Royal Bank of Canada Purchases 72,271 Shares of ONEOK, Inc. $OKE

Key Points

• Royal Bank of Canada increased its stake in ONEOK, Inc. by 3.4%, now owning approximately 0.36% of the company, valued at $220.5 million as of the end of the last quarter.
• Analyst ratings for ONEOK show a consensus of "Moderate Buy" with an average target price of $100.60, indicating positive outlook from several brokerages.
• ONEOK recently paid a quarterly dividend of $1.03, which annualizes to a yield of 5.4%, reflecting the company's commitment to returning value to its shareholders.

Royal Bank of Canada lifted its stake in ONEOK, Inc. (NYSE:OKE - Free Report) by 3.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,222,527 shares of the utilities provider's stock after purchasing an additional 72,271 shares during the period. Royal Bank of Canada owned 0.36% of ONEOK worth $220,518,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Marcum Wealth LLC grew its holdings in ONEOK by 1.1% during the 1st quarter. Marcum Wealth LLC now owns 10,250 shares of the utilities provider's stock worth $1,017,000 after acquiring an additional 108 shares during the period. Morey & Quinn Wealth Partners LLC grew its holdings in ONEOK by 0.8% during the 1st quarter. Morey & Quinn Wealth Partners LLC now owns 15,722 shares of the utilities provider's stock worth $1,560,000 after acquiring an additional 130 shares during the period. Visionary Wealth Advisors grew its holdings in ONEOK by 2.1% during the 4th quarter. Visionary Wealth Advisors now owns 6,320 shares of the utilities provider's stock worth $635,000 after acquiring an additional 132 shares during the period. Clearstead Trust LLC grew its holdings in ONEOK by 5.0% during the 1st quarter. Clearstead Trust LLC now owns 2,792 shares of the utilities provider's stock worth $277,000 after acquiring an additional 133 shares during the period. Finally, BankPlus Wealth Management LLC grew its holdings in ONEOK by 2.8% during the 1st quarter. BankPlus Wealth Management LLC now owns 4,884 shares of the utilities provider's stock worth $485,000 after acquiring an additional 134 shares during the period. Institutional investors and hedge funds own 69.13% of the company's stock.

ONEOK Stock Down 2.4%

OKE traded down $1.76 during trading on Friday, hitting $72.62. The company had a trading volume of 4,955,599 shares, compared to its average volume of 3,115,726. The company has a market capitalization of $45.74 billion, a PE ratio of 14.16, a PEG ratio of 1.77 and a beta of 1.04. ONEOK, Inc. has a one year low of $70.63 and a one year high of $118.07. The firm's 50-day moving average price is $78.08 and its 200 day moving average price is $84.21. The company has a quick ratio of 0.46, a current ratio of 0.59 and a debt-to-equity ratio of 1.35.

ONEOK (NYSE:OKE - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The utilities provider reported $1.34 EPS for the quarter, topping the consensus estimate of $1.33 by $0.01. ONEOK had a net margin of 11.06% and a return on equity of 14.90%. 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 EPS. ONEOK has set its FY 2025 guidance at 5.370-5.370 EPS. As a group, equities analysts expect that ONEOK, Inc. will post 5.07 earnings per share for the current year.

ONEOK Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Friday, August 1st were issued a $1.03 dividend. This represents a $4.12 dividend on an annualized basis and a dividend yield of 5.7%. The ex-dividend date of this dividend was Friday, August 1st. ONEOK's dividend payout ratio is presently 80.31%.

Analyst Ratings Changes

A number of analysts have commented on OKE shares. Scotiabank set a $92.00 target price on shares of ONEOK and gave the stock a "sector outperform" rating in a report on Tuesday, July 15th. TD Cowen started coverage on shares of ONEOK in a report on Monday, July 7th. They issued a "hold" rating and a $91.00 price target for the company. Raymond James Financial reissued an "outperform" rating on shares of ONEOK in a report on Friday, August 1st. Barclays set a $83.00 price target on shares of ONEOK in a report on Thursday, August 14th. Finally, JPMorgan Chase & Co. boosted their price target on shares of ONEOK from $94.00 to $97.00 and gave the company an "overweight" rating in a report on Thursday, July 3rd. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $100.60.

ONEOK 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.