Chung Wu Investment Group LLC Invests $1.68 Million in ONEOK, Inc. (NYSE:OKE)

Chung Wu Investment Group LLC acquired a new stake in shares of ONEOK, Inc. (NYSE:OKE) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 16,770 shares of the utilities provider’s stock, valued at approximately $1,684,000. ONEOK comprises about 1.7% of Chung Wu Investment Group LLC’s holdings, making the stock its 13th largest holding.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Kieckhefer Group LLC bought a new stake in shares of ONEOK during the 4th quarter worth $30,000. Access Investment Management LLC purchased a new stake in ONEOK during the third quarter valued at about $37,000. Canton Hathaway LLC purchased a new position in shares of ONEOK in the fourth quarter worth approximately $40,000. J.Safra Asset Management Corp purchased a new stake in shares of ONEOK in the 4th quarter valued at approximately $48,000. Finally, Versant Capital Management Inc boosted its position in shares of ONEOK by 98.1% in the fourth quarter. Versant Capital Management Inc now owns 525 shares of the utilities provider’s stock worth $53,000 after buying an additional 260 shares during the period. Institutional investors and hedge funds own 69.13% of the company’s stock.

ONEOK Price Performance

Shares of NYSE:OKE opened at $91.95 on Thursday. ONEOK, Inc. has a twelve month low of $76.23 and a twelve month high of $118.07. The firm’s 50 day moving average price is $100.45 and its 200-day moving average price is $99.34. The company has a quick ratio of 0.59, a current ratio of 0.81 and a debt-to-equity ratio of 1.59. The stock has a market capitalization of $57.40 billion, a PE ratio of 19.24, a price-to-earnings-growth ratio of 3.77 and a beta of 1.70.

ONEOK (NYSE:OKE) last issued its earnings results on Monday, February 24th. The utilities provider reported $1.57 earnings per share (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 firm had revenue of $7 billion for the quarter, compared to analysts’ expectations of $6.18 billion. Equities research analysts expect that ONEOK, Inc. will post 5.07 EPS for the current year.

ONEOK Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Monday, February 3rd were given a dividend of $1.03 per share. The ex-dividend date was Monday, February 3rd. This is an increase from ONEOK’s previous quarterly dividend of $0.99. This represents a $4.12 dividend on an annualized basis and a dividend yield of 4.48%. ONEOK’s dividend payout ratio is presently 79.69%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. US Capital Advisors upgraded shares of ONEOK from a “moderate buy” rating to a “strong-buy” rating in a research note on Monday, February 3rd. Barclays started coverage on ONEOK in a research note on Thursday, February 6th. They set an “equal weight” rating and a $105.00 price target on the stock. Wells Fargo & Company dropped their target price on ONEOK from $107.00 to $102.00 and set an “equal weight” rating for the company in a report on Wednesday, February 26th. Wolfe Research upgraded shares of ONEOK from a “peer perform” rating to an “outperform” rating and set a $110.00 price objective for the company in a research report on Monday, February 10th. Finally, Truist Financial boosted their price objective on ONEOK from $99.00 to $107.00 and gave the stock a “hold” rating in a report on Tuesday, December 3rd. Seven analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $104.15.

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.