Allstate Corp Has $3.41 Million Position in ONEOK, Inc. $OKE

Key Points

• Allstate Corp more than doubled its stake in ONEOK during the fourth quarter, increasing holdings by 101.6% to 46,445 shares valued at about $3.41 million.
• ONEOK reported Q1 earnings of $1.23 per share, which missed analyst estimates, even though revenue of $9.62 billion came in above expectations.
• The company pays a quarterly dividend of $1.07 per share, equal to an annualized yield of about 4.9%, while Wall Street currently rates the stock a consensus Hold.

Allstate Corp grew its holdings in ONEOK, Inc. (NYSE:OKE - Free Report) by 101.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 46,445 shares of the utilities provider's stock after purchasing an additional 23,410 shares during the quarter. Allstate Corp's holdings in ONEOK were worth $3,414,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of OKE. Annis Gardner Whiting Capital Advisors LLC lifted its stake in shares of ONEOK by 14.9% during the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 1,092 shares of the utilities provider's stock valued at $80,000 after acquiring an additional 142 shares during the period. Morningstar Investment Management LLC lifted its stake in shares of ONEOK by 27.7% during the fourth quarter. Morningstar Investment Management LLC now owns 38,035 shares of the utilities provider's stock valued at $2,796,000 after acquiring an additional 8,258 shares during the period. HBK Sorce Advisory LLC lifted its stake in shares of ONEOK by 12.0% during the fourth quarter. HBK Sorce Advisory LLC now owns 4,688 shares of the utilities provider's stock valued at $345,000 after acquiring an additional 503 shares during the period. Hantz Financial Services Inc. lifted its stake in shares of ONEOK by 83.5% during the fourth quarter. Hantz Financial Services Inc. now owns 2,734 shares of the utilities provider's stock valued at $201,000 after acquiring an additional 1,244 shares during the period. Finally, Allen Capital Group LLC lifted its stake in shares of ONEOK by 64.9% during the fourth quarter. Allen Capital Group LLC now owns 44,659 shares of the utilities provider's stock valued at $3,282,000 after acquiring an additional 17,584 shares during the period. Institutional investors and hedge funds own 69.13% of the company's stock.

ONEOK Stock Down 2.5%

Shares of ONEOK stock opened at $88.16 on Thursday. ONEOK, Inc. has a 1 year low of $64.02 and a 1 year high of $96.07. The business has a 50-day moving average of $88.88 and a two-hundred day moving average of $81.11. The company has a market capitalization of $55.54 billion, a P/E ratio of 15.71, a price-to-earnings-growth ratio of 6.58 and a beta of 0.78. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.71 and a quick ratio of 0.56.

ONEOK (NYSE:OKE - Get Free Report) last announced its quarterly earnings results on Tuesday, April 28th. The utilities provider reported $1.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.30 by ($0.07). The business had revenue of $9.62 billion during the quarter, compared to the consensus estimate of $8.23 billion. ONEOK had a return on equity of 16.06% and a net margin of 10.03%.During the same quarter last year, the company earned $1.04 earnings per share. ONEOK has set its FY 2026 guidance at 5.530-5.530 EPS. As a group, equities analysts predict that ONEOK, Inc. will post 5.76 EPS for the current year.

ONEOK Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Monday, May 4th were given a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a dividend yield of 4.9%. The ex-dividend date of this dividend was Monday, May 4th. ONEOK's dividend payout ratio is currently 76.29%.

Wall Street Analyst Weigh In

OKE has been the subject of a number of recent analyst reports. Jefferies Financial Group upped their price objective on ONEOK from $98.00 to $100.00 and gave the company a "buy" rating in a report on Wednesday, April 8th. TD Cowen upped their price objective on ONEOK from $80.00 to $85.00 and gave the company a "hold" rating in a report on Thursday, April 30th. Wells Fargo & Company dropped their price objective on ONEOK from $100.00 to $98.00 and set an "overweight" rating for the company in a report on Thursday, April 30th. Scotiabank downgraded ONEOK from a "sector outperform" rating to a "sector perform" rating and dropped their price objective for the company from $92.00 to $89.00 in a report on Thursday, April 30th. Finally, Freedom Capital upgraded ONEOK from a "strong sell" rating to a "hold" rating in a report on Tuesday, May 5th. Eight investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat.com, ONEOK currently has an average rating of "Hold" and a consensus price target of $91.88.

About ONEOK

ONEOK, Inc NYSE: OKE is a publicly traded midstream energy company headquartered in Tulsa, Oklahoma. The company owns and operates a portfolio of natural gas and natural gas liquids (NGL) pipelines, processing facilities, fractionators and storage and terminal assets. Its operations are focused on gathering, processing, transporting, fractionating and marketing NGLs and interstate natural gas, providing critical infrastructure that connects hydrocarbon production to refineries, petrochemical plants and other end markets.

ONEOK's asset base includes pipeline systems and processing plants that move and condition natural gas, along with infrastructure for the transportation, storage and fractionation of NGLs such as ethane, propane and butane.

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