Lake Street Advisors Group LLC Increases Position in ONEOK, Inc. (NYSE:OKE)

Lake Street Advisors Group LLC raised its position in shares of ONEOK, Inc. (NYSE:OKE) by 161.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 38,202 shares of the utilities provider’s stock after purchasing an additional 23,571 shares during the period. Lake Street Advisors Group LLC’s holdings in ONEOK were worth $3,836,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. National Pension Service raised its holdings in shares of ONEOK by 1.6% during the 3rd quarter. National Pension Service now owns 763,833 shares of the utilities provider’s stock valued at $69,608,000 after buying an additional 12,349 shares in the last quarter. Leavell Investment Management Inc. grew its position in ONEOK by 3.8% during the third quarter. Leavell Investment Management Inc. now owns 141,236 shares of the utilities provider’s stock valued at $12,871,000 after acquiring an additional 5,175 shares during the last quarter. Nations Financial Group Inc. IA ADV raised its stake in shares of ONEOK by 11.1% during the third quarter. Nations Financial Group Inc. IA ADV now owns 54,557 shares of the utilities provider’s stock worth $4,972,000 after acquiring an additional 5,451 shares in the last quarter. FNY Investment Advisers LLC lifted its holdings in shares of ONEOK by 14,279.1% in the 4th quarter. FNY Investment Advisers LLC now owns 22,000 shares of the utilities provider’s stock worth $2,208,000 after acquiring an additional 21,847 shares during the last quarter. Finally, Kingswood Wealth Advisors LLC boosted its stake in shares of ONEOK by 57.9% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 14,506 shares of the utilities provider’s stock valued at $1,456,000 after purchasing an additional 5,321 shares in the last quarter. Institutional investors own 69.13% of the company’s stock.

Wall Street Analysts Forecast Growth

OKE has been the topic of a number of analyst reports. Mizuho upgraded shares of ONEOK to a “hold” rating in a research report on Thursday, November 7th. Truist Financial lifted 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. Wolfe Research raised ONEOK from a “peer perform” rating to an “outperform” rating and set a $110.00 target price for the company in a research note on Monday, February 10th. Barclays assumed coverage on ONEOK in a research report on Thursday, February 6th. They set an “equal weight” rating and a $105.00 price target on the stock. Finally, US Capital Advisors upgraded ONEOK from a “moderate buy” rating to a “strong-buy” rating in a research report on Monday, February 3rd. Seven analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, ONEOK currently has a consensus rating of “Moderate Buy” and an average price target of $103.92.

ONEOK Stock Performance

Shares of OKE stock opened at $95.66 on Wednesday. The firm has a market capitalization of $55.88 billion, a price-to-earnings ratio of 20.01, a PEG ratio of 3.77 and a beta of 1.70. The stock has a fifty day moving average of $100.97 and a 200 day moving average of $99.04. ONEOK, Inc. has a 52 week low of $72.44 and a 52 week high of $118.07. The company has a quick ratio of 0.59, a current ratio of 0.81 and a debt-to-equity ratio of 1.59.

ONEOK (NYSE:OKE) last posted its earnings results on Monday, February 24th. The utilities provider reported $1.57 EPS for the quarter, topping the consensus estimate of $1.46 by $0.11. The firm had revenue of $7 billion during the quarter, compared to analysts’ expectations of $6.18 billion. ONEOK had a net margin of 14.05% and a return on equity of 16.84%. As a group, research analysts expect that ONEOK, Inc. will post 5.07 earnings per share for the current year.

ONEOK Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Monday, February 3rd were issued a dividend of $1.03 per share. This is an increase from ONEOK’s previous quarterly dividend of $0.99. The ex-dividend date of this dividend was Monday, February 3rd. This represents a $4.12 dividend on an annualized basis and a dividend yield of 4.31%. ONEOK’s dividend payout ratio is 86.19%.

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.