Ridgewood Investments LLC Acquires New Position in ONEOK, Inc. (NYSE:OKE)

Ridgewood Investments LLC acquired a new stake in shares of ONEOK, Inc. (NYSE:OKE) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 385 shares of the utilities provider’s stock, valued at approximately $31,000.

Several other institutional investors and hedge funds have also modified their holdings of OKE. Norges Bank bought a new stake in shares of ONEOK during the 4th quarter worth $297,948,000. Charles Schwab Investment Management Inc. increased its stake in shares of ONEOK by 21.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 12,408,725 shares of the utilities provider’s stock worth $871,341,000 after purchasing an additional 2,153,295 shares during the period. First Eagle Investment Management LLC lifted its position in shares of ONEOK by 77.9% during the 4th quarter. First Eagle Investment Management LLC now owns 3,086,559 shares of the utilities provider’s stock worth $216,738,000 after purchasing an additional 1,351,626 shares during the last quarter. Wellington Management Group LLP boosted its stake in ONEOK by 2,643.5% during the 4th quarter. Wellington Management Group LLP now owns 1,170,739 shares of the utilities provider’s stock valued at $82,209,000 after purchasing an additional 1,128,066 shares during the period. Finally, M&G Plc bought a new position in ONEOK in the 1st quarter worth approximately $77,634,000. Institutional investors and hedge funds own 69.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on OKE shares. Wells Fargo & Company increased their price target on shares of ONEOK from $91.00 to $100.00 and gave the company an “overweight” rating in a report on Friday. JPMorgan Chase & Co. boosted their price target on ONEOK from $89.00 to $92.00 and gave the company an “overweight” rating in a research note on Wednesday, June 26th. Royal Bank of Canada raised their price objective on ONEOK from $84.00 to $89.00 and gave the stock a “sector perform” rating in a research report on Thursday, August 22nd. Truist Financial upped their target price on ONEOK from $81.00 to $83.00 and gave the company a “hold” rating in a research note on Wednesday, July 31st. Finally, Mizuho lifted their price target on shares of ONEOK from $81.00 to $85.00 and gave the stock a “neutral” rating in a research note on Friday, July 26th. One equities 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 company’s stock. According to MarketBeat.com, ONEOK currently has an average rating of “Hold” and an average price target of $88.46.

ONEOK Stock Performance

NYSE:OKE traded up $1.35 on Friday, hitting $91.50. The company’s stock had a trading volume of 937,865 shares, compared to its average volume of 2,733,867. The company has a current ratio of 0.62, a quick ratio of 0.41 and a debt-to-equity ratio of 1.22. The stock has a fifty day moving average of $83.73 and a two-hundred day moving average of $80.18. ONEOK, Inc. has a one year low of $60.58 and a one year high of $91.97. The firm has a market capitalization of $53.40 billion, a P/E ratio of 21.28, a price-to-earnings-growth ratio of 4.42 and a beta of 1.65.

ONEOK (NYSE:OKE) last posted its quarterly earnings data on Monday, August 5th. The utilities provider reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. The firm had revenue of $4.89 billion during 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 quarter in the previous year, the firm posted $1.04 EPS. Research analysts predict that ONEOK, Inc. will post 4.98 earnings per share for the current year.

ONEOK Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Thursday, August 1st were given a $0.99 dividend. This represents a $3.96 annualized dividend and a dividend yield of 4.33%. The ex-dividend date was Thursday, August 1st. ONEOK’s payout ratio is presently 92.09%.

ONEOK Company Profile

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.