Hennessy Advisors Inc. Acquires 65,400 Shares of ONEOK, Inc. $OKE

Key Points

• Hennessy Advisors Inc. increased its stake in ONEOK, Inc. by 20.3% during the second quarter, acquiring an additional 65,400 shares and bringing its total holdings to 387,154 shares.
• ONEOK reported earnings per share of $1.34 for the last quarter, exceeding analysts' expectations, with a revenue of $8.21 billion compared to an estimate of $7.20 billion.
• The firm announced a quarterly dividend of $1.03 per share, representing an annualized yield of 5.7%, with a payout ratio of 80.31%.

Hennessy Advisors Inc. raised its holdings in ONEOK, Inc. (NYSE:OKE - Free Report) by 20.3% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 387,154 shares of the utilities provider's stock after purchasing an additional 65,400 shares during the period. ONEOK makes up about 1.1% of Hennessy Advisors Inc.'s portfolio, making the stock its 24th largest holding. Hennessy Advisors Inc. owned approximately 0.06% of ONEOK worth $31,603,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. ZWJ Investment Counsel Inc. bought a new stake in ONEOK in the 2nd quarter valued at about $206,000. Greenwood Capital Associates LLC boosted its holdings in ONEOK by 8.9% in the 2nd quarter. Greenwood Capital Associates LLC now owns 24,012 shares of the utilities provider's stock valued at $1,960,000 after purchasing an additional 1,954 shares during the period. Hudson Edge Investment Partners Inc. boosted its holdings in ONEOK by 23.9% in the 2nd quarter. Hudson Edge Investment Partners Inc. now owns 65,385 shares of the utilities provider's stock valued at $5,337,000 after purchasing an additional 12,625 shares during the period. Hilltop National Bank acquired a new position in shares of ONEOK in the 2nd quarter valued at approximately $1,061,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of ONEOK by 9.7% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 658,947 shares of the utilities provider's stock valued at $53,790,000 after buying an additional 58,227 shares in the last quarter. Institutional investors own 69.13% of the company's stock.

ONEOK Trading Up 0.6%

OKE opened at $72.88 on Friday. ONEOK, Inc. has a fifty-two week low of $70.63 and a fifty-two week high of $118.07. The company has a debt-to-equity ratio of 1.35, a current ratio of 0.59 and a quick ratio of 0.46. The firm has a market capitalization of $45.89 billion, a price-to-earnings ratio of 14.21, a PEG ratio of 1.78 and a beta of 1.01. The company's 50 day moving average price is $74.69 and its two-hundred day moving average price is $81.10.

ONEOK (NYSE:OKE - Get Free Report) last posted its earnings results on Monday, August 4th. The utilities provider reported $1.34 earnings per share for the quarter, topping 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 period in the previous year, the firm posted $1.33 EPS. ONEOK has set its FY 2025 guidance at 5.370-5.370 EPS. As a group, research analysts predict that ONEOK, Inc. will post 5.07 earnings per share for the current year.

ONEOK Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Friday, August 1st were issued a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a yield of 5.7%. The ex-dividend date of this dividend was Friday, August 1st. ONEOK's payout ratio is presently 80.31%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on OKE shares. 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 target price for the company. Mizuho dropped their target price on shares of ONEOK from $87.00 to $82.00 and set a "neutral" rating for the company in a research report on Friday, August 29th. Raymond James Financial restated an "outperform" rating on shares of ONEOK in a research report on Friday, August 1st. Scotiabank set a $92.00 target price on shares of ONEOK and gave the company a "sector outperform" rating in a research report on Tuesday, July 15th. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of ONEOK in a research report on Saturday, September 27th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $99.00.

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.

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