SCS Capital Management LLC Takes Position in ONEOK, Inc. $OKE

Key Points

• SCS Capital Management LLC purchased 16,604 shares of ONEOK, Inc. valued at approximately $1,647,000 during the first quarter of 2023.
• ONEOK recently reported a quarterly EPS of $1.34, surpassing analysts' expectations, with revenue reaching $8.21 billion, compared to $7.20 billion anticipated.
• The company has a dividend yield of 5.7% and recently paid a quarterly dividend of $1.03 per share, reflecting a payout ratio of 80.31%.

SCS Capital Management LLC bought a new stake in ONEOK, Inc. (NYSE:OKE - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 16,604 shares of the utilities provider's stock, valued at approximately $1,647,000.

Several other hedge funds also recently modified their holdings of the business. First Pacific Financial bought a new position in ONEOK during the 1st quarter worth approximately $34,000. Vermillion Wealth Management Inc. bought a new position in ONEOK during the 4th quarter worth approximately $37,000. Financial Network Wealth Advisors LLC boosted its stake in ONEOK by 2,466.7% during 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 during the last quarter. MorganRosel Wealth Management LLC bought a new position in ONEOK during the 1st quarter worth approximately $39,000. Finally, Financial Gravity Asset Management Inc. bought a new position in ONEOK during the 1st quarter worth approximately $40,000. Institutional investors own 69.13% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have commented on OKE shares. Mizuho dropped their target price on shares of ONEOK from $87.00 to $82.00 and set a "neutral" rating on the stock in a report on Friday, August 29th. Morgan Stanley dropped their target price on shares of ONEOK from $122.00 to $110.00 and set an "overweight" rating on the stock in a report on Tuesday, August 26th. TD Cowen started coverage on shares of ONEOK in a report on Monday, July 7th. They set a "hold" rating and a $91.00 target price on the stock. 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. Finally, Royal Bank Of Canada dropped their target price on shares of ONEOK from $94.00 to $88.00 and set a "sector perform" rating on the stock in a report on Wednesday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, ONEOK presently has a consensus rating of "Moderate Buy" and a consensus price target of $100.60.

ONEOK Trading Up 0.7%

OKE stock opened at $71.87 on Wednesday. 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 company has a fifty day moving average price of $77.69 and a two-hundred day moving average price of $83.74. ONEOK, Inc. has a one year low of $70.63 and a one year high of $118.07. The stock has a market cap of $45.26 billion, a price-to-earnings ratio of 14.01, a price-to-earnings-growth ratio of 1.70 and a beta of 1.04.

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, topping analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $7.20 billion. During the same period in the previous year, the business posted $1.33 earnings per share. ONEOK has set its FY 2025 guidance at 5.370-5.370 EPS. Equities analysts anticipate that ONEOK, Inc. will post 5.07 EPS for the current year.

ONEOK Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Friday, August 1st were given 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 payout ratio is presently 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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