Adams Natural Resources Fund Inc. Acquires 39,425 Shares of ONEOK, Inc. $OKE

Key Points

• Adams Natural Resources Fund Inc. increased its holdings in ONEOK, Inc. by 29.3% during Q2, acquiring an additional 39,425 shares, bringing total ownership to 174,000 shares valued at approximately $14.2 million.
• ONEOK recently announced a quarterly dividend of $1.03 per share, with an annualized yield of 6.0%, payable on November 14th.
• The firm exceeded earnings expectations in its recent quarterly report, posting $1.34 EPS against a consensus estimate of $1.33, along with revenue of $8.21 billion.

Adams Natural Resources Fund Inc. increased its holdings in shares of ONEOK, Inc. (NYSE:OKE - Free Report) by 29.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 174,000 shares of the utilities provider's stock after purchasing an additional 39,425 shares during the period. ONEOK makes up 2.3% of Adams Natural Resources Fund Inc.'s portfolio, making the stock its 13th biggest position. Adams Natural Resources Fund Inc.'s holdings in ONEOK were worth $14,204,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Exencial Wealth Advisors LLC lifted its holdings in shares of ONEOK by 7.8% during the 2nd quarter. Exencial Wealth Advisors LLC now owns 50,910 shares of the utilities provider's stock valued at $4,156,000 after purchasing an additional 3,699 shares in the last quarter. St. James Investment Company LLC bought a new position in shares of ONEOK during the 2nd quarter valued at about $262,000. D.A. Davidson & CO. lifted its holdings in shares of ONEOK by 3.6% during the 2nd quarter. D.A. Davidson & CO. now owns 163,865 shares of the utilities provider's stock valued at $13,376,000 after purchasing an additional 5,673 shares in the last quarter. Cullen Frost Bankers Inc. lifted its holdings in shares of ONEOK by 200.1% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 10,019 shares of the utilities provider's stock valued at $818,000 after purchasing an additional 6,680 shares in the last quarter. Finally, Whittier Trust Co. lifted its holdings in shares of ONEOK by 15.0% during the 2nd quarter. Whittier Trust Co. now owns 13,582 shares of the utilities provider's stock valued at $1,109,000 after purchasing an additional 1,773 shares in the last quarter. Institutional investors own 69.13% of the company's stock.

ONEOK Stock Up 0.6%

NYSE:OKE opened at $68.93 on Wednesday. The firm has a market capitalization of $43.41 billion, a price-to-earnings ratio of 13.44, a price-to-earnings-growth ratio of 1.68 and a beta of 1.01. ONEOK, Inc. has a twelve month low of $66.56 and a twelve month high of $118.07. The stock's 50 day moving average price is $72.72 and its two-hundred day moving average price is $78.63. The company has a quick ratio of 0.46, a current ratio of 0.59 and a debt-to-equity ratio of 1.35.

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

ONEOK Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Monday, November 3rd will be issued a dividend of $1.03 per share. The ex-dividend date of this dividend is Monday, November 3rd. This represents a $4.12 dividend on an annualized basis and a dividend yield of 6.0%. ONEOK's payout ratio is presently 80.31%.

Wall Street Analyst Weigh In

OKE has been the topic of several research reports. Weiss Ratings restated a "hold (c+)" rating on shares of ONEOK in a research note on Wednesday, October 8th. Morgan Stanley cut their target price on ONEOK from $122.00 to $110.00 and set an "overweight" rating on the stock in a research note on Tuesday, August 26th. TD Cowen initiated coverage on ONEOK in a research note on Monday, July 7th. They issued a "hold" rating and a $91.00 target price on the stock. Raymond James Financial restated an "outperform" rating on shares of ONEOK in a research note on Friday, August 1st. Finally, JPMorgan Chase & Co. boosted their target price on ONEOK from $94.00 to $97.00 and gave the company an "overweight" rating in a research note on Thursday, July 3rd. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have given a Hold rating to the company's stock. According to MarketBeat.com, ONEOK presently has an average rating of "Moderate Buy" and a consensus price target of $98.27.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.