Tower Bridge Advisors Boosts Position in ONEOK, Inc. (NYSE:OKE)

Tower Bridge Advisors increased its holdings in shares of ONEOK, Inc. (NYSE:OKE) by 3.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 84,092 shares of the utilities provider’s stock after purchasing an additional 2,564 shares during the quarter. Tower Bridge Advisors’ holdings in ONEOK were worth $8,443,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in OKE. Arkadios Wealth Advisors lifted its stake in ONEOK by 18.8% during the third quarter. Arkadios Wealth Advisors now owns 3,315 shares of the utilities provider’s stock worth $302,000 after purchasing an additional 525 shares during the last quarter. Pinnacle Associates Ltd. lifted its stake in ONEOK by 37.7% during the third quarter. Pinnacle Associates Ltd. now owns 5,776 shares of the utilities provider’s stock worth $526,000 after purchasing an additional 1,582 shares during the last quarter. HM Payson & Co. lifted its stake in ONEOK by 6.3% during the third quarter. HM Payson & Co. now owns 1,764 shares of the utilities provider’s stock worth $161,000 after purchasing an additional 105 shares during the last quarter. US Bancorp DE lifted its stake in ONEOK by 2.4% during the third quarter. US Bancorp DE now owns 86,296 shares of the utilities provider’s stock worth $7,864,000 after purchasing an additional 2,012 shares during the last quarter. Finally, Stephens Inc. AR lifted its stake in ONEOK by 1.0% during the third quarter. Stephens Inc. AR now owns 41,028 shares of the utilities provider’s stock worth $3,739,000 after purchasing an additional 403 shares during the last quarter. Hedge funds and other institutional investors own 69.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on OKE. Wells Fargo & Company reduced their price objective on ONEOK from $107.00 to $102.00 and set an “equal weight” rating for the company in a research note on Wednesday. Mizuho upgraded ONEOK to a “hold” rating in a research note on Thursday, November 7th. US Capital Advisors upgraded ONEOK from a “moderate buy” rating to a “strong-buy” rating in a research note on Monday, February 3rd. Citigroup began coverage on ONEOK in a research note on Friday. They issued a “buy” rating and a $110.00 price objective for the company. Finally, Truist Financial boosted their price objective on ONEOK from $99.00 to $107.00 and gave the company a “hold” rating in a research note on Tuesday, December 3rd. Seven equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $104.15.

ONEOK Price Performance

ONEOK stock opened at $100.29 on Friday. The business has a 50 day simple moving average of $100.91 and a 200-day simple moving average of $99.10. ONEOK, Inc. has a 12 month low of $74.39 and a 12 month high of $118.07. The stock has a market capitalization of $58.59 billion, a PE ratio of 20.98, a price-to-earnings-growth ratio of 3.77 and a beta of 1.70. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.81 and a quick ratio of 0.59.

ONEOK (NYSE:OKE) last announced its quarterly earnings data on Monday, February 24th. The utilities provider reported $1.57 earnings per share for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $6.18 billion. Equities analysts predict that ONEOK, Inc. will post 5.07 earnings per share for the current year.

ONEOK Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Monday, February 3rd were issued a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a yield of 4.11%. The ex-dividend date was Monday, February 3rd. This is a positive change from ONEOK’s previous quarterly dividend of $0.99. ONEOK’s dividend payout ratio is currently 86.19%.

ONEOK Company 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.