Comerica Bank Sells 3,545 Shares of ONEOK, Inc. $OKE

Key Points

• Comerica Bank reduced its stake in ONEOK, Inc. by 2.5%, selling 3,545 shares, and now owns 137,742 shares valued at approximately $13.67 million.
• Several hedge funds have increased their stakes in ONEOK, including Vanguard Group with a 7.2% increase, bringing its total holdings to over 75 million shares.
• ONEOK recently announced a quarterly dividend of $1.03 per share with a dividend yield of 5.5%, and reported second-quarter earnings of $1.34 per share, exceeding analysts' expectations.

Comerica Bank trimmed its position in ONEOK, Inc. (NYSE:OKE - Free Report) by 2.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 137,742 shares of the utilities provider's stock after selling 3,545 shares during the period. Comerica Bank's holdings in ONEOK were worth $13,667,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Merit Financial Group LLC lifted its holdings in ONEOK by 11.4% in the 1st quarter. Merit Financial Group LLC now owns 11,505 shares of the utilities provider's stock valued at $1,142,000 after purchasing an additional 1,180 shares in the last quarter. Capital Investment Advisors LLC lifted its holdings in ONEOK by 3.9% in the 1st quarter. Capital Investment Advisors LLC now owns 289,997 shares of the utilities provider's stock valued at $28,774,000 after purchasing an additional 10,957 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund lifted its holdings in ONEOK by 146.9% in the 1st quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 18,033 shares of the utilities provider's stock valued at $1,789,000 after purchasing an additional 10,728 shares in the last quarter. Ensign Peak Advisors Inc lifted its holdings in shares of ONEOK by 6.0% during the 4th quarter. Ensign Peak Advisors Inc now owns 340,480 shares of the utilities provider's stock worth $34,184,000 after acquiring an additional 19,199 shares during the period. Finally, Advisor Resource Council purchased a new position in shares of ONEOK during the 1st quarter worth about $511,000. 69.13% of the stock is currently owned by hedge funds and other institutional investors.

ONEOK Price Performance

NYSE:OKE traded up $0.51 during trading hours on Friday, reaching $76.40. The company had a trading volume of 2,652,473 shares, compared to its average volume of 3,920,033. The stock has a 50-day moving average of $78.82 and a two-hundred day moving average of $85.19. ONEOK, Inc. has a one year low of $72.18 and a one year high of $118.07. The firm has a market capitalization of $48.12 billion, a PE ratio of 14.89, a PEG ratio of 1.78 and a beta of 0.99. 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 announced its earnings results on Monday, August 4th. The utilities provider reported $1.34 EPS for the quarter, topping the consensus estimate of $1.33 by $0.01. ONEOK had a return on equity of 14.90% and a net margin of 11.06%.The company had revenue of $8.21 billion for the quarter, compared to analysts' expectations of $7.20 billion. During the same quarter in the prior year, the business earned $1.33 earnings per share. ONEOK has set its FY 2025 guidance at 5.370-5.370 EPS. Analysts forecast that ONEOK, Inc. will post 5.07 earnings per share for the current year.

ONEOK Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Friday, August 1st were given a $1.03 dividend. This represents a $4.12 dividend on an annualized basis and a yield of 5.4%. The ex-dividend date of this dividend was Friday, August 1st. ONEOK's dividend payout ratio (DPR) is currently 80.31%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on OKE. Raymond James Financial reiterated an "outperform" rating on shares of ONEOK in a report on Friday, August 1st. Royal Bank Of Canada cut their price objective on shares of ONEOK from $94.00 to $88.00 and set a "sector perform" rating on the stock in a report on Wednesday, August 13th. Citigroup reduced their price target on shares of ONEOK from $110.00 to $102.00 and set a "buy" rating on the stock in a research report on Tuesday, May 6th. TD Cowen started coverage on shares of ONEOK in a research report on Monday, July 7th. They issued a "hold" rating and a $91.00 price objective for the company. Finally, Scotiabank set a $92.00 price objective on shares of ONEOK and gave the stock a "sector outperform" rating in a report on Tuesday, July 15th. One equities 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. Based on data from MarketBeat.com, ONEOK has an average rating of "Moderate Buy" and an average price target of $100.60.

ONEOK Company 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.