MML Investors Services LLC Raises Stock Position in ONEOK, Inc. (NYSE:OKE)

Posted by on Mar 2nd, 2023

MML Investors Services LLC raised its stake in shares of ONEOK, Inc. (NYSE:OKE – Get Rating) by 27.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 29,702 shares of the utilities provider’s stock after purchasing an additional 6,339 shares during the quarter. MML Investors Services LLC’s holdings in ONEOK were worth $1,522,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. First Command Bank grew its position in shares of ONEOK by 401.0% in the 2nd quarter. First Command Bank now owns 491 shares of the utilities provider’s stock worth $27,000 after buying an additional 393 shares during the period. Worth Asset Management LLC purchased a new stake in shares of ONEOK in the 1st quarter worth about $30,000. EdgeRock Capital LLC purchased a new stake in shares of ONEOK in the 3rd quarter worth about $31,000. Heritage Wealth Management LLC purchased a new stake in shares of ONEOK in the 2nd quarter worth about $36,000. Finally, Ronald Blue Trust Inc. purchased a new stake in shares of ONEOK in the 2nd quarter worth about $36,000. 67.16% of the stock is owned by hedge funds and other institutional investors.

ONEOK Price Performance

Shares of NYSE:OKE opened at $66.16 on Thursday. The firm’s 50 day moving average price is $67.84 and its 200-day moving average price is $63.31. ONEOK, Inc. has a twelve month low of $50.50 and a twelve month high of $75.07. The company has a quick ratio of 0.50, a current ratio of 0.83 and a debt-to-equity ratio of 1.96. The stock has a market capitalization of $29.57 billion, a PE ratio of 17.27, a price-to-earnings-growth ratio of 1.60 and a beta of 1.68.

ONEOK (NYSE:OKE – Get Rating) last issued its quarterly earnings data on Monday, February 27th. The utilities provider reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.06. ONEOK had a net margin of 7.69% and a return on equity of 27.65%. The firm had revenue of $5.03 billion for the quarter, compared to analysts’ expectations of $6.03 billion. During the same quarter in the prior year, the business earned $0.85 EPS. The business’s quarterly revenue was down 7.2% on a year-over-year basis. Equities research analysts expect that ONEOK, Inc. will post 4.67 EPS for the current year.

ONEOK Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, February 14th. Stockholders of record on Monday, January 30th were paid a $0.955 dividend. This represents a $3.82 annualized dividend and a dividend yield of 5.77%. The ex-dividend date of this dividend was Friday, January 27th. This is a boost from ONEOK’s previous quarterly dividend of $0.94. ONEOK’s dividend payout ratio is 99.74%.

Wall Street Analysts Forecast Growth

OKE has been the topic of several recent analyst reports. Wells Fargo & Company raised shares of ONEOK from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $68.00 to $75.00 in a research report on Friday, December 16th. JPMorgan Chase & Co. raised shares of ONEOK from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $71.00 to $75.00 in a research report on Tuesday, January 10th. Truist Financial increased their price objective on shares of ONEOK from $69.00 to $73.00 and gave the company a “buy” rating in a research report on Wednesday, December 21st. Morgan Stanley increased their price objective on shares of ONEOK from $70.00 to $81.00 and gave the company an “equal weight” rating in a research report on Monday, January 9th. Finally, Barclays increased their price objective on shares of ONEOK from $59.00 to $71.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 18th. Eight equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, ONEOK presently has an average rating of “Hold” and a consensus target price of $71.30.

ONEOK Company Profile

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ONEOK, Inc engages in gathering, processing, fractionating, transporting, storing and marketing of natural gas. It operates through the following segments: Natural Gas Gathering and Processing, Natural Gas Liquids and Natural Gas Pipelines. The Natural Gas Gathering and Processing segment offers midstream services to producers in North Dakota, Montana, Wyoming, Kansas and Oklahoma.

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Institutional Ownership by Quarter for ONEOK (NYSE:OKE)

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