ONEOK, Inc. $OKE Shares Sold by Harvey Capital Management Inc.

Key Points

• Harvey Capital Management cut its ONEOK stake by 80.8% in the second quarter, selling 39,448 shares and retaining 9,350 shares valued at approximately $813,000.
• Institutional investors own 69.13% of ONEOK, while analysts maintain a consensus “Moderate Buy” rating with an average price target of $91.94.
• ONEOK exceeded quarterly earnings expectations with $1.53 in EPS versus a $1.46 estimate and reported a quarterly dividend of $1.07 per share, equivalent to a 4.5% annualized yield.

Harvey Capital Management Inc. trimmed its stake in shares of ONEOK, Inc. (NYSE:OKE - Free Report) by 80.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,350 shares of the utilities provider's stock after selling 39,448 shares during the quarter. Harvey Capital Management Inc.'s holdings in ONEOK were worth $813,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of OKE. Zions Bancorporation National Association UT grew its stake in ONEOK by 73.3% in the fourth quarter. Zions Bancorporation National Association UT now owns 338 shares of the utilities provider's stock worth $25,000 after purchasing an additional 143 shares in the last quarter. Elyxium Wealth LLC acquired a new stake in ONEOK during the fourth quarter valued at approximately $29,000. Cornerstone Financial Management LLC acquired a new stake in ONEOK during the fourth quarter valued at approximately $29,000. Transamerica Financial Advisors LLC lifted its holdings in ONEOK by 69.6% during the 2nd quarter. Transamerica Financial Advisors LLC now owns 363 shares of the utilities provider's stock worth $32,000 after buying an additional 149 shares during the last quarter. Finally, Portus Wealth Advisors LLC acquired a new position in shares of ONEOK in the 1st quarter worth approximately $33,000. Institutional investors own 69.13% of the company's stock.

Wall Street Analyst Weigh In

OKE has been the topic of several research analyst reports. Weiss Ratings restated a "buy (b-)" rating on shares of ONEOK in a research note on Thursday, August 13th. Royal Bank Of Canada boosted their price objective on shares of ONEOK from $84.00 to $90.00 and gave the company a "sector perform" rating in a research report on Tuesday, July 21st. Freedom Capital upgraded shares of ONEOK from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 5th. Wells Fargo & Company decreased their target price on ONEOK from $100.00 to $98.00 and set an "overweight" rating for the company in a research note on Thursday, April 30th. Finally, US Capital Advisors lowered ONEOK from a "strong-buy" rating to a "moderate buy" rating in a report on Thursday, August 20th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $91.94.

ONEOK Stock Down 0.0%

OKE stock opened at $94.87 on Friday. The stock has a market cap of $59.81 billion, a PE ratio of 16.36, a price-to-earnings-growth ratio of 2.65 and a beta of 0.73. The firm's 50-day simple moving average is $90.70 and its 200 day simple moving average is $88.67. ONEOK, Inc. has a fifty-two week low of $64.02 and a fifty-two week high of $97.90. The company has a quick ratio of 0.59, a current ratio of 0.74 and a debt-to-equity ratio of 1.34.

ONEOK (NYSE:OKE - Get Free Report) last posted its earnings results on Monday, August 3rd. The utilities provider reported $1.53 EPS for the quarter, topping the consensus estimate of $1.46 by $0.07. ONEOK had a net margin of 9.29% and a return on equity of 16.41%. The firm had revenue of $12.05 billion during the quarter, compared to analysts' expectations of $8.95 billion. During the same quarter in the prior year, the firm earned $1.34 EPS. ONEOK has set its FY 2026 guidance at 5.680-5.680 EPS. As a group, sell-side analysts predict that ONEOK, Inc. will post 5.84 EPS for the current year.

ONEOK Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Monday, August 3rd were given a $1.07 dividend. This represents a $4.28 annualized dividend and a yield of 4.5%. The ex-dividend date was Monday, August 3rd. ONEOK's dividend payout ratio (DPR) is currently 73.79%.

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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