Colonial River Wealth Management LLC Purchases New Position in ONEOK, Inc. (NYSE:OKE)

23 Jan 2024, 11:00 by Scott Moore · The Cerbat Gem

Colonial River Wealth Management LLC purchased a new stake in ONEOK, Inc. (NYSE:OKE – Free Report) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 4,186 shares of the utilities provider’s stock, valued at approximately $266,000.

A number of other large investors have also recently modified their holdings of OKE. Peoples Bank KS purchased a new stake in ONEOK during the third quarter worth $25,000. Quent Capital LLC lifted its holdings in shares of ONEOK by 97.7% during the 3rd quarter. Quent Capital LLC now owns 437 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 216 shares during the last quarter. Resurgent Financial Advisors LLC acquired a new position in shares of ONEOK in the 4th quarter valued at $29,000. Worth Asset Management LLC acquired a new position in shares of ONEOK in the 1st quarter valued at $30,000. Finally, Quarry LP acquired a new position in shares of ONEOK in the 1st quarter valued at $31,000. Hedge funds and other institutional investors own 68.87% of the company’s stock.

ONEOK Trading Down 0.4 %

Shares of NYSE OKE traded down $0.28 during midday trading on Tuesday, reaching $69.10. 382,884 shares of the stock were exchanged, compared to its average volume of 3,160,761. ONEOK, Inc. has a twelve month low of $55.91 and a twelve month high of $72.51. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.66 and a current ratio of 0.97. The company has a 50 day simple moving average of $68.93 and a 200 day simple moving average of $66.77. The stock has a market capitalization of $40.25 billion, a P/E ratio of 12.73, a PEG ratio of 1.89 and a beta of 1.67.

ONEOK (NYSE:OKE – Get Free Report) last posted its earnings results on Tuesday, October 31st. The utilities provider reported $0.99 earnings per share for the quarter, missing the consensus estimate of $1.02 by ($0.03). The company had revenue of $4.19 billion during the quarter, compared to analyst estimates of $4.96 billion. ONEOK had a net margin of 14.05% and a return on equity of 26.44%. During the same quarter last year, the business posted $0.96 EPS. As a group, equities analysts expect that ONEOK, Inc. will post 5.47 earnings per share for the current year.

ONEOK declared that its Board of Directors has authorized a stock repurchase program on Wednesday, January 17th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the utilities provider to repurchase up to 4.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

ONEOK Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 14th. Stockholders of record on Tuesday, January 30th will be given a dividend of $0.99 per share. This is a boost from ONEOK’s previous quarterly dividend of $0.96. This represents a $3.96 annualized dividend and a dividend yield of 5.73%. The ex-dividend date of this dividend is Monday, January 29th. ONEOK’s payout ratio is 70.09%.

Insider Transactions at ONEOK

In related news, Director Eduardo A. Rodriguez sold 800 shares of the business’s stock in a transaction on Friday, December 22nd. The shares were sold at an average price of $70.29, for a total value of $56,232.00. Following the completion of the sale, the director now directly owns 25,154 shares of the company’s stock, valued at $1,768,074.66. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.29% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. StockNews.com assumed coverage on ONEOK in a research report on Thursday, October 5th. They issued a “hold” rating on the stock. Scotiabank raised ONEOK from a “sector perform” rating to an “outperform” rating in a research report on Monday, October 2nd. Truist Financial cut ONEOK from a “buy” rating to a “hold” rating and set a $68.00 target price on the stock. in a research report on Thursday, November 2nd. Pickering Energy Partners initiated coverage on ONEOK in a research report on Tuesday, October 3rd. They set an “underperform” rating on the stock. Finally, Wolfe Research upgraded ONEOK from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, January 10th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $75.64.

Read Our Latest Research Report on OKE

ONEOK Company Profile

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