ONEOK, Inc. $OKE Shares Bought by Harvest Portfolios Group Inc.

Key Points

• Harvest Portfolios Group Inc. increased its stake in ONEOK, Inc. by 22.2%, acquiring an additional 12,258 shares to bring its total holdings to 67,441 shares, valued at approximately $6.69 million.
• ONEOK recently reported $1.34 earnings per share for the latest quarter, surpassing analysts' expectations, and achieved a revenue of $8.21 billion, significantly above projected estimates.
• The company declared a quarterly dividend of $1.03 per share, resulting in an annualized dividend yield of 5.5% and a payout ratio of 80.31%.

Harvest Portfolios Group Inc. grew its stake in shares of ONEOK, Inc. (NYSE:OKE - Free Report) by 22.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 67,441 shares of the utilities provider's stock after purchasing an additional 12,258 shares during the quarter. Harvest Portfolios Group Inc.'s holdings in ONEOK were worth $6,691,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in ONEOK by 7.2% during the first quarter. Vanguard Group Inc. now owns 75,196,969 shares of the utilities provider's stock worth $7,461,043,000 after purchasing an additional 5,076,705 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in ONEOK by 13.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 20,957,230 shares of the utilities provider's stock worth $2,079,376,000 after purchasing an additional 2,542,449 shares in the last quarter. Invesco Ltd. raised its holdings in ONEOK by 25.1% during the first quarter. Invesco Ltd. now owns 8,339,939 shares of the utilities provider's stock worth $827,489,000 after purchasing an additional 1,674,706 shares in the last quarter. Tortoise Capital Advisors L.L.C. raised its holdings in ONEOK by 17.1% during the first quarter. Tortoise Capital Advisors L.L.C. now owns 7,171,795 shares of the utilities provider's stock worth $711,586,000 after purchasing an additional 1,047,810 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in ONEOK by 5.3% during the first quarter. Northern Trust Corp now owns 6,879,863 shares of the utilities provider's stock worth $682,620,000 after purchasing an additional 344,002 shares in the last quarter. Institutional investors and hedge funds own 69.13% of the company's stock.

ONEOK Price Performance

Shares of NYSE OKE traded up $0.51 during trading on Friday, hitting $76.40. 2,652,473 shares of the company were exchanged, compared to its average volume of 3,920,033. The company 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. ONEOK, Inc. has a 1 year low of $72.18 and a 1 year high of $118.07. The firm's fifty day moving average price is $78.82 and its 200 day moving average price is $85.19. The company has a debt-to-equity ratio of 1.35, a current ratio of 0.59 and a quick ratio of 0.46.

ONEOK (NYSE:OKE - Get Free Report) last issued 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 net margin of 11.06% and a return on equity of 14.90%. The company had revenue of $8.21 billion for the quarter, compared to analyst estimates of $7.20 billion. During the same period in the previous year, the firm earned $1.33 EPS. ONEOK has set its FY 2025 guidance at 5.370-5.370 EPS. On average, sell-side analysts expect that ONEOK, Inc. will post 5.07 earnings per share for the current fiscal 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 paid a $1.03 dividend. The ex-dividend date of this dividend was Friday, August 1st. This represents a $4.12 annualized dividend and a yield of 5.4%. ONEOK's payout ratio is presently 80.31%.

Analysts Set New Price Targets

OKE has been the topic of a number of research analyst reports. Wells Fargo & Company cut their price objective 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. Barclays set a $83.00 target price on shares of ONEOK in a report on Thursday, August 14th. TD Cowen began coverage on shares of ONEOK in a report on Monday, July 7th. They issued a "hold" rating and a $91.00 target price on the stock. Citigroup cut their target price 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. Finally, Scotiabank set a $92.00 target price on shares of ONEOK and gave the company a "sector outperform" rating in a report on Tuesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $100.60.

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.