Allstate Corp Buys 8,719 Shares of ONEOK, Inc. $OKE

Key Points

• Allstate Corp increased its holdings in ONEOK, Inc. by 50.5% during Q1, owning nearly 26,000 shares valued at approximately $2.58 million.
• The company recently reported $1.34 EPS, surpassing estimates and showing strong revenue growth of $8.21 billion for the quarter.
• ONEOK declared a quarterly dividend of $1.03 per share, resulting in an annualized yield of 5.5% with a high dividend payout ratio of 80.31%.

Allstate Corp raised its position in ONEOK, Inc. (NYSE:OKE - Free Report) by 50.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,990 shares of the utilities provider's stock after buying an additional 8,719 shares during the quarter. Allstate Corp's holdings in ONEOK were worth $2,579,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Brighton Jones LLC increased its stake in shares of ONEOK by 137.1% in the 4th quarter. Brighton Jones LLC now owns 15,278 shares of the utilities provider's stock valued at $1,534,000 after purchasing an additional 8,834 shares during the last quarter. MML Investors Services LLC increased its stake in shares of ONEOK by 7.5% in the 4th quarter. MML Investors Services LLC now owns 27,353 shares of the utilities provider's stock valued at $2,746,000 after purchasing an additional 1,910 shares during the last quarter. Dark Forest Capital Management LP increased its stake in shares of ONEOK by 19.9% in the 4th quarter. Dark Forest Capital Management LP now owns 7,924 shares of the utilities provider's stock valued at $796,000 after purchasing an additional 1,317 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of ONEOK by 240.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,790,760 shares of the utilities provider's stock valued at $280,194,000 after purchasing an additional 1,971,147 shares during the last quarter. Finally, Integrated Wealth Concepts LLC increased its stake in shares of ONEOK by 5.3% in the 4th quarter. Integrated Wealth Concepts LLC now owns 25,091 shares of the utilities provider's stock valued at $2,519,000 after purchasing an additional 1,267 shares during the last quarter. 69.13% of the stock is owned by institutional investors and hedge funds.

ONEOK Stock Up 0.6%

OKE traded up $0.48 during midday trading on Thursday, reaching $75.56. 802,163 shares of the company were exchanged, compared to its average volume of 3,916,969. The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.46 and a current ratio of 0.59. The company's fifty day moving average price is $78.93 and its 200 day moving average price is $85.35. The company has a market cap of $47.58 billion, a price-to-earnings ratio of 14.74, a price-to-earnings-growth ratio of 1.76 and a beta of 0.99. ONEOK, Inc. has a one year low of $72.18 and a one year high of $118.07.

ONEOK (NYSE:OKE - Get Free Report) last released its earnings results on Monday, August 4th. The utilities provider reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.33 by $0.01. The company had revenue of $8.21 billion during 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 period in the prior year, the company posted $1.33 earnings per share. ONEOK has set its FY 2025 guidance at 5.370-5.370 EPS. As a group, analysts expect that ONEOK, Inc. will post 5.07 EPS for the current year.

ONEOK Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Friday, August 1st were given a dividend of $1.03 per share. The ex-dividend date was Friday, August 1st. This represents a $4.12 annualized dividend and a dividend yield of 5.5%. ONEOK's dividend payout ratio is currently 80.31%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on OKE shares. Royal Bank Of Canada cut their target price on ONEOK from $94.00 to $88.00 and set a "sector perform" rating on the stock in a report on Wednesday, August 13th. Scotiabank set a $92.00 target price on ONEOK and gave the stock a "sector outperform" rating in a report on Tuesday, July 15th. Morgan Stanley cut their target price on ONEOK from $122.00 to $110.00 and set an "overweight" rating on the stock in a report on Tuesday. Barclays set a $83.00 target price on ONEOK in a report on Thursday, August 14th. Finally, JPMorgan Chase & Co. lifted their target price on ONEOK from $94.00 to $97.00 and gave the stock an "overweight" rating in a report on Thursday, July 3rd. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $101.93.

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.