National Bank of Canada FI Increases Stock Position in ONEOK, Inc. (NYSE:OKE)

National Bank of Canada FI boosted its position in ONEOK, Inc. (NYSE:OKE) by 9.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 401,309 shares of the utilities provider’s stock after acquiring an additional 35,021 shares during the period. National Bank of Canada FI owned 0.07% of ONEOK worth $28,706,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of OKE. Vanguard Group Inc. increased its holdings in ONEOK by 10.3% during the 3rd quarter. Vanguard Group Inc. now owns 59,237,038 shares of the utilities provider’s stock valued at $3,757,405,000 after purchasing an additional 5,525,010 shares during the period. Deutsche Bank AG increased its stake in shares of ONEOK by 37.7% during the third quarter. Deutsche Bank AG now owns 13,292,341 shares of the utilities provider’s stock valued at $843,133,000 after buying an additional 3,636,660 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of ONEOK by 9.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 10,255,430 shares of the utilities provider’s stock valued at $650,502,000 after acquiring an additional 889,110 shares in the last quarter. Morgan Stanley lifted its stake in ONEOK by 20.3% in the third quarter. Morgan Stanley now owns 8,660,013 shares of the utilities provider’s stock worth $549,305,000 after acquiring an additional 1,458,392 shares during the period. Finally, Invesco Ltd. boosted its holdings in ONEOK by 65.9% in the third quarter. Invesco Ltd. now owns 8,132,301 shares of the utilities provider’s stock valued at $515,832,000 after acquiring an additional 3,229,046 shares in the last quarter. Hedge funds and other institutional investors own 69.13% of the company’s stock.

Insider Activity

In other news, Director Wayne Thomas Smith acquired 2,700 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was bought at an average price of $75.25 per share, with a total value of $203,175.00. Following the completion of the acquisition, the director now directly owns 2,700 shares of the company’s stock, valued at approximately $203,175. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.20% of the company’s stock.

ONEOK Stock Performance

Shares of OKE stock opened at $78.66 on Tuesday. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.48 and a current ratio of 0.70. The company has a market capitalization of $45.91 billion, a price-to-earnings ratio of 18.15, a price-to-earnings-growth ratio of 4.13 and a beta of 1.64. ONEOK, Inc. has a one year low of $55.91 and a one year high of $81.81. The company’s 50-day moving average is $78.44 and its 200 day moving average is $72.10.

ONEOK (NYSE:OKE) last posted its quarterly earnings results on Tuesday, April 30th. The utilities provider reported $1.09 EPS for the quarter, beating analysts’ consensus estimates of $1.06 by $0.03. The firm had revenue of $4.78 billion for the quarter, compared to analysts’ expectations of $5.84 billion. ONEOK had a net margin of 12.54% and a return on equity of 15.94%. During the same quarter in the prior year, the company posted $2.34 earnings per share. Sell-side analysts expect that ONEOK, Inc. will post 4.95 EPS for the current fiscal year.

ONEOK declared that its board has approved a stock repurchase program on Wednesday, January 17th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the utilities provider to buy up to 4.9% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

ONEOK Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Wednesday, May 1st will be given a $0.99 dividend. This represents a $3.96 dividend on an annualized basis and a yield of 5.03%. The ex-dividend date of this dividend is Tuesday, April 30th. ONEOK’s dividend payout ratio (DPR) is 92.09%.

Wall Street Analyst Weigh In

OKE has been the subject of several research reports. Citigroup upped their price objective on shares of ONEOK from $73.00 to $83.00 and gave the stock a “buy” rating in a report on Tuesday, March 5th. Wolfe Research upgraded shares of ONEOK from an “underperform” rating to a “peer perform” rating in a report on Wednesday, January 10th. US Capital Advisors downgraded ONEOK from an “overweight” rating to a “hold” rating in a report on Wednesday, March 20th. Wells Fargo & Company raised their target price on ONEOK from $81.00 to $85.00 and gave the company an “overweight” rating in a research note on Thursday, May 2nd. Finally, Truist Financial upped their price target on ONEOK from $71.00 to $81.00 and gave the stock a “hold” rating in a research note on Thursday, March 21st. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, ONEOK currently has an average rating of “Hold” and a consensus target price of $83.58.

ONEOK Profile

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.