Exchange Traded Concepts LLC Buys 67,717 Shares of ONEOK, Inc. $OKE

Key Points

• Exchange Traded Concepts LLC increased its stake in ONEOK, Inc. by 11.6% in Q2, now holding $53.36 million worth of shares.
• ONEOK reported $1.34 EPS for the last quarter, beating estimates, with a revenue of $8.21 billion, significantly higher than expected.
• The company recently declared a quarterly dividend of $1.03, translating to an annual yield of 5.7%, with a payout ratio of 80.31%.

Exchange Traded Concepts LLC grew its position in ONEOK, Inc. (NYSE:OKE - Free Report) by 11.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 653,710 shares of the utilities provider's stock after acquiring an additional 67,717 shares during the period. ONEOK comprises about 0.7% of Exchange Traded Concepts LLC's portfolio, making the stock its 21st largest holding. Exchange Traded Concepts LLC owned 0.10% of ONEOK worth $53,362,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in OKE. Merit Financial Group LLC lifted its position in shares of ONEOK by 11.4% in the 1st quarter. Merit Financial Group LLC now owns 11,505 shares of the utilities provider's stock worth $1,142,000 after purchasing an additional 1,180 shares during the period. Dark Forest Capital Management LP grew its position in ONEOK by 409.5% during the first quarter. Dark Forest Capital Management LP now owns 40,372 shares of the utilities provider's stock valued at $4,006,000 after acquiring an additional 32,448 shares during the last quarter. Capital Investment Advisors LLC grew its holdings in shares of ONEOK by 3.9% in the first quarter. Capital Investment Advisors LLC now owns 289,997 shares of the utilities provider's stock worth $28,774,000 after purchasing an additional 10,957 shares during the last quarter. Kentucky Retirement Systems Insurance Trust Fund lifted its position in ONEOK by 146.9% during the first quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 18,033 shares of the utilities provider's stock valued at $1,789,000 after buying an additional 10,728 shares during the period. Finally, Advisor Resource Council purchased a new position in shares of ONEOK in the 1st quarter worth about $511,000. 69.13% of the stock is currently owned by institutional investors and hedge funds.

ONEOK Price Performance

Shares of NYSE OKE traded down $1.95 during trading hours on Friday, hitting $71.63. 8,655,817 shares of the stock were exchanged, compared to its average volume of 3,140,396. ONEOK, Inc. has a 1-year low of $70.63 and a 1-year high of $118.07. The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.46 and a current ratio of 0.59. The company has a market cap of $45.11 billion, a PE ratio of 13.96, a price-to-earnings-growth ratio of 1.76 and a beta of 1.04. The company's fifty day simple moving average is $76.34 and its two-hundred day simple moving average is $82.45.

ONEOK (NYSE:OKE - Get Free Report) last issued its earnings results on Monday, August 4th. The utilities provider reported $1.34 earnings per share for the quarter, beating analysts' consensus estimates of $1.33 by $0.01. ONEOK had a net margin of 11.06% and a return on equity of 14.90%. The firm had revenue of $8.21 billion for the quarter, compared to analyst estimates of $7.20 billion. During the same quarter last year, the business posted $1.33 earnings per share. ONEOK has set its FY 2025 guidance at 5.370-5.370 EPS. On average, sell-side analysts predict that ONEOK, Inc. will post 5.07 EPS for the current year.

ONEOK Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Friday, August 1st were issued a dividend of $1.03 per share. The ex-dividend date was Friday, August 1st. This represents a $4.12 annualized dividend and a yield of 5.8%. ONEOK's payout ratio is 80.31%.

Analyst Upgrades and Downgrades

OKE has been the topic of several recent research reports. Royal Bank Of Canada decreased their price target on ONEOK from $94.00 to $88.00 and set a "sector perform" rating on the stock in a report on Wednesday, August 13th. Morgan Stanley cut their price target on ONEOK from $122.00 to $110.00 and set an "overweight" rating on the stock in a report on Tuesday, August 26th. Barclays set a $83.00 target price on ONEOK in a research note on Thursday, August 14th. Raymond James Financial reissued an "outperform" rating on shares of ONEOK in a research report on Friday, August 1st. Finally, Mizuho reduced their price objective on ONEOK from $87.00 to $82.00 and set a "neutral" rating on the stock in a research note on Friday, August 29th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus 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.