SummitTX Capital L.P. Invests $1.50 Million in ONEOK, Inc. $OKE

Key Points

• SummitTX Capital purchased 16,607 ONEOK shares worth approximately $1.5 million in the first quarter. Institutional investors and hedge funds collectively own 69.13% of the company.
• Analysts remain broadly cautious, with a consensus “Hold” rating and an average price target of $91.81. Recent targets range from $90 to $93, while ONEOK shares recently opened at $90.03.
• ONEOK reported quarterly earnings of $1.23 per share, below the $1.30 consensus estimate, but revenue of $9.62 billion exceeded expectations. The company declared a quarterly dividend of $1.07 per share, representing an annualized yield of about 4.8%.

SummitTX Capital L.P. purchased a new position in shares of ONEOK, Inc. (NYSE:OKE - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 16,607 shares of the utilities provider's stock, valued at approximately $1,501,000.

Several other large investors have also recently added to or reduced their stakes in the stock. Zions Bancorporation National Association UT grew its holdings in shares of ONEOK by 73.3% during the 4th quarter. Zions Bancorporation National Association UT now owns 338 shares of the utilities provider's stock valued at $25,000 after acquiring an additional 143 shares in the last quarter. Elyxium Wealth LLC purchased a new stake in shares of ONEOK during the fourth quarter worth $29,000. Cornerstone Financial Management LLC acquired a new stake in ONEOK during the fourth quarter valued at $29,000. SRH Advisors LLC boosted its position in ONEOK by 122.3% during the fourth quarter. SRH Advisors LLC now owns 438 shares of the utilities provider's stock valued at $32,000 after purchasing an additional 241 shares during the last quarter. Finally, Portus Wealth Advisors LLC purchased a new position in ONEOK in the first quarter valued at about $33,000. Institutional investors and hedge funds own 69.13% of the company's stock.

Analysts Set New Price Targets

OKE has been the subject of a number of recent research reports. Wall Street Zen raised ONEOK from a "sell" rating to a "hold" rating in a research note on Tuesday, May 26th. JPMorgan Chase & Co. boosted their price target on ONEOK from $91.00 to $92.00 and gave the company a "neutral" rating in a research note on Friday, May 8th. Truist Financial increased their price objective on ONEOK from $91.00 to $93.00 and gave the stock a "hold" rating in a report on Monday, May 4th. TD Cowen raised their price objective on shares of ONEOK from $85.00 to $90.00 and gave the company a "hold" rating in a research report on Thursday, July 16th. Finally, Royal Bank Of Canada lifted their target price on shares of ONEOK from $84.00 to $90.00 and gave the company a "sector perform" rating in a research note on Tuesday, July 21st. Seven investment analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $91.81.

ONEOK Price Performance

Shares of OKE stock opened at $90.03 on Thursday. The stock has a 50 day moving average of $89.23 and a two-hundred day moving average of $86.43. The company has a current ratio of 0.71, a quick ratio of 0.56 and a debt-to-equity ratio of 1.37. ONEOK, Inc. has a 12 month low of $64.02 and a 12 month high of $96.07. The company has a market capitalization of $56.73 billion, a P/E ratio of 16.05, a P/E/G ratio of 4.80 and a beta of 0.73.

ONEOK (NYSE:OKE - Get Free Report) last announced its quarterly earnings data on Tuesday, April 28th. The utilities provider reported $1.23 earnings per share for the quarter, missing the consensus estimate of $1.30 by ($0.07). The firm had revenue of $9.62 billion for the quarter, compared to analyst estimates of $8.23 billion. ONEOK had a return on equity of 16.06% and a net margin of 10.03%.During the same period in the previous year, the business posted $1.04 EPS. As a group, equities analysts expect that ONEOK, Inc. will post 5.65 EPS for the current year.

ONEOK Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Monday, August 3rd will be paid a dividend of $1.07 per share. The ex-dividend date is Monday, August 3rd. This represents a $4.28 dividend on an annualized basis and a yield of 4.8%. ONEOK's payout ratio is currently 76.29%.

ONEOK Company Profile

ONEOK, Inc NYSE: OKE is a publicly traded midstream energy company headquartered in Tulsa, Oklahoma. The company owns and operates a portfolio of natural gas and natural gas liquids (NGL) pipelines, processing facilities, fractionators and storage and terminal assets. Its operations are focused on gathering, processing, transporting, fractionating and marketing NGLs and interstate natural gas, providing critical infrastructure that connects hydrocarbon production to refineries, petrochemical plants and other end markets.

ONEOK's asset base includes pipeline systems and processing plants that move and condition natural gas, along with infrastructure for the transportation, storage and fractionation of NGLs such as ethane, propane and butane.

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