ONEOK, Inc. $OKE Shares Sold by CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT

Key Points

• Cushing Asset Management cut its ONEOK stake by 17.6% in Q1, selling 228,016 shares and leaving it with 1,069,900 shares worth about $96.7 million. ONEOK remained its sixth-largest position, representing 4.8% of the portfolio.
• Wall Street sentiment is mixed: the stock has 8 Buy ratings and 10 Hold ratings, with a consensus rating of Hold and an average target price of $91.88. Recent analysts mostly nudged price targets slightly higher or lower rather than making major rating changes.
• ONEOK reported Q1 earnings of $1.23 per share, missing estimates, even as revenue came in above expectations at $9.62 billion. The company also paid a quarterly dividend of $1.07, implying an annual yield of about 4.9%.

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT trimmed its stake in shares of ONEOK, Inc. (NYSE:OKE - Free Report) by 17.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,069,900 shares of the utilities provider's stock after selling 228,016 shares during the quarter. ONEOK comprises approximately 4.8% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's investment portfolio, making the stock its 6th biggest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned about 0.17% of ONEOK worth $96,708,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Hoxton Planning & Management LLC lifted its stake in shares of ONEOK by 2.3% during the 4th quarter. Hoxton Planning & Management LLC now owns 5,372 shares of the utilities provider's stock worth $395,000 after buying an additional 120 shares during the last quarter. Welch Group LLC boosted its holdings in shares of ONEOK by 0.8% during the 1st quarter. Welch Group LLC now owns 14,859 shares of the utilities provider's stock worth $1,343,000 after buying an additional 122 shares during the period. Disciplined Investments LLC grew its stake in ONEOK by 0.6% in the 4th quarter. Disciplined Investments LLC now owns 21,577 shares of the utilities provider's stock valued at $1,586,000 after buying an additional 125 shares during the last quarter. TCV Trust & Wealth Management Inc. grew its stake in ONEOK by 4.2% in the 4th quarter. TCV Trust & Wealth Management Inc. now owns 3,290 shares of the utilities provider's stock valued at $242,000 after buying an additional 133 shares during the last quarter. Finally, Fruth Investment Management raised its holdings in ONEOK by 0.7% in the 1st quarter. Fruth Investment Management now owns 20,015 shares of the utilities provider's stock valued at $1,809,000 after acquiring an additional 133 shares during the period. 69.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on OKE. Wells Fargo & Company cut their price objective on shares of ONEOK from $100.00 to $98.00 and set an "overweight" rating for the company in a research report on Thursday, April 30th. Citigroup upped their target price on ONEOK from $95.00 to $97.00 and gave the company a "buy" rating in a research report on Thursday, May 7th. JPMorgan Chase & Co. boosted their price target on ONEOK from $91.00 to $92.00 and gave the company a "neutral" rating in a research note on Friday, May 8th. Jefferies Financial Group upped their price objective on ONEOK from $98.00 to $100.00 and gave the company a "buy" rating in a report on Wednesday, April 8th. Finally, Wall Street Zen upgraded ONEOK from a "sell" rating to a "hold" rating in a research report on Tuesday, May 26th. Eight equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $91.88.

ONEOK Stock Performance

NYSE OKE opened at $87.89 on Monday. The firm has a 50-day moving average price of $88.59 and a two-hundred day moving average price of $84.09. ONEOK, Inc. has a 12-month low of $64.02 and a 12-month high of $96.07. The company has a market capitalization of $55.38 billion, a P/E ratio of 15.67, a P/E/G ratio of 6.57 and a beta of 0.73. The company has a quick ratio of 0.56, a current ratio of 0.71 and a debt-to-equity ratio of 1.37.

ONEOK (NYSE:OKE - Get Free Report) last announced its earnings results on Tuesday, April 28th. The utilities provider reported $1.23 EPS for the quarter, missing the consensus estimate of $1.30 by ($0.07). ONEOK had a return on equity of 16.06% and a net margin of 10.03%.The business had revenue of $9.62 billion for the quarter, compared to the consensus estimate of $8.23 billion. During the same period in the prior year, the business posted $1.04 earnings per share. ONEOK has set its FY 2026 guidance at 5.530-5.530 EPS. Analysts anticipate that ONEOK, Inc. will post 5.72 earnings per share for the current year.

ONEOK Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Monday, May 4th were issued a $1.07 dividend. The ex-dividend date of this dividend was Monday, May 4th. This represents a $4.28 annualized dividend and a yield of 4.9%. ONEOK's payout ratio is currently 76.29%.

ONEOK Profile

ONEOK, Inc NYSE: OKE is a publicly traded midstream energy company headquartered in Tulsa, Oklahoma. The company owns and operates a portfolio of natural gas and natural gas liquids (NGL) pipelines, processing facilities, fractionators and storage and terminal assets. Its operations are focused on gathering, processing, transporting, fractionating and marketing NGLs and interstate natural gas, providing critical infrastructure that connects hydrocarbon production to refineries, petrochemical plants and other end markets.

ONEOK's asset base includes pipeline systems and processing plants that move and condition natural gas, along with infrastructure for the transportation, storage and fractionation of NGLs such as ethane, propane and butane.

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