Arvest Investments Inc. Purchases New Holdings in ONEOK, Inc. (NYSE:OKE)

Arvest Investments Inc. acquired a new position in shares of ONEOK, Inc. (NYSE:OKE) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 20,510 shares of the utilities provider’s stock, valued at approximately $1,869,000.

Other large investors also recently added to or reduced their stakes in the company. International Assets Investment Management LLC raised its position in ONEOK by 9,439.9% during the third quarter. International Assets Investment Management LLC now owns 3,230,989 shares of the utilities provider’s stock valued at $294,440,000 after buying an additional 3,197,121 shares during the period. M&G Plc purchased a new stake in shares of ONEOK in the first quarter worth approximately $77,634,000. Bahl & Gaynor Inc. boosted its holdings in shares of ONEOK by 3,648.4% during the second quarter. Bahl & Gaynor Inc. now owns 514,954 shares of the utilities provider’s stock worth $41,995,000 after purchasing an additional 501,216 shares during the period. Cetera Investment Advisers grew its position in ONEOK by 370.1% during the first quarter. Cetera Investment Advisers now owns 615,276 shares of the utilities provider’s stock valued at $49,327,000 after purchasing an additional 484,403 shares in the last quarter. Finally, Strategic Financial Concepts LLC increased its stake in ONEOK by 3,137.6% in the 2nd quarter. Strategic Financial Concepts LLC now owns 405,158 shares of the utilities provider’s stock valued at $330,000 after buying an additional 392,644 shares during the period. 69.13% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on OKE shares. Mizuho lifted their target price on shares of ONEOK from $81.00 to $85.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Morgan Stanley raised ONEOK from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $103.00 to $111.00 in a research report on Monday, September 16th. Truist Financial upped their target price on ONEOK from $83.00 to $99.00 and gave the stock a “hold” rating in a research report on Wednesday, October 30th. Bank of America initiated coverage on ONEOK in a research note on Thursday, October 17th. They set a “buy” rating and a $105.00 price target for the company. Finally, Wells Fargo & Company boosted their price target on ONEOK from $100.00 to $107.00 and gave the company an “overweight” rating in a research note on Friday, November 1st. Eight analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $96.92.

ONEOK Stock Performance

OKE traded up $3.02 during midday trading on Friday, reaching $107.16. The company’s stock had a trading volume of 3,580,082 shares, compared to its average volume of 2,621,994. ONEOK, Inc. has a twelve month low of $63.77 and a twelve month high of $107.19. The stock has a market cap of $62.60 billion, a P/E ratio of 22.42, a PEG ratio of 5.10 and a beta of 1.66. The company has a fifty day simple moving average of $94.86 and a 200 day simple moving average of $86.67. The company has a current ratio of 0.81, a quick ratio of 0.59 and a debt-to-equity ratio of 1.59.

ONEOK (NYSE:OKE) last announced its earnings results on Tuesday, October 29th. The utilities provider reported $1.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.05). ONEOK had a return on equity of 16.84% and a net margin of 14.05%. The company had revenue of $5.02 billion for the quarter, compared to the consensus estimate of $5.81 billion. During the same period last year, the firm posted $0.99 EPS. Research analysts expect that ONEOK, Inc. will post 5.15 earnings per share for the current year.

ONEOK Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Friday, November 1st will be paid a $0.99 dividend. This represents a $3.96 annualized dividend and a dividend yield of 3.70%. The ex-dividend date is Friday, November 1st. ONEOK’s payout ratio is presently 82.85%.

Insider Buying and Selling

In other ONEOK news, Director Pattye L. Moore sold 3,379 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $92.01, for a total value of $310,901.79. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.20% of the stock is owned by company insiders.

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.