Summit Global Investments Has $1.44 Million Holdings in ONEOK, Inc. $OKE

Summit Global Investments lifted its stake in shares of ONEOK, Inc. (NYSE:OKE) by 557.3% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 17,648 shares of the utilities provider’s stock after acquiring an additional 14,963 shares during the quarter. Summit Global Investments’ holdings in ONEOK were worth $1,441,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the stock. Jefferies Financial Group Inc. acquired a new stake in ONEOK in the 2nd quarter worth approximately $1,120,000. Global Retirement Partners LLC acquired a new stake in shares of ONEOK in the second quarter worth $4,058,000. Prudential Financial Inc. lifted its stake in shares of ONEOK by 8.3% in the second quarter. Prudential Financial Inc. now owns 365,631 shares of the utilities provider’s stock worth $29,846,000 after buying an additional 27,905 shares during the last quarter. Coldstream Capital Management Inc. boosted its holdings in shares of ONEOK by 4.7% during the 2nd quarter. Coldstream Capital Management Inc. now owns 39,056 shares of the utilities provider’s stock worth $3,188,000 after buying an additional 1,768 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in ONEOK by 2.9% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 21,570,904 shares of the utilities provider’s stock valued at $1,760,833,000 after buying an additional 613,674 shares during the last quarter. Institutional investors and hedge funds own 69.13% of the company’s stock.

ONEOK Stock Down 0.2%

OKE opened at $70.36 on Tuesday. The company has a market capitalization of $44.27 billion, a P/E ratio of 12.93, a P/E/G ratio of 2.62 and a beta of 1.05. The company has a debt-to-equity ratio of 1.44, a current ratio of 0.90 and a quick ratio of 0.46. The firm’s fifty day moving average price is $70.05 and its two-hundred day moving average price is $76.08. ONEOK, Inc. has a fifty-two week low of $64.02 and a fifty-two week high of $117.55.

ONEOK (NYSE:OKE) last announced its quarterly earnings data on Tuesday, October 28th. The utilities provider reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.48 by $0.01. ONEOK had a net margin of 10.58% and a return on equity of 15.12%. The company had revenue of $8.63 billion during the quarter, compared to analysts’ expectations of $8.23 billion. During the same quarter in the prior year, the company posted $1.18 EPS. ONEOK has set its FY 2025 guidance at 4.970-5.770 EPS. On average, analysts anticipate that ONEOK, Inc. will post 5.07 EPS for the current year.

ONEOK Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Monday, November 3rd were paid a dividend of $1.03 per share. The ex-dividend date was Monday, November 3rd. This represents a $4.12 dividend on an annualized basis and a yield of 5.9%. ONEOK’s dividend payout ratio (DPR) is currently 75.74%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Argus raised shares of ONEOK from a “hold” rating to a “buy” rating and set a $79.00 target price for the company in a research report on Thursday, November 6th. Raymond James Financial reiterated an “outperform” rating and issued a $82.00 price objective (down from $100.00) on shares of ONEOK in a research note on Friday, October 24th. TD Cowen decreased their target price on ONEOK from $78.00 to $76.00 and set a “hold” rating for the company in a research note on Thursday, October 30th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ONEOK in a report on Wednesday, November 19th. Finally, Stifel Nicolaus set a $94.00 price target on ONEOK in a report on Thursday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $89.27.

Insiders Place Their Bets

In related news, Director Brian L. Derksen acquired 2,500 shares of the stock in a transaction dated Monday, November 3rd. The shares were bought at an average cost of $66.00 per share, for a total transaction of $165,000.00. Following the purchase, the director owned 21,200 shares in the company, valued at approximately $1,399,200. This trade represents a 13.37% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.21% of the company’s stock.

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.