ONEOK, Inc. $OKE Shares Acquired by Wesbanco Bank Inc.

Key Points

• Wesbanco Bank Inc. increased its holdings in ONEOK, Inc. by 61.8% in the 2nd quarter, owning a total of 17,313 shares valued at approximately $1.4 million.
• Several institutional investors have also enhanced their positions in ONEOK, with 69.13% of the stock now owned by institutional investors and hedge funds.
• ONEOK recently reported a quarterly earnings per share of $1.34, exceeding analysts' expectations, and declared a quarterly dividend of $1.03 with a yield of 5.7%.

Wesbanco Bank Inc. grew its holdings in ONEOK, Inc. (NYSE:OKE - Free Report) by 61.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,313 shares of the utilities provider's stock after buying an additional 6,613 shares during the quarter. Wesbanco Bank Inc.'s holdings in ONEOK were worth $1,413,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of OKE. Vanguard Group Inc. lifted its holdings 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 buying an additional 5,076,705 shares during the period. Nuveen LLC purchased a new stake in ONEOK during the first quarter worth about $440,535,000. Boston Partners purchased a new stake in ONEOK during the first quarter worth about $353,596,000. Charles Schwab Investment Management Inc. boosted its holdings 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 buying an additional 2,542,449 shares in the last quarter. Finally, Wellington Management Group LLP boosted its holdings in ONEOK by 51.9% during the first quarter. Wellington Management Group LLP now owns 6,388,987 shares of the utilities provider's stock worth $633,915,000 after buying an additional 2,182,081 shares in the last quarter. 69.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Raymond James Financial reissued an "outperform" rating on shares of ONEOK in a report on Friday, August 1st. TD Cowen started coverage on ONEOK in a report on Monday, July 7th. They issued a "hold" rating and a $91.00 target price on the stock. Royal Bank Of Canada lowered their price objective on shares of ONEOK from $94.00 to $88.00 and set a "sector perform" rating on the stock in a research note on Wednesday, August 13th. Scotiabank set a $92.00 price objective on shares of ONEOK and gave the company a "sector outperform" rating in a research note on Tuesday, July 15th. Finally, Mizuho lowered their price objective 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. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, ONEOK currently has a consensus rating of "Moderate Buy" and an average price target of $100.60.

ONEOK Stock Down 0.5%

Shares of OKE opened at $72.66 on Tuesday. The firm has a market cap of $45.76 billion, a PE ratio of 14.16, a price-to-earnings-growth ratio of 1.74 and a beta of 1.04. The company's fifty day moving average is $77.03 and its two-hundred day moving average is $82.97. ONEOK, Inc. has a fifty-two week low of $70.63 and a fifty-two week high of $118.07. The company has a quick ratio of 0.46, a current ratio of 0.59 and a debt-to-equity ratio of 1.35.

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. The firm 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 period in the previous year, the company posted $1.33 earnings per share. ONEOK has set its FY 2025 guidance at 5.370-5.370 EPS. Analysts forecast that ONEOK, Inc. will post 5.07 earnings per share for the current year.

ONEOK Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Stockholders 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 dividend yield of 5.7%. ONEOK's dividend payout ratio (DPR) is 80.31%.

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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