First Trust Direct Indexing L.P. Sells 938 Shares of ONEOK, Inc. (NYSE:OKE)

Posted by Defense World Staff on Sep 25th, 2023

First Trust Direct Indexing L.P. lowered its stake in ONEOK, Inc. (NYSE:OKE – Free Report) by 9.5% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 8,962 shares of the utilities provider’s stock after selling 938 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in ONEOK were worth $553,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in ONEOK by 2.1% during 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 buying an additional 1,043,147 shares during the last quarter. Moneta Group Investment Advisors LLC boosted its holdings in shares of ONEOK by 118,109.3% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 22,562,603 shares of the utilities provider’s stock worth $1,482,363,000 after purchasing an additional 22,543,516 shares during the period. Deutsche Bank AG grew its stake in shares of ONEOK by 23.0% in the first quarter. Deutsche Bank AG now owns 9,842,832 shares of the utilities provider’s stock worth $625,414,000 after purchasing an additional 1,843,027 shares during the last quarter. Geode Capital Management LLC increased its holdings in ONEOK by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 9,598,273 shares of the utilities provider’s stock valued at $629,512,000 after purchasing an additional 183,626 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in ONEOK by 11.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 9,441,530 shares of the utilities provider’s stock valued at $620,309,000 after purchasing an additional 936,550 shares during the last quarter. Hedge funds and other institutional investors own 68.87% of the company’s stock.

Wall Street Analyst Weigh In

OKE has been the topic of a number of recent analyst reports. StockNews.com lowered ONEOK from a “buy” rating to a “hold” rating in a research report on Wednesday, August 16th. Wells Fargo & Company decreased their price objective on shares of ONEOK from $75.00 to $73.00 and set an “overweight” rating for the company in a report on Friday, August 11th. Raymond James lifted their target price on shares of ONEOK from $75.00 to $78.00 and gave the company an “outperform” rating in a research note on Monday, August 14th. Finally, Truist Financial increased their price target on shares of ONEOK from $66.00 to $68.00 and gave the stock a “buy” rating in a research note on Tuesday, August 1st. Six research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $73.73.

Read Our Latest Research Report on OKE

ONEOK Stock Performance

ONEOK stock opened at $66.19 on Monday. ONEOK, Inc. has a twelve month low of $50.50 and a twelve month high of $71.57. The company has a market capitalization of $29.63 billion, a P/E ratio of 12.21, a PEG ratio of 1.79 and a beta of 1.70. The stock’s 50 day moving average is $65.77 and its 200 day moving average is $63.31. The company has a quick ratio of 0.92, a current ratio of 1.23 and a debt-to-equity ratio of 1.77.

ONEOK (NYSE:OKE – Get Free Report) last announced its quarterly earnings data on Monday, August 7th. The utilities provider reported $1.04 EPS for the quarter, beating the consensus estimate of $1.00 by $0.04. The company had revenue of $3.73 billion for the quarter, compared to the consensus estimate of $4.13 billion. ONEOK had a net margin of 12.68% and a return on equity of 35.84%. During the same period in the prior year, the firm posted $0.92 EPS. On average, equities research analysts predict that ONEOK, Inc. will post 5.63 earnings per share for the current fiscal year.

ONEOK Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 14th. Investors of record on Tuesday, August 1st were given a $0.955 dividend. The ex-dividend date was Monday, July 31st. This represents a $3.82 annualized dividend and a yield of 5.77%. ONEOK’s dividend payout ratio (DPR) is presently 70.48%.

Insiders Place Their Bets

In other ONEOK news, CEO Pierce Norton purchased 24,607 shares of the stock in a transaction dated Thursday, June 29th. The shares were purchased at an average cost of $60.96 per share, with a total value of $1,500,042.72. Following the completion of the acquisition, the chief executive officer now directly owns 42,017 shares in the company, valued at approximately $2,561,356.32. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other ONEOK news, CEO Pierce Norton bought 24,607 shares of the firm’s stock in a transaction on Thursday, June 29th. The stock was acquired at an average price of $60.96 per share, with a total value of $1,500,042.72. Following the transaction, the chief executive officer now owns 42,017 shares in the company, valued at $2,561,356.32. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Brian L. Derksen purchased 4,900 shares of the company’s stock in a transaction dated Wednesday, June 28th. The shares were bought at an average cost of $59.59 per share, for a total transaction of $291,991.00. Following the acquisition, the director now owns 18,700 shares in the company, valued at $1,114,333. The disclosure for this purchase can be found here. Corporate insiders own 0.65% of the company’s stock.

ONEOK Profile

(Free Report)

ONEOK, Inc, together with its subsidiaries, engages in gathering, processing, fractionation, storage, transportation, and marketing of natural gas and natural gas liquids (NGL) in the United States. It operates through three segments: Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines segments.