Public Sector Pension Investment Board Buys 14,369 Shares of ONEOK, Inc. (NYSE:OKE)

Key Points

• The Public Sector Pension Investment Board increased its holdings in ONEOK, Inc. by 9.5% during the first quarter, owning a total of 165,915 shares valued at approximately $16.46 million.
• Several brokerages have revised their target prices for ONEOK, with Barclays setting a new target of $91.00 and Royal Bank of Canada lowering it to $94.00, while a consensus rating reflects a "Moderate Buy" status.
• ONEOK has announced a quarterly dividend of $1.03 per share, translating to an annual yield of 5.6% and indicating a payout ratio of 80.31%.

Public Sector Pension Investment Board raised its position in shares of ONEOK, Inc. (NYSE:OKE - Free Report) by 9.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 165,915 shares of the utilities provider's stock after buying an additional 14,369 shares during the quarter. Public Sector Pension Investment Board's holdings in ONEOK were worth $16,462,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Eagle Global Advisors LLC lifted its position in ONEOK by 108.2% during the 1st quarter. Eagle Global Advisors LLC now owns 557,070 shares of the utilities provider's stock valued at $55,272,000 after acquiring an additional 289,441 shares during the period. Todd Asset Management LLC increased its stake in shares of ONEOK by 56.7% during the first quarter. Todd Asset Management LLC now owns 702,802 shares of the utilities provider's stock valued at $69,732,000 after purchasing an additional 254,171 shares in the last quarter. Independent Advisor Alliance increased its position in ONEOK by 11.1% during the 1st quarter. Independent Advisor Alliance now owns 22,737 shares of the utilities provider's stock valued at $2,256,000 after buying an additional 2,270 shares in the last quarter. SouthState Corp raised its stake in ONEOK by 14.0% during the first quarter. SouthState Corp now owns 1,162 shares of the utilities provider's stock valued at $115,000 after buying an additional 143 shares during the last quarter. Finally, Nuveen LLC purchased a new position in ONEOK during the first quarter valued at $440,535,000. Institutional investors own 69.13% of the company's stock.

ONEOK Price Performance

Shares of OKE stock traded down $0.53 during trading hours on Thursday, hitting $74.80. The stock had a trading volume of 3,106,860 shares, compared to its average volume of 3,976,428. ONEOK, Inc. has a one year low of $73.02 and a one year high of $118.07. The company has a debt-to-equity ratio of 1.35, a current ratio of 0.59 and a quick ratio of 0.46. The stock's 50-day moving average price is $80.48 and its two-hundred day moving average price is $87.01. The stock has a market capitalization of $47.11 billion, a price-to-earnings ratio of 14.58, a PEG ratio of 1.76 and a beta of 0.99.

ONEOK (NYSE:OKE - Get Free Report) last issued its earnings results on Monday, August 4th. The utilities provider reported $1.34 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $8.21 billion for the quarter, compared to analysts' expectations of $7.20 billion. During the same period in the previous year, the firm posted $1.33 earnings per share. Equities analysts forecast that ONEOK, Inc. will post 5.07 EPS for the current year.

ONEOK Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 14th. Stockholders of record on Friday, August 1st will be given a dividend of $1.03 per share. This represents a $4.12 annualized dividend and a dividend yield of 5.5%. The ex-dividend date is Friday, August 1st. ONEOK's dividend payout ratio is currently 80.31%.

Analyst Ratings Changes

A number of brokerages have issued reports on OKE. TD Cowen initiated coverage on ONEOK in a research note on Monday, July 7th. They set a "hold" rating and a $91.00 price objective for the company. Citigroup dropped their target price on shares of ONEOK from $110.00 to $102.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. Wells Fargo & Company decreased their target price on shares of ONEOK from $102.00 to $93.00 and set an "equal weight" rating for the company in a research note on Thursday, May 1st. Raymond James Financial restated an "outperform" rating on shares of ONEOK in a research note on Friday, August 1st. Finally, Royal Bank Of Canada reduced their price objective on ONEOK from $94.00 to $88.00 and set a "sector perform" rating for the company in a research report on Wednesday. Six research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $103.57.

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.