Avantax Advisory Services Inc. Raises Holdings in ONEOK, Inc. (NYSE:OKE)

by · The Cerbat Gem

Avantax Advisory Services Inc. boosted its stake in shares of ONEOK, Inc. (NYSE:OKE – Free Report) by 30.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 85,940 shares of the utilities provider’s stock after acquiring an additional 19,938 shares during the quarter. Avantax Advisory Services Inc.’s holdings in ONEOK were worth $5,451,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its position in ONEOK by 15.9% during the 2nd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 698,627 shares of the utilities provider’s stock worth $43,119,000 after acquiring an additional 95,725 shares during the period. Kayne Anderson Capital Advisors LP lifted its position in ONEOK by 50.5% during the 2nd quarter. Kayne Anderson Capital Advisors LP now owns 1,841,522 shares of the utilities provider’s stock worth $113,659,000 after acquiring an additional 618,166 shares during the period. Insight Folios Inc acquired a new stake in ONEOK during the 3rd quarter worth approximately $4,998,000. UniSuper Management Pty Ltd acquired a new stake in ONEOK during the 2nd quarter worth approximately $20,006,000. Finally, Sheets Smith Wealth Management lifted its position in ONEOK by 66.0% during the 3rd quarter. Sheets Smith Wealth Management now owns 51,646 shares of the utilities provider’s stock worth $3,276,000 after acquiring an additional 20,535 shares during the period. 68.87% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at ONEOK

In other ONEOK news, Director Eduardo A. Rodriguez sold 800 shares of the business’s stock in a transaction dated Friday, December 22nd. The stock was sold at an average price of $70.29, for a total transaction of $56,232.00. Following the completion of the sale, the director now owns 25,154 shares of the company’s stock, valued at $1,768,074.66. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.65% of the stock is owned by company insiders.

ONEOK Stock Performance

ONEOK stock opened at $68.29 on Friday. The firm has a market capitalization of $39.78 billion, a P/E ratio of 12.53, a PEG ratio of 1.91 and a beta of 1.64. The stock has a fifty day moving average price of $69.42 and a 200 day moving average price of $67.10. ONEOK, Inc. has a 52 week low of $55.91 and a 52 week high of $72.51. The company has a current ratio of 0.97, a quick ratio of 0.66 and a debt-to-equity ratio of 1.32.

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

ONEOK Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, February 14th. Shareholders of record on Tuesday, January 30th will be given a dividend of $0.99 per share. This represents a $3.96 dividend on an annualized basis and a yield of 5.80%. The ex-dividend date is Monday, January 29th. This is an increase from ONEOK’s previous quarterly dividend of $0.96. ONEOK’s payout ratio is 72.66%.

Analyst Ratings Changes

A number of research firms recently weighed in on OKE. Mizuho lifted their price target on ONEOK from $70.00 to $72.00 and gave the company a “neutral” rating in a research note on Friday, October 13th. Truist Financial lifted their price target on ONEOK from $68.00 to $71.00 and gave the company a “hold” rating in a research note on Wednesday. Wolfe Research upgraded ONEOK from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, January 10th. Bank of America upgraded ONEOK from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $72.00 to $83.00 in a research report on Monday, December 4th. Finally, Royal Bank of Canada boosted their price target on ONEOK from $69.00 to $76.00 and gave the stock a “sector perform” rating in a report on Thursday, November 16th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $75.91.

Check Out Our Latest Stock Report on ONEOK

About ONEOK

(Free Report)

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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