ONEOK, Inc. (NYSE:OKE) Shares Acquired by CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its position in shares of ONEOK, Inc. (NYSE:OKE) by 3.7% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 882,673 shares of the utilities provider’s stock after acquiring an additional 31,740 shares during the period. ONEOK comprises 5.9% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s investment portfolio, making the stock its 5th biggest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned about 0.15% of ONEOK worth $80,438,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Quest Partners LLC acquired a new position in ONEOK in the 2nd quarter valued at $28,000. Matrix Trust Co purchased a new position in shares of ONEOK in the third quarter valued at $29,000. Ridgewood Investments LLC acquired a new position in shares of ONEOK during the 2nd quarter worth $31,000. Manchester Capital Management LLC boosted its position in shares of ONEOK by 66.4% in the 1st quarter. Manchester Capital Management LLC now owns 456 shares of the utilities provider’s stock worth $37,000 after buying an additional 182 shares in the last quarter. Finally, Beacon Capital Management LLC grew its stake in ONEOK by 56.9% in the 1st quarter. Beacon Capital Management LLC now owns 640 shares of the utilities provider’s stock valued at $51,000 after acquiring an additional 232 shares during the last quarter. Hedge funds and other institutional investors own 69.13% of the company’s stock.

ONEOK Stock Up 0.6 %

OKE traded up $0.61 during trading on Tuesday, reaching $97.43. 519,738 shares of the stock traded hands, compared to its average volume of 2,730,993. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.62 and a quick ratio of 0.41. ONEOK, Inc. has a fifty-two week low of $63.33 and a fifty-two week high of $98.43. The stock’s 50-day simple moving average is $92.02 and its two-hundred day simple moving average is $84.84. The stock has a market cap of $56.86 billion, a price-to-earnings ratio of 22.62, a price-to-earnings-growth ratio of 4.82 and a beta of 1.67.

ONEOK (NYSE:OKE) last posted its earnings results on Monday, August 5th. The utilities provider reported $1.33 EPS for the quarter, topping the consensus estimate of $1.21 by $0.12. The company had revenue of $4.89 billion during the quarter, compared to the consensus estimate of $5.52 billion. ONEOK had a net margin of 13.41% and a return on equity of 15.54%. During the same period in the previous year, the firm posted $1.04 earnings per share. As a group, equities research analysts expect that ONEOK, Inc. will post 5.09 EPS for the current year.

ONEOK Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Friday, November 1st will be issued a $0.99 dividend. This represents a $3.96 annualized dividend and a yield of 4.06%. The ex-dividend date of this dividend is Friday, November 1st. ONEOK’s dividend payout ratio (DPR) is presently 92.09%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on OKE. Royal Bank of Canada upped their price target on shares of ONEOK from $89.00 to $98.00 and gave the company a “sector perform” rating in a report on Wednesday, October 16th. Truist Financial raised their target price on shares of ONEOK from $81.00 to $83.00 and gave the stock a “hold” rating in a research report on Wednesday, July 31st. Bank of America initiated coverage on shares of ONEOK in a research note on Thursday, October 17th. They set a “buy” rating and a $105.00 price objective for the company. Barclays upped their price target on shares of ONEOK from $82.00 to $94.00 and gave the company an “equal weight” rating in a report on Monday, September 16th. Finally, Wells Fargo & Company boosted their price objective on ONEOK from $91.00 to $100.00 and gave the company an “overweight” rating in a report on Friday, August 30th. Eight investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $94.77.

Insider Activity

In other news, Director Pattye L. Moore sold 3,379 shares of the firm’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $92.01, for a total value of $310,901.79. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.20% of the stock is owned by company insiders.

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.