PNC Financial Services Group Inc. Increases Stock Holdings in ONEOK, Inc. $OKE

Key Points

• PNC Financial Services Group increased its stake in ONEOK by 7.6% in the first quarter, buying 13,650 additional shares and bringing its total holdings to 192,205 shares worth about $17.4 million.
• Several other large institutional investors also boosted or initiated positions in ONEOK, and hedge funds and other institutions now own 69.13% of the company.
• ONEOK’s stock was near $93, while analysts currently rate it a Hold on average with a consensus price target of $92.44; the company also recently reported mixed earnings, missing EPS estimates but beating revenue expectations.

PNC Financial Services Group Inc. grew its stake in shares of ONEOK, Inc. (NYSE:OKE - Free Report) by 7.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 192,205 shares of the utilities provider's stock after purchasing an additional 13,650 shares during the quarter. PNC Financial Services Group Inc.'s holdings in ONEOK were worth $17,373,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in OKE. Capital International Investors purchased a new stake in ONEOK in the fourth quarter valued at approximately $586,500,000. Norges Bank purchased a new stake in shares of ONEOK in the fourth quarter valued at about $564,867,000. First Eagle Investment Management LLC grew its holdings in shares of ONEOK by 46.3% during the fourth quarter. First Eagle Investment Management LLC now owns 11,365,304 shares of the utilities provider's stock worth $835,350,000 after buying an additional 3,596,089 shares during the last quarter. Danske Bank A S grew its holdings in shares of ONEOK by 3,538.4% during the fourth quarter. Danske Bank A S now owns 1,691,433 shares of the utilities provider's stock worth $124,320,000 after buying an additional 1,644,945 shares during the last quarter. Finally, Man Group plc increased its position in ONEOK by 292.1% in the 2nd quarter. Man Group plc now owns 1,558,993 shares of the utilities provider's stock valued at $127,261,000 after acquiring an additional 1,161,352 shares during the period. Hedge funds and other institutional investors own 69.13% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on OKE. JPMorgan Chase & Co. lifted their price objective on shares of ONEOK from $91.00 to $92.00 and gave the company a "neutral" rating in a research report on Friday, May 8th. Jefferies Financial Group raised their price objective on shares of ONEOK from $98.00 to $100.00 and gave the company a "buy" rating in a research report on Wednesday, April 8th. TD Cowen lifted their price objective on ONEOK from $85.00 to $90.00 and gave the company a "hold" rating in a report on Thursday, July 16th. Truist Financial increased their target price on ONEOK from $91.00 to $93.00 and gave the stock a "hold" rating in a research note on Monday, May 4th. Finally, Citigroup upped their price target on shares of ONEOK from $95.00 to $97.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. Eight investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $92.44.

ONEOK Stock Down 0.1%

Shares of NYSE:OKE opened at $93.13 on Friday. ONEOK, Inc. has a 52-week low of $64.02 and a 52-week high of $96.07. The stock's fifty day simple moving average is $89.48 and its 200-day simple moving average is $85.96. The company has a market capitalization of $58.69 billion, a P/E ratio of 16.60, a P/E/G ratio of 5.02 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 released 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 firm had revenue of $9.62 billion during the quarter, compared to analysts' expectations of $8.23 billion. During the same period in the previous year, the firm posted $1.04 earnings per share. ONEOK has set its FY 2026 guidance at 5.530-5.530 EPS. As a group, equities research analysts forecast that ONEOK, Inc. will post 5.68 earnings per share for the current fiscal year.

ONEOK Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Monday, August 3rd will be given a $1.07 dividend. This represents a $4.28 annualized dividend and a dividend yield of 4.6%. The ex-dividend date of this dividend is Monday, August 3rd. ONEOK's dividend payout ratio (DPR) is 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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