Forefront Wealth Management Inc. Invests $4.41 Million in ONEOK, Inc. (NYSE:OKE)

Forefront Wealth Management Inc. bought a new position in ONEOK, Inc. (NYSE:OKE) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 43,927 shares of the utilities provider’s stock, valued at approximately $4,410,000. ONEOK comprises 4.1% of Forefront Wealth Management Inc.’s holdings, making the stock its 8th biggest holding.

A number of other hedge funds have also recently modified their holdings of OKE. Empowered Funds LLC boosted its stake in shares of ONEOK by 8.8% in the third quarter. Empowered Funds LLC now owns 9,884 shares of the utilities provider’s stock worth $901,000 after buying an additional 797 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in ONEOK by 1.5% during the third quarter. PNC Financial Services Group Inc. now owns 192,611 shares of the utilities provider’s stock worth $17,553,000 after purchasing an additional 2,921 shares in the last quarter. Jennison Associates LLC boosted its position in ONEOK by 1.0% during the third quarter. Jennison Associates LLC now owns 423,270 shares of the utilities provider’s stock worth $38,573,000 after purchasing an additional 4,157 shares in the last quarter. Citizens Financial Group Inc. RI boosted its position in ONEOK by 25.3% during the third quarter. Citizens Financial Group Inc. RI now owns 11,409 shares of the utilities provider’s stock worth $1,040,000 after purchasing an additional 2,307 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its position in ONEOK by 10.3% during the third quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 71,918 shares of the utilities provider’s stock worth $6,554,000 after purchasing an additional 6,713 shares in the last quarter. Hedge funds and other institutional investors own 69.13% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Wolfe Research upgraded ONEOK from a “peer perform” rating to an “outperform” rating and set a $110.00 price target on the stock in a research report on Monday, February 10th. Truist Financial increased their price target on ONEOK from $99.00 to $107.00 and gave the stock a “hold” rating in a research report on Tuesday, December 3rd. US Capital Advisors upgraded ONEOK from a “moderate buy” rating to a “strong-buy” rating in a research report on Monday, February 3rd. Barclays lowered their price target on ONEOK from $105.00 to $101.00 and set an “equal weight” rating on the stock in a research report on Friday, March 7th. Finally, Wells Fargo & Company decreased their target price on ONEOK from $107.00 to $102.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 26th. Seven research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $103.31.

ONEOK Trading Down 1.2 %

OKE opened at $99.45 on Friday. ONEOK, Inc. has a 52 week low of $76.23 and a 52 week high of $118.07. The business has a fifty day simple moving average of $98.94 and a 200-day simple moving average of $99.80. The firm has a market cap of $62.09 billion, a P/E ratio of 20.81, a P/E/G ratio of 3.77 and a beta of 1.70. The company has a quick ratio of 0.59, a current ratio of 0.81 and a debt-to-equity ratio of 1.59.

ONEOK (NYSE:OKE) last released its quarterly earnings results on Monday, February 24th. The utilities provider reported $1.57 EPS for the quarter, topping the consensus estimate of $1.46 by $0.11. ONEOK had a return on equity of 16.84% and a net margin of 14.05%. The business had revenue of $7 billion during the quarter, compared to analyst estimates of $6.18 billion. On average, equities analysts expect that ONEOK, Inc. will post 5.07 earnings per share for the current year.

ONEOK Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Monday, February 3rd were issued a $1.03 dividend. The ex-dividend date was Monday, February 3rd. This is a positive change from ONEOK’s previous quarterly dividend of $0.99. This represents a $4.12 dividend on an annualized basis and a yield of 4.14%. ONEOK’s dividend payout ratio (DPR) is 79.69%.

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.