Gabelli Funds LLC Acquires 9,400 Shares of ONEOK, Inc. $OKE

Key Points

• Gabelli Funds LLC increased its ownership of ONEOK by 1.1%, acquiring an additional 9,400 shares and bringing its total to 845,500 shares valued at approximately $83.89 million.
• ONEOK recently reported earnings of $1.34 per share, exceeding analyst estimates, with revenue of $8.21 billion for the quarter, significantly above expectations of $7.20 billion.
• The company announced a quarterly dividend of $1.03 per share, reflecting an annualized dividend yield of 5.5% and a payout ratio of 80.31%.

Gabelli Funds LLC raised its position in ONEOK, Inc. (NYSE:OKE - Free Report) by 1.1% during the first quarter, according to its most recent filing with the SEC. The firm owned 845,500 shares of the utilities provider's stock after purchasing an additional 9,400 shares during the period. ONEOK accounts for approximately 0.6% of Gabelli Funds LLC's portfolio, making the stock its 27th largest position. Gabelli Funds LLC owned 0.14% of ONEOK worth $83,891,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. PKS Advisory Services LLC grew its stake in shares of ONEOK by 8.0% in the 1st quarter. PKS Advisory Services LLC now owns 2,176 shares of the utilities provider's stock worth $216,000 after acquiring an additional 161 shares in the last quarter. Harvest Portfolios Group Inc. grew its position in ONEOK by 22.2% during the first quarter. Harvest Portfolios Group Inc. now owns 67,441 shares of the utilities provider's stock valued at $6,691,000 after buying an additional 12,258 shares during the period. WCG Wealth Advisors LLC grew its position in ONEOK by 65.0% during the first quarter. WCG Wealth Advisors LLC now owns 81,916 shares of the utilities provider's stock valued at $8,128,000 after buying an additional 32,261 shares during the period. Corebridge Financial Inc. grew its position in ONEOK by 1.5% during the first quarter. Corebridge Financial Inc. now owns 164,213 shares of the utilities provider's stock valued at $16,293,000 after buying an additional 2,387 shares during the period. Finally, MetLife Investment Management LLC grew its position in ONEOK by 4.2% during the first quarter. MetLife Investment Management LLC now owns 161,573 shares of the utilities provider's stock valued at $16,031,000 after buying an additional 6,531 shares during the period. Institutional investors and hedge funds own 69.13% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on OKE shares. Wells Fargo & Company lowered their price target on shares of ONEOK from $102.00 to $93.00 and set an "equal weight" rating on the stock in a report on Thursday, May 1st. Morgan Stanley lowered their price target on shares of ONEOK from $122.00 to $110.00 and set an "overweight" rating on the stock in a report on Tuesday. TD Cowen started coverage on shares of ONEOK in a report on Monday, July 7th. They issued a "hold" rating and a $91.00 price target on the stock. Royal Bank Of Canada lowered their price target 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. Finally, Citigroup lowered their price target on shares of ONEOK from $110.00 to $102.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $100.60.

ONEOK Trading Up 0.7%

Shares of ONEOK stock traded up $0.51 on Friday, hitting $76.40. The stock had a trading volume of 2,652,473 shares, compared to its average volume of 3,920,033. 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, Inc. has a one year low of $72.18 and a one year high of $118.07. The stock has a market cap of $48.12 billion, a price-to-earnings ratio of 14.89, a PEG ratio of 1.78 and a beta of 0.99. The stock's 50-day simple moving average is $78.82 and its two-hundred day simple moving average is $85.19.

ONEOK (NYSE:OKE - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The utilities provider reported $1.34 EPS for the quarter, topping analysts' consensus estimates of $1.33 by $0.01. The company had revenue of $8.21 billion during the quarter, compared to analyst estimates of $7.20 billion. ONEOK had a return on equity of 14.90% and a net margin of 11.06%.During the same quarter last year, the firm posted $1.33 earnings per share. ONEOK has set its FY 2025 guidance at 5.370-5.370 EPS. As a group, 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. Shareholders of record on Friday, August 1st were paid a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a dividend yield of 5.4%. The ex-dividend date was Friday, August 1st. ONEOK's payout ratio is currently 80.31%.

About ONEOK

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.