Harvey Capital Management Inc. Buys New Holdings in ONEOK, Inc. $OKE

Harvey Capital Management Inc. purchased a new position in shares of ONEOK, Inc. (NYSE:OKE) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm purchased 66,970 shares of the utilities provider’s stock, valued at approximately $4,887,000. ONEOK comprises approximately 1.0% of Harvey Capital Management Inc.’s portfolio, making the stock its 27th biggest holding.

A number of other large investors have also bought and sold shares of the stock. City Holding Co. bought a new position in shares of ONEOK in the third quarter worth approximately $28,000. Global Wealth Strategies & Associates purchased a new stake in ONEOK during the 3rd quarter valued at $29,000. Financial Consulate Inc. bought a new stake in ONEOK in the 3rd quarter worth $29,000. Access Investment Management LLC bought a new stake in ONEOK in the 2nd quarter worth $33,000. Finally, Twin Peaks Wealth Advisors LLC purchased a new position in shares of ONEOK in the second quarter valued at about $34,000. 69.13% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Brian L. Derksen acquired 2,500 shares of ONEOK stock in a transaction on Monday, November 3rd. The stock was acquired at an average cost of $66.00 per share, for a total transaction of $165,000.00. Following the purchase, the director owned 21,200 shares in the company, 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 Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.20% of the company’s stock.

ONEOK Price Performance

OKE stock opened at $78.02 on Monday. 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 50 day moving average price of $73.12 and a 200-day moving average price of $73.44. ONEOK, Inc. has a 52-week low of $64.02 and a 52-week high of $105.86. The firm has a market capitalization of $49.09 billion, a price-to-earnings ratio of 14.34, a PEG ratio of 4.42 and a beta of 0.94.

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

ONEOK Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 13th. Investors of record on Monday, February 2nd will be paid a $1.07 dividend. This represents a $4.28 dividend on an annualized basis and a yield of 5.5%. The ex-dividend date is Monday, February 2nd. This is a positive change from ONEOK’s previous quarterly dividend of $1.03. ONEOK’s dividend payout ratio (DPR) is presently 75.74%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on OKE shares. Jefferies Financial Group assumed coverage on shares of ONEOK in a report on Tuesday, January 20th. They set a “hold” rating and a $80.00 target price for the company. Wells Fargo & Company lowered their price target on ONEOK from $90.00 to $82.00 and set an “equal weight” rating for the company in a research report on Thursday, October 30th. Raymond James Financial reiterated an “outperform” rating and issued a $82.00 price objective (down from $100.00) on shares of ONEOK in a research report on Friday, October 24th. Barclays decreased their target price on ONEOK from $78.00 to $76.00 and set an “equal weight” rating for the company in a report on Thursday, January 15th. Finally, Scotiabank reaffirmed an “outperform” rating and issued a $91.00 price target on shares of ONEOK in a research note on Friday, January 16th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, ONEOK presently has a consensus rating of “Moderate Buy” and an average price target of $88.56.

ONEOK Profile

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.