Northeast Investment Management Makes New Investment in ONEOK, Inc. (NYSE:OKE)

Northeast Investment Management acquired a new position in ONEOK, Inc. (NYSE:OKE) during the second quarter, according to the company in its most recent filing with the SEC. The fund acquired 3,705 shares of the utilities provider’s stock, valued at approximately $302,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. increased its position in shares of ONEOK by 21.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 12,408,725 shares of the utilities provider’s stock worth $871,341,000 after purchasing an additional 2,153,295 shares during the last quarter. Northern Trust Corp increased its position in shares of ONEOK by 1.5% in the 4th quarter. Northern Trust Corp now owns 5,754,127 shares of the utilities provider’s stock worth $404,055,000 after purchasing an additional 85,736 shares during the last quarter. Norges Bank bought a new stake in shares of ONEOK in the 4th quarter worth about $297,948,000. Kayne Anderson Capital Advisors LP increased its position in shares of ONEOK by 28.7% in the 1st quarter. Kayne Anderson Capital Advisors LP now owns 3,705,367 shares of the utilities provider’s stock worth $297,059,000 after purchasing an additional 825,464 shares during the last quarter. Finally, First Eagle Investment Management LLC increased its position in shares of ONEOK by 12.3% in the 1st quarter. First Eagle Investment Management LLC now owns 3,465,068 shares of the utilities provider’s stock worth $277,795,000 after purchasing an additional 378,509 shares during the last quarter. Institutional investors and hedge funds own 69.13% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on OKE shares. Morgan Stanley boosted their target price on shares of ONEOK from $90.00 to $93.00 and gave the stock an “equal weight” rating in a research report on Monday, June 10th. Wells Fargo & Company boosted their price objective on shares of ONEOK from $85.00 to $91.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Truist Financial boosted their target price on shares of ONEOK from $81.00 to $83.00 and gave the company a “hold” rating in a research note on Wednesday, July 31st. Royal Bank of Canada boosted their target price on shares of ONEOK from $84.00 to $89.00 and gave the company a “sector perform” rating in a research note on Thursday, August 22nd. Finally, StockNews.com raised shares of ONEOK from a “sell” rating to a “hold” rating in a research note on Friday, May 17th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, ONEOK presently has a consensus rating of “Hold” and a consensus price target of $86.58.

ONEOK Stock Down 0.3 %

OKE stock opened at $88.21 on Thursday. ONEOK, Inc. has a 52-week low of $60.58 and a 52-week high of $89.28. The company’s 50 day simple moving average is $83.57 and its 200-day simple moving average is $80.12. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.62 and a quick ratio of 0.41. The firm has a market capitalization of $51.48 billion, a P/E ratio of 20.51, a P/E/G ratio of 4.42 and a beta of 1.65.

ONEOK (NYSE:OKE) last released its quarterly earnings data on Monday, August 5th. The utilities provider reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.12. ONEOK had a net margin of 13.41% and a return on equity of 15.54%. The firm had revenue of $4.89 billion for the quarter, compared to analyst estimates of $5.52 billion. During the same quarter in the prior year, the business earned $1.04 EPS. As a group, equities research analysts anticipate that ONEOK, Inc. will post 4.98 EPS for the current year.

ONEOK Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Thursday, August 1st were given a $0.99 dividend. This represents a $3.96 annualized dividend and a yield of 4.49%. The ex-dividend date was Thursday, August 1st. ONEOK’s payout ratio is currently 92.09%.

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.