Connecticut Wealth Management LLC Lowers Position in ONEOK, Inc. (NYSE:OKE)

Connecticut Wealth Management LLC decreased its holdings in shares of ONEOK, Inc. (NYSE:OKE) by 1.8% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 10,542 shares of the utilities provider’s stock after selling 191 shares during the period. Connecticut Wealth Management LLC’s holdings in ONEOK were worth $740,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Vanguard Group Inc. raised its stake in ONEOK by 10.3% in the third quarter. Vanguard Group Inc. now owns 59,237,038 shares of the utilities provider’s stock worth $3,757,405,000 after buying an additional 5,525,010 shares in the last quarter. Deutsche Bank AG raised its position in shares of ONEOK by 37.7% in the 3rd quarter. Deutsche Bank AG now owns 13,292,341 shares of the utilities provider’s stock worth $843,133,000 after acquiring an additional 3,636,660 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in ONEOK by 9.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 10,255,430 shares of the utilities provider’s stock valued at $650,502,000 after purchasing an additional 889,110 shares in the last quarter. Morgan Stanley grew its stake in ONEOK by 20.3% in the third quarter. Morgan Stanley now owns 8,660,013 shares of the utilities provider’s stock valued at $549,305,000 after purchasing an additional 1,458,392 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in ONEOK by 65.9% in the third quarter. Invesco Ltd. now owns 8,132,301 shares of the utilities provider’s stock worth $515,832,000 after purchasing an additional 3,229,046 shares in the last quarter. Institutional investors own 69.13% of the company’s stock.

ONEOK Stock Performance

NYSE OKE traded up $0.28 during trading hours on Friday, reaching $77.23. The stock had a trading volume of 2,235,558 shares, compared to its average volume of 2,820,855. ONEOK, Inc. has a 52-week low of $55.91 and a 52-week high of $81.81. The stock has a fifty day moving average of $78.34 and a 200 day moving average of $72.04. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.67 and a current ratio of 0.70. The stock has a market cap of $45.08 billion, a P/E ratio of 17.96, a price-to-earnings-growth ratio of 4.13 and a beta of 1.64.

ONEOK (NYSE:OKE) last released its quarterly earnings data on Tuesday, April 30th. The utilities provider reported $1.09 EPS for the quarter, beating the consensus estimate of $1.06 by $0.03. ONEOK had a net margin of 12.54% and a return on equity of 15.94%. The business had revenue of $4.78 billion for the quarter, compared to the consensus estimate of $5.84 billion. During the same period in the prior year, the firm earned $2.34 EPS. Sell-side analysts predict that ONEOK, Inc. will post 4.95 earnings per share for the current year.

ONEOK declared that its Board of Directors has authorized a share repurchase program on Wednesday, January 17th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the utilities provider to buy up to 4.9% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

ONEOK Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Wednesday, May 1st will be issued a $0.99 dividend. The ex-dividend date is Tuesday, April 30th. This represents a $3.96 annualized dividend and a dividend yield of 5.13%. ONEOK’s dividend payout ratio (DPR) is presently 92.09%.

Insider Transactions at ONEOK

In related news, Director Wayne Thomas Smith purchased 2,700 shares of the firm’s stock in a transaction on Friday, March 1st. The stock was bought at an average cost of $75.25 per share, with a total value of $203,175.00. Following the completion of the acquisition, the director now owns 2,700 shares of the company’s stock, valued at approximately $203,175. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Raymond James lifted their price objective on shares of ONEOK from $80.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, January 19th. Wolfe Research raised shares of ONEOK from an “underperform” rating to a “peer perform” rating in a report on Wednesday, January 10th. Barclays increased their price objective on ONEOK from $73.00 to $80.00 and gave the company an “equal weight” rating in a report on Thursday, March 7th. Truist Financial boosted their target price on ONEOK from $71.00 to $81.00 and gave the stock a “hold” rating in a research note on Thursday, March 21st. Finally, Wells Fargo & Company increased their price target on ONEOK from $81.00 to $85.00 and gave the company an “overweight” rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, ONEOK has an average rating of “Hold” and an average target price of $83.58.

About ONEOK

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.