Allspring Global Investments Holdings LLC Has $23.94 Million Stake in ONEOK, Inc. (NYSE:OKE)

Allspring Global Investments Holdings LLC increased its position in shares of ONEOK, Inc. (NYSE:OKE) by 48.3% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 293,617 shares of the utilities provider’s stock after purchasing an additional 95,599 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in ONEOK were worth $23,944,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Rise Advisors LLC bought a new position in shares of ONEOK in the 1st quarter valued at $25,000. LifeSteps Financial Inc. acquired a new position in ONEOK during the 1st quarter worth about $26,000. American National Bank acquired a new position in ONEOK during the 1st quarter worth about $32,000. Security National Bank acquired a new position in ONEOK during the 4th quarter worth about $35,000. Finally, Manchester Capital Management LLC lifted its stake in shares of ONEOK by 66.4% in the 1st quarter. Manchester Capital Management LLC now owns 456 shares of the utilities provider’s stock valued at $37,000 after purchasing an additional 182 shares during the period. 69.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on OKE. Morgan Stanley boosted their price objective on ONEOK from $90.00 to $93.00 and gave the company an “equal weight” rating in a research note on Monday, June 10th. Truist Financial upped their target price on ONEOK from $81.00 to $83.00 and gave the company a “hold” rating in a report on Wednesday, July 31st. Royal Bank of Canada upped their target price on ONEOK from $84.00 to $89.00 and gave the company a “sector perform” rating in a report on Thursday, August 22nd. StockNews.com raised ONEOK from a “sell” rating to a “hold” rating in a report on Friday, May 17th. Finally, Tudor Pickering raised ONEOK to a “hold” rating in a report on Thursday, July 18th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $86.58.

ONEOK Stock Down 0.2 %

Shares of OKE stock opened at $88.44 on Wednesday. The company’s fifty day simple moving average is $83.40 and its two-hundred day simple moving average is $79.99. The company has a quick ratio of 0.41, a current ratio of 0.62 and a debt-to-equity ratio of 1.22. The stock has a market cap of $51.62 billion, a P/E ratio of 20.57, a PEG ratio of 4.42 and a beta of 1.65. ONEOK, Inc. has a 52 week low of $60.58 and a 52 week high of $89.28.

ONEOK (NYSE:OKE) last issued its quarterly earnings results on Monday, August 5th. The utilities provider reported $1.33 EPS for the quarter, beating the consensus estimate of $1.21 by $0.12. The company had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $5.52 billion. ONEOK had a net margin of 13.41% and a return on equity of 15.54%. During the same period in the prior year, the firm posted $1.04 EPS. Analysts predict that ONEOK, Inc. will post 4.98 EPS for the current fiscal year.

ONEOK Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Thursday, August 1st were paid a $0.99 dividend. The ex-dividend date of this dividend was Thursday, August 1st. This represents a $3.96 dividend on an annualized basis and a yield of 4.48%. ONEOK’s dividend payout ratio is currently 92.09%.

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.