Moran Wealth Management LLC Decreases Stake in ONEOK, Inc. $OKE

Key Points

• Moran Wealth Management LLC decreased its stake in ONEOK, Inc. by 5.9%, selling 6,135 shares to hold 97,775 shares valued at approximately $7.98 million.
• Several institutional investors, including Vanguard Group and Charles Schwab, increased their holdings in ONEOK during the first quarter, indicating continued interest from large investors.
• Analysts have adjusted their target prices for ONEOK, with Mizuho lowering its target from $87.00 to $82.00, while the stock currently has a consensus rating of "Moderate Buy" and a target price of $98.69.

Moran Wealth Management LLC reduced its holdings in ONEOK, Inc. (NYSE:OKE - Free Report) by 5.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 97,775 shares of the utilities provider's stock after selling 6,135 shares during the period. Moran Wealth Management LLC's holdings in ONEOK were worth $7,981,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of OKE. Vanguard Group Inc. raised 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 period. Charles Schwab Investment Management Inc. raised its stake 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 during the period. Invesco Ltd. raised its stake 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 during the period. Tortoise Capital Advisors L.L.C. raised its stake 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 during the period. Finally, Northern Trust Corp raised its stake 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 during the period. 69.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on OKE shares. Mizuho reduced their target price on shares of ONEOK from $87.00 to $82.00 and set a "neutral" rating on the stock in a research note on Friday, August 29th. Barclays reduced their target price on shares of ONEOK from $83.00 to $78.00 and set an "equal weight" rating on the stock in a research note on Thursday, October 9th. Morgan Stanley reduced their target price on shares of ONEOK from $122.00 to $110.00 and set an "overweight" rating on the stock in a research note on Tuesday, August 26th. TD Cowen initiated coverage on shares of ONEOK in a research note on Monday, July 7th. They set a "hold" rating and a $91.00 target price on the stock. Finally, Royal Bank Of Canada dropped 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 report on Wednesday, August 13th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $98.69.

ONEOK Price Performance

Shares of OKE opened at $69.59 on Wednesday. ONEOK, Inc. has a 1-year low of $68.25 and a 1-year high of $118.07. The stock has a market cap of $43.82 billion, a PE ratio of 13.56, a P/E/G ratio of 1.70 and a beta of 1.01. The firm has a 50-day simple moving average of $73.34 and a two-hundred day simple moving average of $79.54. 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 announced its quarterly earnings results on Monday, August 4th. The utilities provider reported $1.34 earnings per share for the quarter, beating 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 business had revenue of $8.21 billion during the quarter, compared to analysts' expectations of $7.20 billion. During the same period last year, the business earned $1.33 earnings per share. ONEOK has set its FY 2025 guidance at 5.370-5.370 EPS. As a group, analysts forecast that ONEOK, Inc. will post 5.07 EPS for the current year.

ONEOK 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.

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