ONEOK, Inc. (NYSE:OKE) Shares Sold by Connecticut Wealth Management LLC

Connecticut Wealth Management LLC trimmed its stake in shares of ONEOK, Inc. (NYSE:OKE) by 1.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 10,542 shares of the utilities provider’s stock after selling 191 shares during the period. Connecticut Wealth Management LLC’s holdings in ONEOK were worth $740,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in ONEOK by 10.3% during the third quarter. Vanguard Group Inc. now owns 59,237,038 shares of the utilities provider’s stock worth $3,757,405,000 after purchasing an additional 5,525,010 shares during the last quarter. Deutsche Bank AG raised its stake in shares of ONEOK by 37.7% during the 3rd quarter. Deutsche Bank AG now owns 13,292,341 shares of the utilities provider’s stock worth $843,133,000 after buying an additional 3,636,660 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of ONEOK by 9.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 10,255,430 shares of the utilities provider’s stock worth $650,502,000 after buying an additional 889,110 shares in the last quarter. Morgan Stanley grew its stake in ONEOK by 20.3% in the 3rd quarter. Morgan Stanley now owns 8,660,013 shares of the utilities provider’s stock valued at $549,305,000 after acquiring an additional 1,458,392 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in ONEOK by 65.9% during the 3rd quarter. Invesco Ltd. now owns 8,132,301 shares of the utilities provider’s stock valued at $515,832,000 after acquiring an additional 3,229,046 shares in the last quarter. Hedge funds and other institutional investors own 69.13% of the company’s stock.

Insider Transactions at ONEOK

In other news, Director Wayne Thomas Smith purchased 2,700 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was acquired at an average cost of $75.25 per share, with a total value of $203,175.00. Following the acquisition, the director now owns 2,700 shares in the company, valued at $203,175. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.20% of the company’s stock.

ONEOK Trading Up 0.4 %

Shares of NYSE OKE traded up $0.28 during trading on Friday, hitting $77.23. 2,235,558 shares of the company traded hands, compared to its average volume of 2,820,855. The company has a quick ratio of 0.67, a current ratio of 0.70 and a debt-to-equity ratio of 1.24. The firm has a market capitalization of $45.08 billion, a P/E ratio of 17.96, a P/E/G ratio of 4.13 and a beta of 1.64. The company has a 50-day moving average price of $78.34 and a 200-day moving average price of $72.04. ONEOK, Inc. has a 1 year low of $55.91 and a 1 year high of $81.81.

ONEOK (NYSE:OKE) last posted its quarterly earnings results on Tuesday, April 30th. The utilities provider reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.03. The firm 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 previous year, the business earned $2.34 earnings per share. On average, equities analysts predict that ONEOK, Inc. will post 4.95 EPS for the current year.

ONEOK declared that its board has approved a stock buyback plan on Wednesday, January 17th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the utilities provider to repurchase up to 4.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

ONEOK Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Wednesday, May 1st will be given a dividend of $0.99 per share. The ex-dividend date is Tuesday, April 30th. This represents a $3.96 dividend on an annualized basis and a yield of 5.13%. ONEOK’s dividend payout ratio (DPR) is 92.09%.

Analyst Upgrades and Downgrades

OKE has been the topic of several research reports. Stifel Nicolaus increased their price target on shares of ONEOK from $81.00 to $88.00 and gave the company a “buy” rating in a research report on Tuesday, April 16th. UBS Group raised their price target on ONEOK from $80.00 to $87.00 and gave the stock a “buy” rating in a research report on Tuesday, February 27th. Truist Financial increased their price objective on ONEOK from $71.00 to $81.00 and gave the company a “hold” rating in a research note on Thursday, March 21st. Morgan Stanley boosted their target price on shares of ONEOK from $84.00 to $85.00 and gave the company an “equal weight” rating in a research note on Tuesday, March 26th. Finally, Wells Fargo & Company raised their price target on shares of ONEOK from $81.00 to $85.00 and gave the stock an “overweight” rating in a research note on Thursday. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $83.58.

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.