Hennion & Walsh Asset Management Inc. Grows Stock Position in ONEOK, Inc. (NYSE:OKE)

Posted by Defense World Staff on Mar 22nd, 2023

Hennion & Walsh Asset Management Inc. increased its position in shares of ONEOK, Inc. (NYSE:OKE – Get Rating) by 6.6% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 27,579 shares of the utilities provider’s stock after buying an additional 1,703 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in ONEOK were worth $1,812,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in OKE. Cowa LLC raised its position in shares of ONEOK by 9,775.0% during the 1st quarter. Cowa LLC now owns 5,324,428 shares of the utilities provider’s stock valued at $3,761,000 after buying an additional 5,270,510 shares during the period. Vanguard Group Inc. increased its holdings in ONEOK by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 51,774,594 shares of the utilities provider’s stock valued at $3,656,839,000 after purchasing an additional 1,043,147 shares during the last quarter. Macquarie Group Ltd. increased its holdings in ONEOK by 438.2% in the 2nd quarter. Macquarie Group Ltd. now owns 1,001,030 shares of the utilities provider’s stock valued at $41,292,000 after purchasing an additional 815,023 shares during the last quarter. Legal & General Group Plc increased its holdings in ONEOK by 16.6% in the 2nd quarter. Legal & General Group Plc now owns 4,269,008 shares of the utilities provider’s stock valued at $236,930,000 after purchasing an additional 607,191 shares during the last quarter. Finally, Ensign Peak Advisors Inc increased its holdings in ONEOK by 266.7% in the 1st quarter. Ensign Peak Advisors Inc now owns 802,200 shares of the utilities provider’s stock valued at $56,659,000 after purchasing an additional 583,454 shares during the last quarter. Hedge funds and other institutional investors own 67.16% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on OKE shares. Mizuho lifted their target price on shares of ONEOK from $66.00 to $70.00 and gave the company a “neutral” rating in a report on Thursday, March 2nd. Scotiabank began coverage on shares of ONEOK in a research note on Thursday, March 2nd. They issued a “sector perform” rating and a $74.00 price target for the company. Citigroup began coverage on shares of ONEOK in a research note on Thursday, December 8th. They issued a “neutral” rating and a $67.00 price target for the company. Truist Financial boosted their price target on shares of ONEOK from $69.00 to $73.00 and gave the stock a “buy” rating in a research note on Wednesday, December 21st. Finally, StockNews.com began coverage on shares of ONEOK in a research note on Thursday, March 16th. They issued a “hold” rating for the company. Seven research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $73.44.

ONEOK Stock Performance

Shares of OKE stock opened at $61.87 on Wednesday. The company has a current ratio of 0.83, a quick ratio of 0.64 and a debt-to-equity ratio of 1.96. The firm has a fifty day moving average price of $67.44 and a 200 day moving average price of $63.38. The company has a market cap of $27.67 billion, a P/E ratio of 16.15, a PEG ratio of 1.29 and a beta of 1.68. ONEOK, Inc. has a 12 month low of $50.50 and a 12 month high of $75.07.

ONEOK (NYSE:OKE – Get Rating) last issued its earnings results on Monday, February 27th. The utilities provider reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.06. The firm had revenue of $5.03 billion during the quarter, compared to the consensus estimate of $6.03 billion. ONEOK had a net margin of 7.69% and a return on equity of 27.65%. The company’s revenue was down 7.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.85 earnings per share. Sell-side analysts predict that ONEOK, Inc. will post 5.28 earnings per share for the current fiscal year.

ONEOK Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, February 14th. Investors of record on Monday, January 30th were given a $0.955 dividend. The ex-dividend date of this dividend was Friday, January 27th. This is a boost from ONEOK’s previous quarterly dividend of $0.94. This represents a $3.82 dividend on an annualized basis and a yield of 6.17%. ONEOK’s payout ratio is 99.74%.

ONEOK Profile

(Get Rating)

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.