Castle Rock Wealth Management LLC Raises Holdings in ONEOK, Inc. (NYSE:OKE)

Castle Rock Wealth Management LLC boosted its stake in ONEOK, Inc. (NYSE:OKE) by 18.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,078 shares of the utilities provider’s stock after purchasing an additional 1,271 shares during the period. Castle Rock Wealth Management LLC’s holdings in ONEOK were worth $768,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of OKE. Wellington Management Group LLP raised its holdings 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 buying an additional 1,128,066 shares during the last quarter. M&G Plc purchased a new stake in shares of ONEOK during the first quarter worth about $77,634,000. Kayne Anderson Capital Advisors LP grew its stake in shares of ONEOK by 28.7% in the first quarter. Kayne Anderson Capital Advisors LP now owns 3,705,367 shares of the utilities provider’s stock worth $297,059,000 after purchasing an additional 825,464 shares during the last quarter. Bahl & Gaynor Inc. increased its stake in shares of ONEOK by 3,648.4% during the second quarter. Bahl & Gaynor Inc. now owns 514,954 shares of the utilities provider’s stock valued at $41,995,000 after buying an additional 501,216 shares during the period. Finally, Cetera Investment Advisers increased its position in ONEOK by 370.1% during the 1st quarter. Cetera Investment Advisers now owns 615,276 shares of the utilities provider’s stock valued at $49,327,000 after purchasing an additional 484,403 shares during the period. Institutional investors own 69.13% of the company’s stock.

ONEOK Stock Up 0.8 %

OKE stock traded up $0.74 during midday trading on Friday, hitting $95.43. The company’s stock had a trading volume of 873,334 shares, compared to its average volume of 2,743,623. The firm’s 50-day moving average is $90.11 and its 200-day moving average is $83.95. The company has a current ratio of 0.62, a quick ratio of 0.41 and a debt-to-equity ratio of 1.22. ONEOK, Inc. has a 12 month low of $63.33 and a 12 month high of $96.05. The company has a market cap of $55.74 billion, a PE ratio of 20.63, a P/E/G ratio of 4.68 and a beta of 1.67.

ONEOK (NYSE:OKE) last released its quarterly earnings data on Monday, August 5th. The utilities provider reported $1.33 EPS for the quarter, beating the consensus estimate of $1.21 by $0.12. ONEOK had a return on equity of 15.54% and a net margin of 13.41%. The company had revenue of $4.89 billion for the quarter, compared to analysts’ expectations of $5.52 billion. During the same period last year, the firm posted $1.04 earnings per share. On average, equities research analysts forecast that ONEOK, Inc. will post 5.09 earnings per share for the current fiscal year.

ONEOK Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Thursday, August 1st were issued a $0.99 dividend. This represents a $3.96 annualized dividend and a yield of 4.15%. The ex-dividend date of this dividend was Thursday, August 1st. ONEOK’s dividend payout ratio is currently 86.27%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on OKE shares. JPMorgan Chase & Co. lifted their target price on shares of ONEOK from $89.00 to $92.00 and gave the company an “overweight” rating in a research note on Wednesday, June 26th. Wells Fargo & Company lifted their price objective on ONEOK from $91.00 to $100.00 and gave the company an “overweight” rating in a research report on Friday, August 30th. Mizuho raised their target price on ONEOK from $81.00 to $85.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Citigroup upped their price target on ONEOK from $85.00 to $102.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. Finally, Truist Financial raised their price objective on ONEOK from $81.00 to $83.00 and gave the company a “hold” rating in a research report on Wednesday, July 31st. Eight research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $92.38.

Insiders Place Their Bets

In related news, Director Pattye L. Moore sold 3,379 shares of ONEOK stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $92.01, for a total value of $310,901.79. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.20% of the stock is currently owned by insiders.

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.