ONEOK, Inc. $OKE is CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s 5th Largest Position

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT decreased its stake in shares of ONEOK, Inc. (NYSE:OKE) by 15.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,116,916 shares of the utilities provider’s stock after selling 208,000 shares during the period. ONEOK makes up 4.6% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s investment portfolio, making the stock its 5th largest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned approximately 0.18% of ONEOK worth $81,501,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently bought and sold shares of OKE. Vanguard Group Inc. boosted its position in ONEOK by 1.7% during the 2nd quarter. Vanguard Group Inc. now owns 76,510,971 shares of the utilities provider’s stock valued at $6,245,591,000 after acquiring an additional 1,314,002 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of ONEOK by 2.9% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 21,570,904 shares of the utilities provider’s stock worth $1,760,833,000 after acquiring an additional 613,674 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of ONEOK by 2.3% in the 2nd quarter. Geode Capital Management LLC now owns 15,800,797 shares of the utilities provider’s stock valued at $1,284,303,000 after purchasing an additional 355,751 shares during the period. Invesco Ltd. boosted its position in shares of ONEOK by 0.6% during the second quarter. Invesco Ltd. now owns 8,386,831 shares of the utilities provider’s stock valued at $684,617,000 after purchasing an additional 46,892 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of ONEOK during the second quarter valued at approximately $562,832,000. 69.13% of the stock is owned by institutional investors.

Insider Buying and Selling at ONEOK

In other ONEOK news, Director Brian L. Derksen purchased 2,500 shares of the firm’s stock in a transaction dated Monday, November 3rd. The stock was purchased at an average price of $66.00 per share, for a total transaction of $165,000.00. Following the completion of the purchase, the director directly owned 21,200 shares of the company’s stock, valued at $1,399,200. This trade represents a 13.37% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.20% of the stock is owned by corporate insiders.

ONEOK Stock Up 0.2%

NYSE:OKE opened at $73.82 on Wednesday. The company has a debt-to-equity ratio of 1.44, a quick ratio of 0.75 and a current ratio of 0.90. The firm has a market cap of $46.45 billion, a P/E ratio of 13.57, a P/E/G ratio of 4.50 and a beta of 0.95. ONEOK, Inc. has a fifty-two week low of $64.02 and a fifty-two week high of $111.02. The firm has a 50-day simple moving average of $70.96 and a two-hundred day simple moving average of $74.35.

ONEOK (NYSE:OKE) last posted its quarterly earnings results on Tuesday, October 28th. The utilities provider reported $1.49 EPS for the quarter, beating analysts’ consensus estimates of $1.48 by $0.01. The firm had revenue of $8.63 billion for the quarter, compared to analysts’ expectations of $8.23 billion. ONEOK had a net margin of 10.58% and a return on equity of 15.12%. During the same quarter in the prior year, the company posted $1.18 earnings per share. ONEOK has set its FY 2025 guidance at 4.970-5.770 EPS. Analysts predict that ONEOK, Inc. will post 5.07 earnings per share for the current fiscal year.

ONEOK Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Monday, November 3rd were issued a $1.03 dividend. The ex-dividend date of this dividend was Monday, November 3rd. This represents a $4.12 dividend on an annualized basis and a dividend yield of 5.6%. ONEOK’s dividend payout ratio (DPR) is presently 75.74%.

Analyst Upgrades and Downgrades

Several brokerages have commented on OKE. The Goldman Sachs Group reissued a “neutral” rating and set a $72.00 price objective on shares of ONEOK in a research report on Monday, November 3rd. Stifel Nicolaus set a $94.00 price target on shares of ONEOK in a research report on Thursday, October 30th. Citigroup dropped their price objective on shares of ONEOK from $102.00 to $95.00 and set a “buy” rating on the stock in a research note on Friday, October 31st. Scotiabank decreased their target price on shares of ONEOK from $88.00 to $87.00 and set a “sector outperform” rating for the company in a research note on Tuesday, November 4th. Finally, Wells Fargo & Company lowered their target price on shares of ONEOK from $90.00 to $82.00 and set an “equal weight” rating for the company in a report on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, ONEOK has a consensus rating of “Moderate Buy” and a consensus target price of $88.00.

About ONEOK

ONEOK, Inc (NYSE: OKE) is a publicly traded midstream energy company headquartered in Tulsa, Oklahoma. The company owns and operates a portfolio of natural gas and natural gas liquids (NGL) pipelines, processing facilities, fractionators and storage and terminal assets. Its operations are focused on gathering, processing, transporting, fractionating and marketing NGLs and interstate natural gas, providing critical infrastructure that connects hydrocarbon production to refineries, petrochemical plants and other end markets.

ONEOK’s asset base includes pipeline systems and processing plants that move and condition natural gas, along with infrastructure for the transportation, storage and fractionation of NGLs such as ethane, propane and butane.