Sanders Morris Harris LLC Trims Holdings in ONEOK, Inc. $OKE

Key Points

• Sanders Morris Harris LLC reduced its stake in ONEOK, Inc. by 33.0% during the second quarter, now holding 7,529 shares valued at $615,000.
• ONEOK reported an earnings per share (EPS) of $1.34 for the quarter, surpassing analysts' expectations of $1.33, with revenues significantly higher at $8.21 billion compared to forecasts of $7.20 billion.
• The company announced a quarterly dividend of $1.03 per share, resulting in an annual yield of 6.0%, with a payout ratio of 80.31%.

Sanders Morris Harris LLC lowered its holdings in ONEOK, Inc. (NYSE:OKE - Free Report) by 33.0% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 7,529 shares of the utilities provider's stock after selling 3,701 shares during the quarter. Sanders Morris Harris LLC's holdings in ONEOK were worth $615,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. First Pacific Financial bought a new position in ONEOK in the 1st quarter worth $34,000. Financial Network Wealth Advisors LLC raised its position in shares of ONEOK by 2,466.7% in the 1st quarter. Financial Network Wealth Advisors LLC now owns 385 shares of the utilities provider's stock worth $38,000 after acquiring an additional 370 shares in the last quarter. MorganRosel Wealth Management LLC purchased a new position in shares of ONEOK in the 1st quarter valued at approximately $39,000. Financial Gravity Asset Management Inc. bought a new stake in shares of ONEOK during the first quarter valued at approximately $40,000. Finally, Cheviot Value Management LLC bought a new position in ONEOK in the first quarter worth $46,000. 69.13% of the stock is owned by hedge funds and other institutional investors.

ONEOK Stock Performance

Shares of OKE opened at $68.55 on Tuesday. The company has a market cap of $43.17 billion, a price-to-earnings ratio of 13.36, a P/E/G ratio of 1.67 and a beta of 1.01. The business's fifty day simple moving average is $72.82 and its two-hundred day simple moving average is $78.70. ONEOK, Inc. has a 12 month low of $66.56 and a 12 month high of $118.07. 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 released its quarterly earnings data on Monday, August 4th. The utilities provider reported $1.34 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 analysts' expectations of $7.20 billion. During the same period last year, the firm posted $1.33 earnings per share. ONEOK has set its FY 2025 guidance at 5.370-5.370 EPS. Research analysts anticipate that ONEOK, Inc. will post 5.07 earnings per share for the current fiscal year.

ONEOK Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Monday, November 3rd will be issued a $1.03 dividend. The ex-dividend date is Monday, November 3rd. This represents a $4.12 annualized dividend and a yield of 6.0%. ONEOK's dividend payout ratio (DPR) is currently 80.31%.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Mizuho reduced their target price on shares of ONEOK from $87.00 to $82.00 and set a "neutral" rating on the stock in a research report on Friday, August 29th. Scotiabank set a $92.00 target price on shares of ONEOK and gave the company a "sector outperform" rating in a research note on Tuesday, July 15th. Royal Bank Of Canada dropped their price target on ONEOK from $94.00 to $88.00 and set a "sector perform" rating on the stock in a research report on Wednesday, August 13th. TD Cowen began 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. Finally, Raymond James Financial reissued an "outperform" rating on shares of ONEOK in a research note on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $98.27.

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.

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