Reaves W H & Co. Inc. Buys 42,762 Shares of ONEOK, Inc. (NYSE:OKE)

Reaves W H & Co. Inc. raised its stake in shares of ONEOK, Inc. (NYSE:OKE - Free Report) by 17.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 290,934 shares of the utilities provider's stock after purchasing an additional 42,762 shares during the quarter. Reaves W H & Co. Inc.'s holdings in ONEOK were worth $20,429,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Fifth Third Bancorp lifted its position in ONEOK by 16.2% in the 4th quarter. Fifth Third Bancorp now owns 21,800 shares of the utilities provider's stock worth $1,531,000 after buying an additional 3,032 shares during the last quarter. Kestra Private Wealth Services LLC boosted its stake in shares of ONEOK by 26.6% in the 4th quarter. Kestra Private Wealth Services LLC now owns 24,568 shares of the utilities provider's stock valued at $1,725,000 after purchasing an additional 5,167 shares in the last quarter. ELCO Management Co. LLC grew its holdings in shares of ONEOK by 102.3% during the 3rd quarter. ELCO Management Co. LLC now owns 26,432 shares of the utilities provider's stock valued at $1,677,000 after purchasing an additional 13,367 shares during the last quarter. Federated Hermes Inc. raised its position in ONEOK by 31.6% in the 4th quarter. Federated Hermes Inc. now owns 160,596 shares of the utilities provider's stock worth $11,277,000 after purchasing an additional 38,560 shares during the period. Finally, Meiji Yasuda Asset Management Co Ltd. lifted its stake in ONEOK by 11.4% in the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 7,729 shares of the utilities provider's stock worth $490,000 after purchasing an additional 790 shares during the last quarter. Hedge funds and other institutional investors own 69.13% of the company's stock.

Insider Transactions at ONEOK

In related news, Director Wayne Thomas Smith acquired 2,700 shares of the stock in a transaction on Friday, March 1st. The stock was acquired at an average price of $75.25 per share, for a total transaction of $203,175.00. Following the completion of the purchase, the director now owns 2,700 shares of the company's stock, valued at $203,175. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.20% of the company's stock.

ONEOK Stock Up 0.0 %

Shares of OKE traded up $0.03 on Friday, reaching $80.07. The stock had a trading volume of 1,695,172 shares, compared to its average volume of 2,837,065. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.48 and a current ratio of 0.70. ONEOK, Inc. has a 12-month low of $55.91 and a 12-month high of $81.81. The firm has a market capitalization of $46.73 billion, a price-to-earnings ratio of 18.62, a price-to-earnings-growth ratio of 4.18 and a beta of 1.64. The company has a 50-day simple moving average of $78.71 and a 200-day simple moving average of $72.28.

ONEOK (NYSE:OKE - Get Free Report) last announced its earnings results on Tuesday, April 30th. The utilities provider reported $1.09 EPS for the quarter, beating analysts' consensus estimates of $1.06 by $0.03. The firm had revenue of $4.78 billion for the quarter, compared to analysts' expectations of $5.84 billion. ONEOK had a net margin of 12.54% and a return on equity of 15.94%. During the same quarter in the previous year, the business posted $2.34 EPS. Sell-side analysts predict that ONEOK, Inc. will post 4.95 EPS for the current year.

ONEOK announced that its board has approved a share buyback program on Wednesday, January 17th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the utilities provider to buy up to 4.9% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its shares are undervalued.

ONEOK Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Wednesday, May 1st will be issued a dividend of $0.99 per share. The ex-dividend date is Tuesday, April 30th. This represents a $3.96 annualized dividend and a dividend yield of 4.95%. ONEOK's payout ratio is 92.09%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on OKE shares. JPMorgan Chase & Co. raised their price objective on ONEOK from $88.00 to $89.00 and gave the company an "overweight" rating in a research note on Friday, May 3rd. US Capital Advisors lowered ONEOK from an "overweight" rating to a "hold" rating in a research note on Wednesday, March 20th. Truist Financial upped their price target on shares of ONEOK from $71.00 to $81.00 and gave the company a "hold" rating in a report on Thursday, March 21st. Barclays increased their price target on shares of ONEOK from $73.00 to $80.00 and gave the company an "equal weight" rating in a research report on Thursday, March 7th. Finally, UBS Group upped their price objective on shares of ONEOK from $80.00 to $87.00 and gave the company a "buy" rating in a research note on Tuesday, February 27th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $83.58.

About ONEOK

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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