Mainstay Capital Management LLC ADV Buys 28,683 Shares of ONEOK, Inc. $OKE

Key Points

• Mainstay Capital Management LLC ADV significantly increased its stake in ONEOK, Inc. by 104.0%, acquiring an additional 28,683 shares during the second quarter, bringing its total holdings to 56,252 shares valued at approximately $4.59 million.
• Analysts have set varying price targets for ONEOK, with Scotiabank targeting $92.00, and Morgan Stanley adjusting their target down to $110.00, while the average target sits at $99.00 amidst a Moderate Buy rating consensus.
• ONEOK reported a quarterly EPS of $1.34, exceeding estimates, while declaring a quarterly dividend of $1.03, yielding 5.7% annually with a payout ratio of 80.31%.

Mainstay Capital Management LLC ADV raised its stake in shares of ONEOK, Inc. (NYSE:OKE - Free Report) by 104.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 56,252 shares of the utilities provider's stock after purchasing an additional 28,683 shares during the quarter. Mainstay Capital Management LLC ADV's holdings in ONEOK were worth $4,592,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. lifted its stake 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 during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of 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 during the period. Invesco Ltd. grew its stake in shares of ONEOK by 25.1% in 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 during the last quarter. Tortoise Capital Advisors L.L.C. increased its holdings in ONEOK by 17.1% during the 1st quarter. Tortoise Capital Advisors L.L.C. now owns 7,171,795 shares of the utilities provider's stock valued at $711,586,000 after purchasing an additional 1,047,810 shares during the period. Finally, Northern Trust Corp raised its position in ONEOK by 5.3% during the 1st quarter. Northern Trust Corp now owns 6,879,863 shares of the utilities provider's stock valued at $682,620,000 after purchasing an additional 344,002 shares during the last quarter. Hedge funds and other institutional investors own 69.13% of the company's stock.

Analysts Set New Price Targets

OKE has been the topic of several research analyst reports. Scotiabank set a $92.00 target price on ONEOK and gave the company a "sector outperform" rating in a research note on Tuesday, July 15th. Morgan Stanley decreased their price objective on shares of ONEOK from $122.00 to $110.00 and set an "overweight" rating for the company in a report on Tuesday, August 26th. Raymond James Financial reaffirmed an "outperform" rating on shares of ONEOK in a research note on Friday, August 1st. Royal Bank Of Canada decreased their price target on shares of ONEOK from $94.00 to $88.00 and set a "sector perform" rating for the company in a research note on Wednesday, August 13th. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of ONEOK in a report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $99.00.

ONEOK Price Performance

OKE opened at $72.41 on Thursday. ONEOK, Inc. has a 52-week low of $70.63 and a 52-week 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's 50-day simple moving average is $74.09 and its two-hundred day simple moving average is $80.53. The stock has a market capitalization of $45.60 billion, a P/E ratio of 14.12, a P/E/G ratio of 1.78 and a beta of 1.01.

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

ONEOK Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Friday, August 1st were given a $1.03 dividend. 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 dividend payout ratio is 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.

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