Prudential PLC Acquires 36,282 Shares of ONEOK, Inc. (NYSE:OKE)

Key Points

• Prudential PLC increased its stake in ONEOK, Inc. by 14.8%, acquiring an additional 36,282 shares, bringing its total holdings to 281,643 shares valued at approximately $27.9 million.
• Major institutional investors like Vanguard Group and Goldman Sachs have also increased their positions in ONEOK, with Vanguard acquiring over 5 million shares and Goldman Sachs boosting its holdings by 43.5% in the first quarter.
• ONEOK announced a quarterly dividend of $1.03 per share, yielding 5.6%, alongside a recent earnings report indicating a slight earnings beat against analyst expectations.

Prudential PLC grew its holdings in ONEOK, Inc. (NYSE:OKE - Free Report) by 14.8% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 281,643 shares of the utilities provider's stock after buying an additional 36,282 shares during the quarter. Prudential PLC's holdings in ONEOK were worth $27,945,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of ONEOK by 7.2% in the 1st quarter. Vanguard Group Inc. now owns 75,196,969 shares of the utilities provider's stock valued at $7,461,043,000 after buying an additional 5,076,705 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of ONEOK by 13.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 20,957,230 shares of the utilities provider's stock worth $2,079,376,000 after acquiring an additional 2,542,449 shares during the last quarter. Invesco Ltd. grew its stake in ONEOK by 25.1% in the 1st quarter. Invesco Ltd. now owns 8,339,939 shares of the utilities provider's stock valued at $827,489,000 after buying an additional 1,674,706 shares during the last quarter. Northern Trust Corp grew its holdings in ONEOK by 15.2% in the 4th quarter. Northern Trust Corp now owns 6,535,861 shares of the utilities provider's stock valued at $656,200,000 after buying an additional 864,392 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in ONEOK by 43.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,904,119 shares of the utilities provider's stock valued at $585,807,000 after purchasing an additional 1,788,433 shares during the period. 69.13% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on OKE. Barclays decreased their price target on shares of ONEOK from $101.00 to $91.00 and set an "equal weight" rating on the stock in a report on Tuesday, June 3rd. JPMorgan Chase & Co. upped their target price on shares of ONEOK from $94.00 to $97.00 and gave the stock an "overweight" rating in a report on Thursday, July 3rd. Royal Bank Of Canada reduced their price objective on shares of ONEOK from $100.00 to $94.00 and set a "sector perform" rating for the company in a research report on Friday, August 1st. Citigroup cut their price objective on shares of ONEOK from $110.00 to $102.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. Finally, Scotiabank set a $92.00 price objective on ONEOK and gave the stock a "sector outperform" rating in a research report on Tuesday, July 15th. Six research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $104.57.

ONEOK Trading Down 1.1%

Shares of ONEOK stock opened at $73.68 on Tuesday. ONEOK, Inc. has a 12-month low of $73.51 and a 12-month high of $118.07. The stock has a market cap of $46.40 billion, a PE ratio of 14.36, a price-to-earnings-growth ratio of 1.76 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. The company has a 50-day moving average of $80.77 and a two-hundred day moving average of $87.18.

ONEOK (NYSE:OKE - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The utilities provider reported $1.34 earnings per share for the quarter, topping analysts' consensus estimates of $1.33 by $0.01. The firm had revenue of $8.21 billion during the quarter, compared to analysts' expectations of $7.20 billion. ONEOK had a return on equity of 14.90% and a net margin of 11.06%. During the same quarter in the prior year, the business earned $1.33 EPS. On average, research analysts anticipate that ONEOK, Inc. will post 5.07 EPS for the current fiscal year.

ONEOK Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Friday, August 1st will be paid a dividend of $1.03 per share. This represents a $4.12 annualized dividend and a yield of 5.6%. The ex-dividend date of this dividend is Friday, August 1st. ONEOK's payout ratio is 80.31%.

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.

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