State Street Corp Acquires 2,059,368 Shares of ONEOK, Inc. $OKE

Key Points

• State Street increased its ONEOK stake by 5%, acquiring 2.06 million additional shares to hold 43.63 million shares, or 6.92% of the company. Institutional investors collectively own 69.13% of ONEOK.
• Analyst sentiment remains mixed but generally favorable: ONEOK has an average rating of “Hold” and an average price target of $96.88, with recent upgrades and higher targets from several firms.
• ONEOK reported quarterly EPS of $1.53, beating estimates of $1.46, and revenue of $12.05 billion. The company pays a quarterly dividend of $1.07 per share, equivalent to a 4.7% yield and $4.28 annualized.

State Street Corp boosted its stake in shares of ONEOK, Inc. (NYSE:OKE - Free Report) by 5.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 43,633,749 shares of the utilities provider's stock after acquiring an additional 2,059,368 shares during the period. State Street Corp owned 6.92% of ONEOK worth $3,793,518,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Capital International Investors acquired a new stake in shares of ONEOK in the 4th quarter valued at approximately $586,500,000. Norges Bank bought a new stake in shares of ONEOK during the fourth quarter worth $564,867,000. BlackRock Inc. increased its holdings in shares of ONEOK by 8.7% during the second quarter. BlackRock Inc. now owns 64,537,467 shares of the utilities provider's stock worth $5,610,887,000 after buying an additional 5,148,768 shares in the last quarter. Legal & General Group Plc acquired a new position in shares of ONEOK during the second quarter worth $389,985,000. Finally, Kayne Anderson Capital Advisors LP bought a new position in shares of ONEOK in the 2nd quarter valued at $335,958,000. 69.13% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Freedom Capital upgraded ONEOK from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 5th. Wall Street Zen upgraded ONEOK from a "sell" rating to a "hold" rating in a research report on Sunday, August 9th. Stifel Nicolaus started coverage on ONEOK in a research note on Thursday, September 10th. They set a "hold" rating and a $105.00 price target on the stock. Citigroup boosted their price target on ONEOK from $97.00 to $108.00 and gave the stock a "buy" rating in a report on Thursday, September 3rd. Finally, Truist Financial upped their price objective on ONEOK from $93.00 to $104.00 and gave the company a "hold" rating in a research note on Wednesday, September 2nd. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and twelve have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $96.88.

ONEOK Trading Down 1.7%

NYSE OKE opened at $90.26 on Wednesday. The firm has a market capitalization of $56.90 billion, a PE ratio of 15.56, a price-to-earnings-growth ratio of 2.61 and a beta of 0.74. The business's 50-day moving average price is $92.96 and its two-hundred day moving average price is $89.93. The company has a current ratio of 0.74, a quick ratio of 0.59 and a debt-to-equity ratio of 1.34. ONEOK, Inc. has a 12 month low of $64.02 and a 12 month high of $99.85.

ONEOK (NYSE:OKE - Get Free Report) last posted its quarterly earnings data on Monday, August 3rd. The utilities provider reported $1.53 EPS for the quarter, topping analysts' consensus estimates of $1.46 by $0.07. The company had revenue of $12.05 billion for the quarter, compared to analyst estimates of $8.95 billion. ONEOK had a return on equity of 16.41% and a net margin of 9.29%.During the same period in the previous year, the firm earned $1.34 earnings per share. ONEOK has set its FY 2026 guidance at 5.680-5.680 EPS. On average, analysts expect that ONEOK, Inc. will post 5.74 EPS for the current year.

ONEOK Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Monday, August 3rd were given a dividend of $1.07 per share. The ex-dividend date was Monday, August 3rd. This represents a $4.28 annualized dividend and a dividend yield of 4.7%. ONEOK's dividend payout ratio is 73.79%.

ONEOK Profile

ONEOK, Inc NYSE: OKE is an energy infrastructure company that gathers, processes, stores and transports natural gas and natural gas liquids (NGLs). Its operations connect production areas with domestic and international markets through pipelines, processing facilities, fractionation plants, storage assets and export infrastructure.

The company's services include natural gas gathering and processing, interstate and intrastate natural gas transportation and storage, and the gathering, fractionation, storage and transportation of NGLs such as ethane, propane, normal butane, isobutane and natural gasoline.

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