Eagle Ridge Investment Management Buys New Holdings in ONEOK, Inc. (NYSE:OKE)

Eagle Ridge Investment Management bought a new stake in shares of ONEOK, Inc. (NYSE:OKE) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,401 shares of the utilities provider’s stock, valued at approximately $219,000.

Several other institutional investors also recently bought and sold shares of the stock. Tortoise Capital Advisors L.L.C. boosted its holdings in ONEOK by 3.5% during the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 6,795,313 shares of the utilities provider’s stock valued at $554,158,000 after acquiring an additional 232,043 shares during the period. Kayne Anderson Capital Advisors LP boosted its holdings in ONEOK by 28.7% during the 1st quarter. Kayne Anderson Capital Advisors LP now owns 3,705,367 shares of the utilities provider’s stock valued at $297,059,000 after acquiring an additional 825,464 shares during the period. First Eagle Investment Management LLC boosted its holdings in ONEOK by 12.3% during the 1st quarter. First Eagle Investment Management LLC now owns 3,465,068 shares of the utilities provider’s stock valued at $277,795,000 after acquiring an additional 378,509 shares during the period. Energy Income Partners LLC boosted its holdings in ONEOK by 10.3% during the 1st quarter. Energy Income Partners LLC now owns 3,434,728 shares of the utilities provider’s stock valued at $275,362,000 after acquiring an additional 319,487 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in ONEOK by 4.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,340,155 shares of the utilities provider’s stock valued at $272,377,000 after purchasing an additional 132,326 shares during the last quarter. 69.13% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Truist Financial upped their price target on 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 increased their target price on ONEOK from $91.00 to $100.00 and gave the stock an “overweight” rating in a research report on Friday, August 30th. Scotiabank increased their target price on ONEOK from $88.00 to $102.00 and gave the stock a “sector outperform” rating in a research report on Friday, August 30th. Barclays increased their target price on ONEOK from $82.00 to $94.00 and gave the stock an “equal weight” rating in a research report on Monday, September 16th. Finally, Mizuho increased their target price on ONEOK from $81.00 to $85.00 and gave the stock a “neutral” rating in a research report on Friday, July 26th. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $94.77.

Insider Buying and Selling at ONEOK

In other ONEOK news, Director Pattye L. Moore sold 3,379 shares of the stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $92.01, for a total transaction of $310,901.79. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.20% of the company’s stock.

ONEOK Stock Performance

ONEOK stock opened at $97.45 on Friday. The stock’s 50 day moving average is $92.46 and its 200 day moving average is $85.04. 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, Inc. has a twelve month low of $63.33 and a twelve month high of $98.43. The company has a market capitalization of $56.92 billion, a P/E ratio of 21.23, a PEG ratio of 4.31 and a beta of 1.67.

ONEOK (NYSE:OKE) last issued its earnings results on Monday, August 5th. The utilities provider reported $1.33 EPS for the quarter, beating the consensus estimate of $1.21 by $0.12. ONEOK had a return on equity of 15.54% and a net margin of 13.41%. The business had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $5.52 billion. During the same period last year, the business posted $1.04 EPS. On average, equities research analysts predict that ONEOK, Inc. will post 4.98 earnings per share for the current fiscal year.

ONEOK Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Friday, November 1st will be paid a dividend of $0.99 per share. The ex-dividend date is Friday, November 1st. This represents a $3.96 annualized dividend and a yield of 4.06%. ONEOK’s dividend payout ratio is 86.27%.

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.