Ethic Inc. Trims Stake in ONEOK, Inc. $OKE

Key Points

• Ethic Inc. has reduced its stake in ONEOK, Inc. by 33.8%, owning 83,999 shares after selling 42,838 shares in the first quarter, reflecting a value of approximately $8.36 million.
• Several institutional investors have adjusted their holdings in ONEOK, with 69.13% of the stock currently owned by such entities.
• ONEOK recently declared a quarterly dividend of $1.03 per share, which results in an annualized dividend yield of 5.6%.

Ethic Inc. cut its stake in ONEOK, Inc. (NYSE:OKE - Free Report) by 33.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 83,999 shares of the utilities provider's stock after selling 42,838 shares during the period. Ethic Inc.'s holdings in ONEOK were worth $8,358,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Marcum Wealth LLC increased its position in shares of ONEOK by 1.1% during the first quarter. Marcum Wealth LLC now owns 10,250 shares of the utilities provider's stock worth $1,017,000 after purchasing an additional 108 shares in the last quarter. West Paces Advisors Inc. increased its position in shares of ONEOK by 4.7% during the fourth quarter. West Paces Advisors Inc. now owns 2,527 shares of the utilities provider's stock worth $254,000 after purchasing an additional 114 shares in the last quarter. Morey & Quinn Wealth Partners LLC increased its position in shares of ONEOK by 0.8% during the first quarter. Morey & Quinn Wealth Partners LLC now owns 15,722 shares of the utilities provider's stock worth $1,560,000 after purchasing an additional 130 shares in the last quarter. Uniplan Investment Counsel Inc. increased its position in shares of ONEOK by 0.3% during the fourth quarter. Uniplan Investment Counsel Inc. now owns 50,970 shares of the utilities provider's stock worth $5,117,000 after purchasing an additional 132 shares in the last quarter. Finally, Visionary Wealth Advisors increased its position in shares of ONEOK by 2.1% during the fourth quarter. Visionary Wealth Advisors now owns 6,320 shares of the utilities provider's stock worth $635,000 after purchasing an additional 132 shares in the last quarter. 69.13% of the stock is currently owned by hedge funds and other institutional investors.

ONEOK Stock Performance

OKE traded up $0.3690 during trading on Tuesday, reaching $73.4090. The company's stock had a trading volume of 2,382,585 shares, compared to its average volume of 3,955,031. ONEOK, Inc. has a 52-week low of $72.18 and a 52-week high of $118.07. The company's fifty day moving average price is $80.04 and its 200-day moving average price is $86.29. The company has a market capitalization of $46.23 billion, a price-to-earnings ratio of 14.31, a price-to-earnings-growth ratio of 1.75 and a beta of 0.99. The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.46 and a current ratio of 0.59.

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

ONEOK Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Friday, August 1st were paid a dividend of $1.03 per share. The ex-dividend date of this dividend was Friday, August 1st. This represents a $4.12 annualized dividend and a dividend yield of 5.6%. ONEOK's payout ratio is 80.31%.

Analyst Ratings Changes

A number of research firms have recently commented on OKE. JPMorgan Chase & Co. lifted their target price on ONEOK from $94.00 to $97.00 and gave the stock an "overweight" rating in a research report on Thursday, July 3rd. Wells Fargo & Company cut their target price on ONEOK from $102.00 to $93.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 1st. Barclays set a $83.00 target price on ONEOK in a research report on Thursday, August 14th. 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. Finally, Citigroup cut their target price on ONEOK from $110.00 to $102.00 and set a "buy" rating on the stock in a research report on Tuesday, May 6th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $103.57.

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.