Patrick M Sweeney & Associates Inc. Takes Position in ONEOK, Inc. (NYSE:OKE)

Patrick M Sweeney & Associates Inc. bought a new stake in ONEOK, Inc. (NYSE:OKE) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 3,195 shares of the utilities provider’s stock, valued at approximately $224,000.

Several other institutional investors and hedge funds also recently modified their holdings of OKE. Peoples Bank KS purchased a new position in ONEOK in the 3rd quarter worth approximately $25,000. Beacon Capital Management LLC grew its holdings in ONEOK by 90.7% during the 4th quarter. Beacon Capital Management LLC now owns 408 shares of the utilities provider’s stock valued at $29,000 after purchasing an additional 194 shares in the last quarter. HHM Wealth Advisors LLC purchased a new stake in ONEOK during the 4th quarter worth $32,000. Loomis Sayles & Co. L P lifted its holdings in ONEOK by 605.1% in the 3rd quarter. Loomis Sayles & Co. L P now owns 557 shares of the utilities provider’s stock worth $35,000 after buying an additional 478 shares in the last quarter. Finally, SOA Wealth Advisors LLC. boosted its position in ONEOK by 283.5% in the 4th quarter. SOA Wealth Advisors LLC. now owns 510 shares of the utilities provider’s stock valued at $36,000 after buying an additional 377 shares during the last quarter. Hedge funds and other institutional investors own 69.13% of the company’s stock.

Insider Buying and Selling

In other news, Director Wayne Thomas Smith purchased 2,700 shares of the stock in a transaction dated Friday, March 1st. The shares were bought at an average cost of $75.25 per share, for a total transaction of $203,175.00. Following the transaction, the director now owns 2,700 shares in the company, valued at $203,175. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.20% of the stock is owned by corporate insiders.

ONEOK Stock Performance

OKE stock traded up $0.29 during trading on Tuesday, reaching $78.36. 2,366,144 shares of the company’s stock were exchanged, compared to its average volume of 2,981,186. ONEOK, Inc. has a 1-year low of $55.91 and a 1-year high of $81.81. The firm has a market cap of $45.73 billion, a PE ratio of 18.22, a P/E/G ratio of 4.13 and a beta of 1.64. The company’s fifty day moving average price is $78.52 and its 200-day moving average price is $72.18. The company has a quick ratio of 0.48, a current ratio of 0.70 and a debt-to-equity ratio of 1.24.

ONEOK (NYSE:OKE) last posted its quarterly earnings data on Tuesday, April 30th. The utilities provider reported $1.09 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.03. The business had revenue of $4.78 billion during the quarter, compared to the consensus estimate of $5.84 billion. ONEOK had a net margin of 12.54% and a return on equity of 15.94%. During the same quarter in the prior year, the company posted $2.34 earnings per share. On average, research analysts expect that ONEOK, Inc. will post 4.95 EPS for the current fiscal year.

ONEOK announced that its board has authorized a stock repurchase program on Wednesday, January 17th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the utilities provider to repurchase up to 4.9% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

ONEOK Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Wednesday, May 1st will be paid a dividend of $0.99 per share. The ex-dividend date of this dividend is Tuesday, April 30th. This represents a $3.96 dividend on an annualized basis and a dividend yield of 5.05%. ONEOK’s dividend payout ratio is presently 92.09%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Citigroup raised their price objective on ONEOK from $73.00 to $83.00 and gave the company a “buy” rating in a research note on Tuesday, March 5th. Wells Fargo & Company increased their target price on ONEOK from $81.00 to $85.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. Truist Financial boosted their price target on ONEOK from $71.00 to $81.00 and gave the company a “hold” rating in a report on Thursday, March 21st. Barclays raised their price objective on ONEOK from $73.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 7th. Finally, US Capital Advisors lowered shares of ONEOK from an “overweight” rating to a “hold” rating in a research note on Wednesday, March 20th. One analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $83.58.

ONEOK Company 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.