Sunbelt Securities Inc. Buys 4,516 Shares of ONEOK, Inc. (NYSE:OKE)

Sunbelt Securities Inc. raised its stake in shares of ONEOK, Inc. (NYSE:OKE) by 144.1% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,649 shares of the utilities provider’s stock after buying an additional 4,516 shares during the quarter. Sunbelt Securities Inc.’s holdings in ONEOK were worth $624,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Rise Advisors LLC bought a new position in ONEOK in the 1st quarter valued at $25,000. LifeSteps Financial Inc. bought a new stake in ONEOK during the first quarter valued at $26,000. Quest Partners LLC purchased a new position in ONEOK during the second quarter worth about $28,000. Ridgewood Investments LLC bought a new position in ONEOK in the 2nd quarter worth about $31,000. Finally, American National Bank purchased a new stake in shares of ONEOK in the 1st quarter valued at about $32,000. 69.13% of the stock is currently owned by institutional investors.

ONEOK Price Performance

Shares of ONEOK stock opened at $92.31 on Wednesday. The company has a market cap of $53.88 billion, a PE ratio of 21.47, a P/E/G ratio of 4.71 and a beta of 1.67. The business has a 50 day moving average of $88.40 and a 200 day moving average of $83.25. ONEOK, Inc. has a 52 week low of $60.58 and a 52 week high of $96.05. The company has a quick ratio of 0.41, a current ratio of 0.62 and a debt-to-equity ratio of 1.22.

ONEOK (NYSE:OKE) last announced its earnings results on Monday, August 5th. The utilities provider reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates 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 previous year, the firm posted $1.04 EPS. As a group, equities research analysts forecast that ONEOK, Inc. will post 5.09 earnings per share for the current year.

ONEOK Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Thursday, August 1st were given a dividend of $0.99 per share. The ex-dividend date was Thursday, August 1st. This represents a $3.96 annualized dividend and a dividend yield of 4.29%. ONEOK’s dividend payout ratio is presently 92.09%.

Insider Buying and Selling

In related news, Director Pattye L. Moore sold 3,379 shares of the stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $92.01, for a total value of $310,901.79. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.20% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms recently weighed in on OKE. Tudor Pickering upgraded shares of ONEOK to a “hold” rating in a research report on Thursday, July 18th. Truist Financial raised their price objective on shares of ONEOK from $81.00 to $83.00 and gave the company a “hold” rating in a research report on Wednesday, July 31st. Wells Fargo & Company upped their target price on shares of ONEOK from $91.00 to $100.00 and gave the stock an “overweight” rating in a research report on Friday, August 30th. Scotiabank raised their price target on ONEOK from $88.00 to $102.00 and gave the company a “sector outperform” rating in a research report on Friday, August 30th. Finally, Morgan Stanley upgraded ONEOK from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $103.00 to $111.00 in a report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, ONEOK has a consensus rating of “Hold” and an average target price of $92.38.

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.