Legal & General Group Plc Purchases Shares of 4,485,680 ONEOK, Inc. $OKE

Key Points

• Legal & General Group acquired 4,485,680 ONEOK shares worth approximately $390 million, representing a 0.71% stake. Institutional investors collectively own 69.13% of the company.
• ONEOK exceeded quarterly expectations, reporting EPS of $1.53 versus the $1.46 consensus and revenue of $12.05 billion versus estimates of $8.95 billion.
• The company pays a quarterly dividend of $1.07 per share, or $4.28 annually, yielding about 4.7%. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $91.94.

Legal & General Group Plc acquired a new position in ONEOK, Inc. (NYSE:OKE - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 4,485,680 shares of the utilities provider's stock, valued at approximately $389,985,000. Legal & General Group Plc owned 0.71% of ONEOK at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Capital International Investors bought a new stake in ONEOK in the fourth quarter valued at about $586,500,000. Norges Bank acquired a new position in ONEOK in the fourth quarter worth about $564,867,000. BlackRock Inc. lifted its stake in ONEOK by 8.7% during the second quarter. BlackRock Inc. now owns 64,537,467 shares of the utilities provider's stock worth $5,610,887,000 after purchasing an additional 5,148,768 shares during the period. Kayne Anderson Capital Advisors LP bought a new position in ONEOK during the second quarter worth about $335,958,000. Finally, First Eagle Investment Management LLC boosted its holdings in ONEOK by 46.3% during the fourth quarter. First Eagle Investment Management LLC now owns 11,365,304 shares of the utilities provider's stock valued at $835,350,000 after purchasing an additional 3,596,089 shares in the last quarter. 69.13% of the stock is currently owned by institutional investors.

ONEOK Stock Performance

NYSE:OKE opened at $91.74 on Wednesday. The stock has a market capitalization of $57.83 billion, a P/E ratio of 15.82, a price-to-earnings-growth ratio of 2.59 and a beta of 0.73. The company has a current ratio of 0.74, a quick ratio of 0.59 and a debt-to-equity ratio of 1.34. ONEOK, Inc. has a 1 year low of $64.02 and a 1 year high of $97.90. The firm has a 50 day moving average of $90.31 and a 200-day moving average of $88.48.

ONEOK (NYSE:OKE - Get Free Report) last released its quarterly earnings results on Monday, August 3rd. The utilities provider reported $1.53 EPS for the quarter, topping analysts' consensus estimates of $1.46 by $0.07. ONEOK had a return on equity of 16.41% and a net margin of 9.29%.The business had revenue of $12.05 billion for the quarter, compared to analyst estimates of $8.95 billion. During the same period in the prior year, the company earned $1.34 EPS. ONEOK has set its FY 2026 guidance at 5.680-5.680 EPS. As a group, sell-side analysts anticipate that ONEOK, Inc. will post 5.84 EPS for the current fiscal year.

ONEOK Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Monday, August 3rd were issued a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a dividend yield of 4.7%. The ex-dividend date was Monday, August 3rd. ONEOK's dividend payout ratio is presently 73.79%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Raymond James Financial reiterated an "outperform" rating and issued a $92.00 price objective on shares of ONEOK in a research note on Thursday, April 30th. Freedom Capital upgraded ONEOK from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 5th. JPMorgan Chase & Co. increased their price objective on ONEOK from $91.00 to $92.00 and gave the stock a "neutral" rating in a research note on Friday, May 8th. Barclays cut their price objective on ONEOK from $90.00 to $88.00 and set an "equal weight" rating for the company in a report on Wednesday, July 8th. Finally, Wells Fargo & Company reduced their target price on shares of ONEOK from $100.00 to $98.00 and set an "overweight" rating on the stock in a research note on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $91.94.

ONEOK Company Profile

ONEOK, Inc NYSE: OKE is a publicly traded midstream energy company headquartered in Tulsa, Oklahoma. The company owns and operates a portfolio of natural gas and natural gas liquids (NGL) pipelines, processing facilities, fractionators and storage and terminal assets. Its operations are focused on gathering, processing, transporting, fractionating and marketing NGLs and interstate natural gas, providing critical infrastructure that connects hydrocarbon production to refineries, petrochemical plants and other end markets.

ONEOK's asset base includes pipeline systems and processing plants that move and condition natural gas, along with infrastructure for the transportation, storage and fractionation of NGLs such as ethane, propane and butane.

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