Cibc World Market Inc. Invests $22.38 Million in ONEOK, Inc. $OKE

Key Points

• CIBC World Markets acquired 257,360 ONEOK shares during the second quarter, worth approximately $22.38 million. Institutional investors and hedge funds collectively own 69.13% of the company.
• ONEOK reported quarterly earnings of $1.53 per share, exceeding estimates of $1.46, while revenue reached $12.05 billion versus the $8.95 billion consensus forecast.
• The company pays a quarterly dividend of $1.07 per share, equivalent to $4.28 annually and a 4.6% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $91.94.

Cibc World Market Inc. acquired a new stake in shares of ONEOK, Inc. (NYSE:OKE - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 257,360 shares of the utilities provider's stock, valued at approximately $22,375,000.

Several other hedge funds have also recently made changes to their positions in the company. Capital International Investors purchased a new position in ONEOK in the 4th quarter worth $586,500,000. Norges Bank purchased a new stake in ONEOK during the 4th quarter valued at about $564,867,000. BlackRock Inc. increased its holdings in shares of ONEOK by 8.7% in the second quarter. BlackRock Inc. now owns 64,537,467 shares of the utilities provider's stock valued at $5,610,887,000 after purchasing an additional 5,148,768 shares during the period. Kayne Anderson Capital Advisors LP acquired a new position in shares of ONEOK in the second quarter valued at about $335,958,000. Finally, First Eagle Investment Management LLC raised its stake in shares of ONEOK by 46.3% in the fourth quarter. First Eagle Investment Management LLC now owns 11,365,304 shares of the utilities provider's stock worth $835,350,000 after purchasing an additional 3,596,089 shares during the last quarter. 69.13% of the stock is owned by institutional investors and hedge funds.

ONEOK Price Performance

NYSE:OKE opened at $93.06 on Tuesday. The stock has a market capitalization of $58.66 billion, a PE ratio of 16.05, a price-to-earnings-growth ratio of 2.60 and a beta of 0.73. ONEOK, Inc. has a 52 week low of $64.02 and a 52 week high of $97.90. The stock's 50-day moving average price is $90.20 and its 200-day moving average price is $88.40. The company has a quick ratio of 0.59, a current ratio of 0.74 and a debt-to-equity ratio of 1.34.

ONEOK (NYSE:OKE - Get Free Report) last announced 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 business 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 period in the prior year, the company posted $1.34 EPS. ONEOK has set its FY 2026 guidance at 5.680-5.680 EPS. As a group, equities analysts expect that ONEOK, Inc. will post 5.84 EPS for the current fiscal year.

ONEOK Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Monday, August 3rd were issued a dividend of $1.07 per share. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $4.28 dividend on an annualized basis and a dividend yield of 4.6%. ONEOK's dividend payout ratio is presently 73.79%.

Wall Street Analysts Forecast Growth

OKE has been the subject of a number of research reports. Truist Financial lifted their target price on ONEOK from $91.00 to $93.00 and gave the stock a "hold" rating in a report on Monday, May 4th. Barclays reduced their price target on shares of ONEOK from $90.00 to $88.00 and set an "equal weight" rating for the company in a research report on Wednesday, July 8th. Wall Street Zen upgraded shares of ONEOK from a "sell" rating to a "hold" rating in a research note on Sunday, August 9th. Citigroup upped their price objective on shares of ONEOK from $95.00 to $97.00 and gave the company a "buy" rating in a report on Thursday, May 7th. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of ONEOK in a research note on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $91.94.

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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