Sovereign Financial Group Inc. Invests $218,000 in ONEOK, Inc. (NYSE:OKE)

Sovereign Financial Group Inc. acquired a new stake in ONEOK, Inc. (NYSE:OKE) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 2,714 shares of the utilities provider’s stock, valued at approximately $218,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of OKE. Vanguard Group Inc. increased its position in shares of ONEOK by 10.3% in the third quarter. Vanguard Group Inc. now owns 59,237,038 shares of the utilities provider’s stock valued at $3,757,405,000 after buying an additional 5,525,010 shares in the last quarter. Deutsche Bank AG increased its holdings in ONEOK by 37.7% during the 3rd quarter. Deutsche Bank AG now owns 13,292,341 shares of the utilities provider’s stock valued at $843,133,000 after acquiring an additional 3,636,660 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in ONEOK by 21.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 12,408,725 shares of the utilities provider’s stock worth $871,341,000 after acquiring an additional 2,153,295 shares during the last quarter. Morgan Stanley lifted its holdings in shares of ONEOK by 20.3% in the third quarter. Morgan Stanley now owns 8,660,013 shares of the utilities provider’s stock valued at $549,305,000 after purchasing an additional 1,458,392 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of ONEOK by 1.5% in the fourth quarter. Northern Trust Corp now owns 5,754,127 shares of the utilities provider’s stock valued at $404,055,000 after purchasing an additional 85,736 shares in the last quarter. 69.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on OKE. Stifel Nicolaus lifted their price objective on ONEOK from $81.00 to $88.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th. Mizuho upped their price objective on ONEOK from $75.00 to $81.00 and gave the company a “neutral” rating in a research report on Wednesday, March 20th. StockNews.com upgraded ONEOK from a “sell” rating to a “hold” rating in a research report on Friday, May 17th. Barclays upped their target price on shares of ONEOK from $73.00 to $80.00 and gave the company an “equal weight” rating in a report on Thursday, March 7th. Finally, Truist Financial lifted their price target on shares of ONEOK from $71.00 to $81.00 and gave the stock a “hold” rating in a report on Thursday, March 21st. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $84.50.

ONEOK Stock Down 0.6 %

OKE opened at $80.53 on Thursday. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.48 and a current ratio of 0.70. ONEOK, Inc. has a 1 year low of $58.51 and a 1 year high of $83.31. The firm has a 50 day moving average price of $80.00 and a 200 day moving average price of $75.58. The company has a market cap of $47.00 billion, a PE ratio of 18.73, a price-to-earnings-growth ratio of 4.34 and a beta of 1.65.

ONEOK (NYSE:OKE) last issued its earnings results on Tuesday, April 30th. The utilities provider reported $1.09 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.03. The company had revenue of $4.78 billion during the quarter, compared to the consensus estimate of $5.84 billion. ONEOK had a return on equity of 15.94% and a net margin of 12.54%. During the same quarter in the prior year, the business earned $2.34 earnings per share. Sell-side analysts expect that ONEOK, Inc. will post 4.94 earnings per share for the current year.

ONEOK Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Wednesday, May 1st were paid a dividend of $0.99 per share. The ex-dividend date of this dividend was Tuesday, April 30th. This represents a $3.96 annualized dividend and a dividend yield of 4.92%. ONEOK’s dividend payout ratio is presently 92.09%.

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.