Zimmer Partners LP Acquires New Stake in ONEOK, Inc. $OKE

Key Points

• Zimmer Partners LP has acquired a significant stake in ONEOK, Inc., purchasing 782,600 shares valued at approximately $77.65 million, making it the firm's 22nd biggest holding.
• ONEOK recently announced a quarterly dividend of $1.03 per share, reflecting an annualized dividend yield of 5.8% with a payout ratio of 80.31%.
• Analyst ratings for ONEOK include a mix of "Buy" and "Hold" ratings, with a consensus price target set at $100.60 following recent price adjustments by various firms.

Zimmer Partners LP bought a new stake in ONEOK, Inc. (NYSE:OKE - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 782,600 shares of the utilities provider's stock, valued at approximately $77,650,000. ONEOK comprises about 1.5% of Zimmer Partners LP's holdings, making the stock its 22nd largest position. Zimmer Partners LP owned approximately 0.13% of ONEOK as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Merit Financial Group LLC boosted its position in ONEOK by 11.4% in the first quarter. Merit Financial Group LLC now owns 11,505 shares of the utilities provider's stock valued at $1,142,000 after buying an additional 1,180 shares during the last quarter. Dark Forest Capital Management LP boosted its position in ONEOK by 409.5% in the first quarter. Dark Forest Capital Management LP now owns 40,372 shares of the utilities provider's stock valued at $4,006,000 after buying an additional 32,448 shares during the last quarter. Capital Investment Advisors LLC boosted its position in ONEOK by 3.9% in the first quarter. Capital Investment Advisors LLC now owns 289,997 shares of the utilities provider's stock valued at $28,774,000 after buying an additional 10,957 shares during the last quarter. Kentucky Retirement Systems Insurance Trust Fund boosted its position in ONEOK by 146.9% in the first quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 18,033 shares of the utilities provider's stock valued at $1,789,000 after buying an additional 10,728 shares during the last quarter. Finally, Advisor Resource Council purchased a new stake in ONEOK in the first quarter valued at approximately $511,000. Hedge funds and other institutional investors own 69.13% of the company's stock.

ONEOK Price Performance

Shares of NYSE:OKE traded down $0.20 during midday trading on Friday, reaching $73.10. 2,452,189 shares of the company's stock traded hands, compared to its average volume of 3,897,961. ONEOK, Inc. has a 1 year low of $70.63 and a 1 year high of $118.07. The company has a market cap of $46.04 billion, a P/E ratio of 14.25, a PEG ratio of 1.74 and a beta of 1.04. The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.46 and a current ratio of 0.59. The company has a fifty day simple moving average of $77.35 and a two-hundred day simple moving average of $83.50.

ONEOK (NYSE:OKE - Get Free Report) last announced its earnings results on Monday, August 4th. The utilities provider reported $1.34 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.33 by $0.01. ONEOK had a return on equity of 14.90% and a net margin of 11.06%.The firm had revenue of $8.21 billion for the quarter, compared to analyst estimates of $7.20 billion. During the same quarter last year, the firm posted $1.33 EPS. ONEOK has set its FY 2025 guidance at 5.370-5.370 EPS. Equities analysts predict that ONEOK, Inc. will post 5.07 EPS for the current fiscal year.

ONEOK Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Friday, August 1st were paid a $1.03 dividend. This represents a $4.12 annualized dividend and a yield of 5.6%. The ex-dividend date of this dividend was Friday, August 1st. ONEOK's dividend payout ratio is currently 80.31%.

Wall Street Analysts Forecast Growth

OKE has been the topic of several recent research reports. Royal Bank Of Canada lowered their price objective on ONEOK from $94.00 to $88.00 and set a "sector perform" rating on the stock in a research report on Wednesday, August 13th. Mizuho lowered their price objective on ONEOK from $87.00 to $82.00 and set a "neutral" rating on the stock in a research report on Friday, August 29th. JPMorgan Chase & Co. upped their price objective on ONEOK from $94.00 to $97.00 and gave the stock an "overweight" rating in a research report on Thursday, July 3rd. TD Cowen initiated coverage on ONEOK in a research report on Monday, July 7th. They issued a "hold" rating and a $91.00 price objective on the stock. Finally, Scotiabank set a $92.00 price objective on ONEOK and gave the stock a "sector outperform" rating in a research report on Tuesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $100.60.

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.