Sheets Smith Wealth Management Has $1.94 Million Stake in ONEOK, Inc. (NYSE:OKE)

Sheets Smith Wealth Management trimmed its position in shares of ONEOK, Inc. (NYSE:OKE) by 99.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 64 shares of the utilities provider’s stock after selling 30,445 shares during the quarter. Sheets Smith Wealth Management’s holdings in ONEOK were worth $1,940,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Resurgent Financial Advisors LLC purchased a new stake in ONEOK in the 4th quarter valued at $29,000. WealthPLAN Partners LLC purchased a new stake in ONEOK in the 1st quarter valued at $29,000. Grove Bank & Trust raised its position in ONEOK by 211.2% in the 1st quarter. Grove Bank & Trust now owns 473 shares of the utilities provider’s stock valued at $30,000 after buying an additional 321 shares during the last quarter. Worth Asset Management LLC purchased a new stake in ONEOK in the 1st quarter valued at $30,000. Finally, First Command Bank raised its position in ONEOK by 401.0% in the 2nd quarter. First Command Bank now owns 491 shares of the utilities provider’s stock valued at $27,000 after buying an additional 393 shares during the last quarter. 68.87% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Brian L. Derksen bought 4,900 shares of the business’s stock in a transaction on Wednesday, June 28th. The stock was acquired at an average price of $59.59 per share, for a total transaction of $291,991.00. Following the purchase, the director now directly owns 18,700 shares in the company, valued at $1,114,333. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Brian L. Derksen bought 4,900 shares of the business’s stock in a transaction on Wednesday, June 28th. The stock was acquired at an average price of $59.59 per share, for a total transaction of $291,991.00. Following the purchase, the director now directly owns 18,700 shares in the company, valued at $1,114,333. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Pierce Norton purchased 24,607 shares of the stock in a transaction on Thursday, June 29th. The stock was acquired at an average cost of $60.96 per share, for a total transaction of $1,500,042.72. Following the acquisition, the chief executive officer now owns 42,017 shares in the company, valued at $2,561,356.32. The disclosure for this purchase can be found here. 0.65% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research firms recently commented on OKE. StockNews.com lowered ONEOK from a “buy” rating to a “hold” rating in a research report on Wednesday, August 16th. Raymond James raised their target price on ONEOK from $75.00 to $78.00 and gave the company an “outperform” rating in a research report on Monday, August 14th. Truist Financial raised their target price on ONEOK from $66.00 to $68.00 and gave the company a “buy” rating in a research report on Tuesday, August 1st. Wells Fargo & Company decreased their target price on ONEOK from $75.00 to $73.00 and set an “overweight” rating for the company in a research report on Friday, August 11th. Finally, Royal Bank of Canada decreased their target price on ONEOK from $75.00 to $66.00 in a research report on Wednesday, May 17th. Six investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, ONEOK has an average rating of “Moderate Buy” and a consensus target price of $73.73.

ONEOK Stock Up 0.7 %

OKE stock opened at $64.77 on Friday. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.92 and a current ratio of 1.23. The company has a market capitalization of $29.00 billion, a price-to-earnings ratio of 11.95, a PEG ratio of 1.73 and a beta of 1.70. ONEOK, Inc. has a fifty-two week low of $50.50 and a fifty-two week high of $71.57. The stock has a fifty day moving average of $64.96 and a 200-day moving average of $63.33.

ONEOK (NYSE:OKE) last posted its quarterly earnings results on Monday, August 7th. The utilities provider reported $1.04 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.04. ONEOK had a return on equity of 35.84% and a net margin of 12.68%. The company had revenue of $3.73 billion during the quarter, compared to the consensus estimate of $4.13 billion. During the same quarter in the prior year, the company earned $0.92 EPS. As a group, equities research analysts predict that ONEOK, Inc. will post 5.63 earnings per share for the current year.

ONEOK Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, August 14th. Shareholders of record on Tuesday, August 1st were paid a $0.955 dividend. The ex-dividend date was Monday, July 31st. This represents a $3.82 annualized dividend and a yield of 5.90%. ONEOK’s dividend payout ratio is currently 70.48%.

ONEOK Profile

ONEOK, Inc, together with its subsidiaries, engages in gathering, processing, fractionation, storage, transportation, and marketing of natural gas and natural gas liquids (NGL) in the United States. It operates through three segments: Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines segments.