 and gave the company an “equal weight” rating in a research report on Monday, November 4th. Royal Bank of Canada increased their price objective on shares of ONEOK from $89.00 to $98.00 and gave the stock a “sector perform” rating in a research report on Wednesday, October 16th. US Capital Advisors upgraded shares of ONEOK from a “hold” rating to a “moderate buy” rating in a report on Tuesday, November 26th. Finally, Scotiabank started coverage on ONEOK in a report on Friday, January 10th. They issued a “sector outperform” rating and a $109.00 price target for the company. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $102.92.

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.