Miller Howard Investments Inc. NY Cuts Position in ONEOK, Inc. $OKE

Key Points

• Miller Howard Investments Inc. decreased its holdings in ONEOK, Inc. by 30.8%, selling 111,547 shares during the 2nd quarter, leaving them with a total of 251,128 shares valued at $20.5 million.
• ONEOK reported earnings of $1.34 per share for the last quarter, slightly exceeding analyst estimates, and announced a quarterly dividend of $1.03 per share, resulting in an annualized yield of 5.8%.
• Wall Street analysts currently have a consensus rating of "Moderate Buy" on ONEOK shares, with target prices ranging from $82.00 to $100.60, reflecting varied sentiments about the stock's potential.

Miller Howard Investments Inc. NY reduced its position in ONEOK, Inc. (NYSE:OKE - Free Report) by 30.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 251,128 shares of the utilities provider's stock after selling 111,547 shares during the quarter. Miller Howard Investments Inc. NY's holdings in ONEOK were worth $20,500,000 as of its most recent filing with the SEC.

A number of other large investors have also recently made changes to their positions in the business. First Pacific Financial bought a new position in shares of ONEOK in the first quarter valued at approximately $34,000. Vermillion Wealth Management Inc. bought a new position in ONEOK during the 4th quarter valued at about $37,000. Financial Network Wealth Advisors LLC lifted its stake in shares of ONEOK by 2,466.7% in the 1st quarter. Financial Network Wealth Advisors LLC now owns 385 shares of the utilities provider's stock worth $38,000 after purchasing an additional 370 shares during the period. MorganRosel Wealth Management LLC purchased a new stake in ONEOK in the 1st quarter worth approximately $39,000. Finally, Financial Gravity Asset Management Inc. bought a new position in ONEOK during the first quarter valued at $40,000. 69.13% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have commented on OKE. Scotiabank set a $92.00 target price on shares of ONEOK and gave the stock a "sector outperform" rating in a report on Tuesday, July 15th. Royal Bank Of Canada decreased their price objective on ONEOK from $94.00 to $88.00 and set a "sector perform" rating for the company in a research note on Wednesday, August 13th. Barclays set a $83.00 price target on ONEOK in a research note on Thursday, August 14th. JPMorgan Chase & Co. upped their target price on ONEOK from $94.00 to $97.00 and gave the company an "overweight" rating in a report on Thursday, July 3rd. Finally, TD Cowen began coverage on ONEOK in a research report on Monday, July 7th. They set a "hold" rating and a $91.00 target price on the stock. 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 company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $100.60.

ONEOK Stock Performance

NYSE OKE traded up $1.46 during trading on Tuesday, reaching $73.08. 1,575,504 shares of the company's stock were exchanged, compared to its average volume of 3,887,660. 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 stock has a market capitalization of $46.02 billion, a P/E ratio of 14.24, a PEG ratio of 1.76 and a beta of 1.04. The business has a 50 day moving average price of $76.14 and a 200-day moving average price of $82.27. ONEOK, Inc. has a fifty-two week low of $70.63 and a fifty-two week high of $118.07.

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

ONEOK Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Friday, August 1st were paid a $1.03 dividend. This represents a $4.12 dividend on an annualized basis and a yield of 5.6%. The ex-dividend date was Friday, August 1st. ONEOK's payout ratio is currently 80.31%.

ONEOK Company Profile

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.