Bank of America Corp DE Lowers Stake in ONEOK, Inc. $OKE

Key Points

• Bank of America reduced its ONEOK stake by 1.4%, selling 77,738 shares and retaining 5.43 million shares valued at approximately $471.8 million. Institutional investors collectively own 69.13% of the company.
• ONEOK reported quarterly adjusted earnings of $1.53 per share, beating estimates of $1.46, while revenue reached $12.05 billion. The company also pays a quarterly dividend of $1.07, equivalent to a 4.5% annualized yield.
• Analyst sentiment remains mixed, with ONEOK carrying an average “Hold” rating and an average price target of $96.06; the stock recently opened at $94.80.

Bank of America Corp DE lessened its stake in ONEOK, Inc. (NYSE:OKE - Free Report) by 1.4% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 5,427,251 shares of the utilities provider's stock after selling 77,738 shares during the quarter. Bank of America Corp DE owned approximately 0.86% of ONEOK worth $471,845,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Meridian Wealth Management LLC raised its position in shares of ONEOK by 1.8% during the 2nd quarter. Meridian Wealth Management LLC now owns 6,598 shares of the utilities provider's stock valued at $574,000 after buying an additional 115 shares during the period. Clearstead Trust LLC grew its holdings in shares of ONEOK by 4.7% in the first quarter. Clearstead Trust LLC now owns 2,632 shares of the utilities provider's stock valued at $238,000 after purchasing an additional 117 shares in the last quarter. Welch Group LLC increased its position in shares of ONEOK by 0.8% during the first quarter. Welch Group LLC now owns 14,859 shares of the utilities provider's stock worth $1,343,000 after acquiring an additional 122 shares during the period. Pine Valley Investments Ltd Liability Co increased its holdings in ONEOK by 0.5% during the 1st quarter. Pine Valley Investments Ltd Liability Co now owns 26,261 shares of the utilities provider's stock worth $2,374,000 after purchasing an additional 122 shares during the period. Finally, FAS Wealth Partners Inc. raised its holdings in ONEOK by 2.1% in the first quarter. FAS Wealth Partners Inc. now owns 6,057 shares of the utilities provider's stock valued at $548,000 after acquiring an additional 123 shares in the last quarter. Institutional investors and hedge funds own 69.13% of the company's stock.

ONEOK Stock Performance

ONEOK stock opened at $94.80 on Wednesday. The company has a market cap of $59.76 billion, a price-to-earnings ratio of 16.34, a price-to-earnings-growth ratio of 2.75 and a beta of 0.74. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.74 and a quick ratio of 0.59. ONEOK, Inc. has a 12 month low of $64.02 and a 12 month high of $99.85. The stock's 50-day moving average is $92.83 and its 200-day moving average is $89.65.

ONEOK (NYSE:OKE - Get Free Report) last issued its earnings results on Monday, August 3rd. The utilities provider reported $1.53 earnings per share for the quarter, topping the consensus estimate of $1.46 by $0.07. The company had revenue of $12.05 billion during the quarter, compared to the consensus estimate of $8.95 billion. ONEOK had a return on equity of 16.41% and a net margin of 9.29%.During the same quarter in the prior year, the business earned $1.34 earnings per share. ONEOK has set its FY 2026 guidance at 5.680-5.680 EPS. Equities analysts anticipate that ONEOK, Inc. will post 5.74 earnings per share for the current year.

ONEOK Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Monday, August 3rd were issued a $1.07 dividend. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $4.28 annualized dividend and a dividend yield of 4.5%. ONEOK's payout ratio is 73.79%.

Analysts Set New Price Targets

OKE has been the subject of a number of research analyst reports. Freedom Capital raised ONEOK from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 5th. Wall Street Zen raised ONEOK from a "sell" rating to a "hold" rating in a research report on Sunday, August 9th. US Capital Advisors downgraded shares of ONEOK from a "strong-buy" rating to a "moderate buy" rating in a report on Thursday, August 20th. UBS Group set a $93.00 price objective on ONEOK in a research report on Friday. Finally, Scotiabank increased their target price on shares of ONEOK from $89.00 to $95.00 and gave the company a "sector perform" rating in a report on Tuesday, September 1st. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and twelve have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $96.06.

ONEOK News Summary

Here are the key news stories impacting ONEOK this week:

• Positive Sentiment: ONEOK’s subsidiary, ONEOK, L.L.C. (OpCo), announced pricing terms and early results for cash tender offers covering selected debt securities. The offers are capped at an aggregate purchase price of up to $2 billion. Repurchasing debt could reduce future interest expense, improve the company’s debt profile and support long-term financial flexibility. ONEOK Announces Pricing Terms of Cash Tender Offers
• Neutral Sentiment: Early tender results provide information on investor participation, but the announcements do not immediately change ONEOK’s operating outlook. The transaction also uses cash, so the near-term benefit depends on the amount of debt retired and the interest savings achieved. ONEOK Announces Early Results of Cash Tender Offers
• Neutral Sentiment: Brokerage coverage gives OKE an average “Hold” rating, indicating analysts see a relatively balanced risk-reward profile rather than a strong near-term catalyst. ONEOK Given Average Rating of Hold by Brokerages
• Negative Sentiment: The stock’s decline and greater-than-market underperformance point to near-term selling pressure. The market reaction suggests investors may be focused more on valuation, leverage and broader market conditions than on the potential long-term benefit of the tender offers. ONEOK Sees a More Significant Dip Than Broader Market

ONEOK Company Profile

ONEOK, Inc NYSE: OKE is an energy infrastructure company that gathers, processes, stores and transports natural gas and natural gas liquids (NGLs). Its operations connect production areas with domestic and international markets through pipelines, processing facilities, fractionation plants, storage assets and export infrastructure.

The company's services include natural gas gathering and processing, interstate and intrastate natural gas transportation and storage, and the gathering, fractionation, storage and transportation of NGLs such as ethane, propane, normal butane, isobutane and natural gasoline.

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