Northern Trust Corp Grows Stock Position in ONEOK, Inc. $OKE

Key Points

• Northern Trust Corp increased its stake in ONEOK, Inc. by 5.3%, now owning approximately $682.6 million worth of shares after purchasing an additional 344,002 shares.
• ONEOK reported earnings of $1.34 per share, exceeding expectations, with revenues reaching $8.21 billion for the quarter.
• The company recently announced a quarterly dividend of $1.03 per share, translating to an annual yield of 5.6%, with a payout ratio of 80.31%.

Northern Trust Corp raised its position in shares of ONEOK, Inc. (NYSE:OKE - Free Report) by 5.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,879,863 shares of the utilities provider's stock after purchasing an additional 344,002 shares during the quarter. Northern Trust Corp owned 1.10% of ONEOK worth $682,620,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Brooklyn Investment Group raised its holdings in shares of ONEOK by 13.8% during the first quarter. Brooklyn Investment Group now owns 4,884 shares of the utilities provider's stock valued at $484,000 after acquiring an additional 591 shares during the last quarter. TriaGen Wealth Management LLC acquired a new position in shares of ONEOK during the first quarter valued at approximately $1,776,000. Versor Investments LP raised its holdings in shares of ONEOK by 50.3% during the first quarter. Versor Investments LP now owns 18,100 shares of the utilities provider's stock valued at $1,796,000 after acquiring an additional 6,059 shares during the last quarter. FCG Investment Co acquired a new position in shares of ONEOK during the first quarter valued at approximately $1,284,000. Finally, Raymond James Financial Inc. raised its holdings in shares of ONEOK by 41.6% during the first quarter. Raymond James Financial Inc. now owns 2,577,433 shares of the utilities provider's stock valued at $255,733,000 after acquiring an additional 757,768 shares during the last quarter. Hedge funds and other institutional investors own 69.13% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Wells Fargo & Company cut their price target on ONEOK from $102.00 to $93.00 and set an "equal weight" rating for the company in a report on Thursday, May 1st. Stifel Nicolaus cut their price target on ONEOK from $110.00 to $107.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Barclays set a $83.00 price target on ONEOK in a report on Thursday, August 14th. JPMorgan Chase & Co. increased their price target on ONEOK from $94.00 to $97.00 and gave the company an "overweight" rating in a report on Thursday, July 3rd. Finally, Scotiabank set a $92.00 price target on ONEOK and gave the company a "sector outperform" rating in a report on Tuesday, July 15th. One equities research 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 company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $103.57.

ONEOK Trading Up 1.0%

ONEOK stock traded up $0.7230 during mid-day trading on Friday, hitting $74.7430. The company's stock had a trading volume of 2,382,272 shares, compared to its average volume of 3,622,767. ONEOK, Inc. has a 1 year low of $72.18 and a 1 year high of $118.07. The stock's fifty day moving average is $79.34 and its two-hundred day moving average is $85.80. The firm has a market capitalization of $47.07 billion, a PE ratio of 14.57, a price-to-earnings-growth ratio of 1.75 and a beta of 0.99. The company has a current ratio of 0.59, a quick ratio of 0.46 and a debt-to-equity ratio of 1.35.

ONEOK (NYSE:OKE - Get Free Report) last released 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. ONEOK had a return on equity of 14.90% and a net margin of 11.06%.The business had revenue of $8.21 billion during the quarter, compared to analyst estimates of $7.20 billion. During the same period last year, the business posted $1.33 earnings per share. ONEOK has set its FY 2025 guidance at 5.370-5.370 EPS. On average, analysts anticipate that ONEOK, Inc. will post 5.07 EPS for the current 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 given a dividend of $1.03 per share. This represents a $4.12 annualized dividend and a dividend yield of 5.5%. The ex-dividend date was Friday, August 1st. ONEOK's dividend payout ratio (DPR) is currently 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.