CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Has $108.15 Million Stake in ONEOK, Inc. $OKE

Key Points

• CUSHING ASSET MANAGEMENT LP increased its stake in ONEOK, Inc. by 16.3% in Q2, making it the firm's 4th largest position with approximately $108 million invested.
• Several major institutional investors have also increased their holdings in ONEOK, including Vanguard Group and Wellington Management Group, contributing to a collective ownership of 69.13% by hedge funds and institutions.
• ONEOK reported Q2 earnings of $1.34 EPS, surpassing estimates, and announced a $1.03 quarterly dividend, yielding around 5.8%.

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its stake in ONEOK, Inc. (NYSE:OKE - Free Report) by 16.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,324,916 shares of the utilities provider's stock after buying an additional 186,091 shares during the period. ONEOK accounts for about 6.3% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's holdings, making the stock its 4th biggest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned 0.21% of ONEOK worth $108,153,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC increased its stake in ONEOK by 137.1% in the 4th quarter. Brighton Jones LLC now owns 15,278 shares of the utilities provider's stock worth $1,534,000 after purchasing an additional 8,834 shares during the period. State of Wyoming bought a new stake in shares of ONEOK in the 4th quarter worth about $66,000. Woodline Partners LP bought a new position in shares of ONEOK during the fourth quarter valued at approximately $3,522,000. Forum Financial Management LP grew its stake in shares of ONEOK by 40.8% during the fourth quarter. Forum Financial Management LP now owns 7,297 shares of the utilities provider's stock worth $733,000 after acquiring an additional 2,116 shares during the last quarter. Finally, Mackenzie Financial Corp boosted its holdings in ONEOK by 2.8% in the fourth quarter. Mackenzie Financial Corp now owns 95,599 shares of the utilities provider's stock valued at $9,598,000 after purchasing an additional 2,562 shares during the last quarter. Institutional investors own 69.13% of the company's stock.

Analyst Upgrades and Downgrades

OKE has been the topic of a number of analyst reports. 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 ONEOK from $94.00 to $88.00 and set a "sector perform" rating for the company in a report on Wednesday, August 13th. Mizuho lowered their price target on shares of ONEOK from $87.00 to $82.00 and set a "neutral" rating on the stock in a research report on Friday, August 29th. TD Cowen began coverage on shares of ONEOK in a research report on Monday, July 7th. They set a "hold" rating and a $91.00 price target on the stock. Finally, Barclays set a $83.00 price target on ONEOK in a research note on Thursday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $100.60.

ONEOK Stock Up 0.2%

NYSE OKE traded up $0.12 during trading on Monday, reaching $71.67. 3,827,396 shares of the company's stock traded hands, compared to its average volume of 3,454,122. ONEOK, Inc. has a 12-month low of $70.63 and a 12-month high of $118.07. The firm has a market cap of $45.13 billion, a price-to-earnings ratio of 13.97, a price-to-earnings-growth ratio of 1.76 and a beta of 1.04. 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 company's 50 day simple moving average is $76.14 and its two-hundred day simple moving average is $82.27.

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

ONEOK Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Friday, August 1st were paid a $1.03 dividend. The ex-dividend date was Friday, August 1st. This represents a $4.12 dividend on an annualized basis and a yield of 5.7%. ONEOK's payout ratio is 80.31%.

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.