Patrick M Sweeney & Associates Inc. Invests $224,000 in ONEOK, Inc. (NYSE:OKE)

Patrick M Sweeney & Associates Inc. acquired a new stake in ONEOK, Inc. (NYSE:OKE) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 3,195 shares of the utilities provider’s stock, valued at approximately $224,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Peoples Bank KS bought a new stake in shares of ONEOK during the 3rd quarter valued at approximately $25,000. Beacon Capital Management LLC boosted its position in ONEOK by 90.7% in the fourth quarter. Beacon Capital Management LLC now owns 408 shares of the utilities provider’s stock valued at $29,000 after buying an additional 194 shares in the last quarter. HHM Wealth Advisors LLC bought a new stake in shares of ONEOK during the fourth quarter worth $32,000. Loomis Sayles & Co. L P increased its holdings in shares of ONEOK by 605.1% during the third quarter. Loomis Sayles & Co. L P now owns 557 shares of the utilities provider’s stock worth $35,000 after buying an additional 478 shares in the last quarter. Finally, SOA Wealth Advisors LLC. raised its position in ONEOK by 283.5% in the fourth quarter. SOA Wealth Advisors LLC. now owns 510 shares of the utilities provider’s stock valued at $36,000 after purchasing an additional 377 shares during the last quarter. Institutional investors own 69.13% of the company’s stock.

ONEOK Stock Performance

OKE stock traded up $0.29 during midday trading on Tuesday, reaching $78.36. 2,366,144 shares of the company’s stock traded hands, compared to its average volume of 2,981,186. ONEOK, Inc. has a 52 week low of $55.91 and a 52 week high of $81.81. The company has a 50-day moving average price of $78.52 and a two-hundred day moving average price of $72.18. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.48 and a current ratio of 0.70. The firm has a market capitalization of $45.73 billion, a PE ratio of 18.22, a price-to-earnings-growth ratio of 4.13 and a beta of 1.64.

ONEOK (NYSE:OKE) last issued its quarterly earnings data on Tuesday, April 30th. The utilities provider reported $1.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.03. ONEOK had a return on equity of 15.94% and a net margin of 12.54%. The business had revenue of $4.78 billion for the quarter, compared to analysts’ expectations of $5.84 billion. During the same quarter in the prior year, the firm posted $2.34 EPS. As a group, equities analysts anticipate that ONEOK, Inc. will post 4.95 EPS for the current year.

ONEOK declared that its Board of Directors has approved a share repurchase program on Wednesday, January 17th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the utilities provider to reacquire up to 4.9% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

ONEOK Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Wednesday, May 1st will be paid a dividend of $0.99 per share. The ex-dividend date of this dividend is Tuesday, April 30th. This represents a $3.96 annualized dividend and a yield of 5.05%. ONEOK’s dividend payout ratio is currently 92.09%.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

OKE has been the subject of several recent research reports. Raymond James increased their price target on ONEOK from $80.00 to $85.00 and gave the company an “outperform” rating in a research note on Friday, January 19th. Mizuho raised their price target on shares of ONEOK from $75.00 to $81.00 and gave the company a “neutral” rating in a research report on Wednesday, March 20th. Seaport Res Ptn upgraded shares of ONEOK from a “neutral” rating to a “buy” rating in a research note on Thursday, February 8th. Citigroup upped their price objective on ONEOK from $73.00 to $83.00 and gave the company a “buy” rating in a research note on Tuesday, March 5th. Finally, Wells Fargo & Company lifted their target price on ONEOK from $81.00 to $85.00 and gave the stock an “overweight” rating in a research note on Thursday, May 2nd. 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 stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus 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.