Chickasaw Capital Management LLC Acquires 55,379 Shares of ONEOK, Inc. $OKE

Key Points

• Chickasaw Capital Management LLC increased its stake in ONEOK, Inc. by 2.7% in the second quarter, owning approximately 2.13 million shares valued at $173.9 million, which represents 6.9% of its investment portfolio.
• Recent analyst reports show a range of opinions on ONEOK's stock, with price targets varying from $83.00 to $100.60 and ratings spanning from "Strong Buy" to "Hold".
• ONEOK declared a quarterly dividend of $1.03 per share, resulting in an annualized dividend of $4.12 and a yield of 5.7%, with a payout ratio of 80.31%.

Chickasaw Capital Management LLC lifted its holdings in shares of ONEOK, Inc. (NYSE:OKE - Free Report) by 2.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,130,173 shares of the utilities provider's stock after purchasing an additional 55,379 shares during the period. ONEOK comprises approximately 6.9% of Chickasaw Capital Management LLC's investment portfolio, making the stock its 7th largest holding. Chickasaw Capital Management LLC owned 0.34% of ONEOK worth $173,886,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in OKE. First Pacific Financial purchased a new position in shares of ONEOK during the 1st quarter valued at $34,000. Vermillion Wealth Management Inc. purchased a new stake in ONEOK during the 4th quarter valued at about $37,000. Financial Network Wealth Advisors LLC boosted its holdings in shares of ONEOK by 2,466.7% during the first quarter. Financial Network Wealth Advisors LLC now owns 385 shares of the utilities provider's stock worth $38,000 after purchasing an additional 370 shares during the period. MorganRosel Wealth Management LLC purchased a new stake in ONEOK in the first quarter worth about $39,000. Finally, Financial Gravity Asset Management Inc. purchased a new position in shares of ONEOK during the first quarter valued at approximately $40,000. 69.13% of the stock is currently owned by institutional investors.

ONEOK Stock Down 2.7%

Shares of OKE stock traded down $1.95 during trading hours on Friday, reaching $71.63. 8,655,817 shares of the company's stock were exchanged, compared to its average volume of 3,902,004. The stock's 50 day moving average is $76.53 and its 200-day moving average is $82.67. ONEOK, Inc. has a fifty-two week low of $70.63 and a fifty-two week high of $118.07. The company has a market cap of $45.11 billion, a price-to-earnings ratio of 13.96, a P/E/G ratio of 1.74 and a beta of 1.04. 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 announced 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. ONEOK had a return on equity of 14.90% and a net margin of 11.06%.The company had revenue of $8.21 billion for the quarter, compared to analyst estimates of $7.20 billion. During the same period in the prior year, the company posted $1.33 EPS. ONEOK has set its FY 2025 guidance at 5.370-5.370 EPS. Analysts predict that ONEOK, Inc. will post 5.07 earnings per share for the current fiscal year.

ONEOK Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Friday, August 1st were paid a dividend of $1.03 per share. The ex-dividend date was Friday, August 1st. This represents a $4.12 dividend on an annualized basis and a yield of 5.8%. ONEOK's dividend payout ratio is presently 80.31%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. TD Cowen assumed coverage on ONEOK in a research note on Monday, July 7th. They issued a "hold" rating and a $91.00 price target for the company. Royal Bank Of Canada cut their price target on ONEOK from $94.00 to $88.00 and set a "sector perform" rating for the company in a research note on Wednesday, August 13th. Mizuho dropped their price objective on shares of ONEOK from $87.00 to $82.00 and set a "neutral" rating for the company in a research note on Friday, August 29th. Morgan Stanley dropped their target price on ONEOK from $122.00 to $110.00 and set an "overweight" rating for the company in a research report on Tuesday, August 26th. Finally, JPMorgan Chase & Co. increased their target price on ONEOK from $94.00 to $97.00 and gave the stock an "overweight" rating in a research note on Thursday, July 3rd. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $100.60.

ONEOK Company 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.