ONEOK, Inc. (NYSE:OKE) Shares Bought by Maryland State Retirement & Pension System

Key Points

• Maryland State Retirement & Pension System has increased its stake in ONEOK, Inc. by 8.2% during the first quarter, now owning 555,206 shares valued at approximately $55 million.
• ONEOK reported solid quarterly earnings, with an EPS of $1.34 that surpassed analysts' expectations, alongside a revenue of $8.21 billion compared to an anticipated $7.20 billion.
• The company has declared a quarterly dividend of $1.03 per share, reflecting a yield of 5.5%, with a payout ratio of 80.47% for its recent earnings period.

Maryland State Retirement & Pension System lifted its position in shares of ONEOK, Inc. (NYSE:OKE - Free Report) by 8.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 555,206 shares of the utilities provider's stock after purchasing an additional 42,173 shares during the period. ONEOK accounts for approximately 1.3% of Maryland State Retirement & Pension System's investment portfolio, making the stock its 10th biggest holding. Maryland State Retirement & Pension System owned approximately 0.09% of ONEOK worth $55,088,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in OKE. Chicago Partners Investment Group LLC increased its stake in ONEOK by 2.5% during the 1st quarter. Chicago Partners Investment Group LLC now owns 277,664 shares of the utilities provider's stock worth $27,550,000 after acquiring an additional 6,883 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in ONEOK by 13.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 20,957,230 shares of the utilities provider's stock valued at $2,079,376,000 after buying an additional 2,542,449 shares during the period. Citizens Financial Group Inc. RI increased its stake in ONEOK by 1.1% in the first quarter. Citizens Financial Group Inc. RI now owns 13,023 shares of the utilities provider's stock valued at $1,292,000 after acquiring an additional 143 shares during the last quarter. Greykasell Wealth Strategies Inc. bought a new stake in ONEOK during the first quarter worth $182,000. Finally, Vanguard Group Inc. increased its stake in shares of ONEOK by 7.2% in the 1st quarter. Vanguard Group Inc. now owns 75,196,969 shares of the utilities provider's stock valued at $7,461,043,000 after purchasing an additional 5,076,705 shares during the last quarter. Institutional investors own 69.13% of the company's stock.

ONEOK Stock Performance

Shares of OKE opened at $75.31 on Thursday. ONEOK, Inc. has a 12 month low of $74.23 and a 12 month high of $118.07. The company has a market capitalization of $47.41 billion, a price-to-earnings ratio of 14.68, a PEG ratio of 1.80 and a beta of 0.99. The stock has a 50 day moving average of $81.17 and a 200 day moving average of $88.12. The company has a current ratio of 0.59, a quick ratio of 0.52 and a debt-to-equity ratio of 1.35.

ONEOK (NYSE:OKE - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The utilities provider reported $1.34 EPS for the quarter, topping analysts' consensus estimates of $1.33 by $0.01. The company had revenue of $8.21 billion for the quarter, compared to analysts' expectations of $7.20 billion. ONEOK had a net margin of 11.06% and a return on equity of 14.90%. During the same quarter in the previous year, the firm posted $1.33 EPS. As a group, sell-side analysts forecast that ONEOK, Inc. will post 5.07 earnings per share for the current year.

ONEOK Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Friday, August 1st will be issued a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a yield of 5.5%. The ex-dividend date of this dividend is Friday, August 1st. ONEOK's dividend payout ratio is 80.47%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Barclays decreased their target price on ONEOK from $101.00 to $91.00 and set an "equal weight" rating on the stock in a research report on Tuesday, June 3rd. Raymond James Financial reiterated an "outperform" rating on shares of ONEOK in a research report on Friday, August 1st. Citigroup decreased their price target on ONEOK from $110.00 to $102.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Wells Fargo & Company lowered their price target on shares of ONEOK from $102.00 to $93.00 and set an "equal weight" rating for the company in a report on Thursday, May 1st. Finally, JPMorgan Chase & Co. increased their price target on ONEOK from $94.00 to $97.00 and gave the stock an "overweight" rating in a report on Thursday, July 3rd. Six research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $104.57.

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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