Socorro Asset Management LP Reduces Holdings in ONEOK, Inc. $OKE

Socorro Asset Management LP lowered its position in ONEOK, Inc. (NYSE:OKE) by 13.5% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 76,179 shares of the utilities provider’s stock after selling 11,909 shares during the period. ONEOK accounts for approximately 3.1% of Socorro Asset Management LP’s portfolio, making the stock its 17th biggest holding. Socorro Asset Management LP’s holdings in ONEOK were worth $6,886,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in OKE. Zions Bancorporation National Association UT grew its stake in ONEOK by 73.3% during the 4th quarter. Zions Bancorporation National Association UT now owns 338 shares of the utilities provider’s stock valued at $25,000 after acquiring an additional 143 shares in the last quarter. Elyxium Wealth LLC purchased a new position in ONEOK in the 4th quarter worth approximately $29,000. Cornerstone Financial Management LLC purchased a new position in ONEOK in the 4th quarter worth approximately $29,000. SRH Advisors LLC boosted its holdings in shares of ONEOK by 122.3% during the 4th quarter. SRH Advisors LLC now owns 438 shares of the utilities provider’s stock worth $32,000 after purchasing an additional 241 shares during the last quarter. Finally, Portus Wealth Advisors LLC purchased a new stake in shares of ONEOK in the first quarter valued at approximately $33,000. Institutional investors and hedge funds own 69.13% of the company’s stock.

ONEOK Price Performance

NYSE:OKE opened at $89.44 on Tuesday. ONEOK, Inc. has a 52 week low of $64.02 and a 52 week high of $96.07. The company has a quick ratio of 0.56, a current ratio of 0.71 and a debt-to-equity ratio of 1.37. The company has a market capitalization of $56.36 billion, a P/E ratio of 15.94, a P/E/G ratio of 5.01 and a beta of 0.73. The stock’s fifty day moving average is $89.40 and its two-hundred day moving average is $86.18.

ONEOK (NYSE:OKE) last announced its quarterly earnings results on Tuesday, April 28th. The utilities provider reported $1.23 EPS for the quarter, missing the consensus estimate of $1.30 by ($0.07). The business had revenue of $9.62 billion during the quarter, compared to analyst estimates of $8.23 billion. ONEOK had a net margin of 10.03% and a return on equity of 16.06%. During the same period last year, the company earned $1.04 EPS. Equities analysts expect that ONEOK, Inc. will post 5.68 EPS for the current year.

ONEOK Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Monday, August 3rd will be given a $1.07 dividend. The ex-dividend date of this dividend is Monday, August 3rd. This represents a $4.28 dividend on an annualized basis and a yield of 4.8%. ONEOK’s dividend payout ratio is presently 76.29%.

Analyst Upgrades and Downgrades

OKE has been the subject of several recent research reports. Jefferies Financial Group increased their price target on ONEOK from $98.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, April 8th. Scotiabank downgraded ONEOK from a “sector outperform” rating to a “sector perform” rating and cut their target price for the stock from $92.00 to $89.00 in a research note on Thursday, April 30th. Truist Financial lifted their price target on ONEOK from $91.00 to $93.00 and gave the stock a “hold” rating in a report on Monday, May 4th. Barclays lowered their price target on shares of ONEOK from $90.00 to $88.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 8th. Finally, Wells Fargo & Company cut their price objective on shares of ONEOK from $100.00 to $98.00 and set an “overweight” rating for the company in a research report on Thursday, April 30th. Eight analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $92.44.

ONEOK News Summary

Here are the key news stories impacting ONEOK this week:

• Positive Sentiment: ONEOK remains positioned to benefit from long-term midstream trends, including rising LNG exports and growing power demand from data centers. Its shareholder-return profile also keeps it on the radar of income-focused investors. 3 Midstream Stocks Paying You While You Wait for July to End
• Positive Sentiment: A Zacks feature identifies OKE as a potential long-term growth stock based on its style-score characteristics, supporting the longer-term investment case despite near-term volatility. Why ONEOK Is a Top Growth Stock for the Long-Term
• Neutral Sentiment: Analysts maintain a consensus “Hold” rating, indicating limited conviction that current valuation offers a clear catalyst for an immediate move higher. ONEOK Given Consensus Rating of Hold
• Negative Sentiment: Near-term earnings expectations are weighing on sentiment. Zacks says ONEOK lacks the two key indicators typically associated with a likely earnings beat in its upcoming report, raising the risk of a disappointing announcement. ONEOK Earnings Expected to Grow
• Negative Sentiment: The latest decline follows an earlier quarterly EPS miss: ONEOK reported $1.23 per share versus the $1.30 consensus, despite revenue exceeding estimates. That history may be making investors more cautious ahead of the next results.

ONEOK Company Profile

ONEOK, Inc (NYSE: OKE) is a publicly traded midstream energy company headquartered in Tulsa, Oklahoma. The company owns and operates a portfolio of natural gas and natural gas liquids (NGL) pipelines, processing facilities, fractionators and storage and terminal assets. Its operations are focused on gathering, processing, transporting, fractionating and marketing NGLs and interstate natural gas, providing critical infrastructure that connects hydrocarbon production to refineries, petrochemical plants and other end markets.

ONEOK’s asset base includes pipeline systems and processing plants that move and condition natural gas, along with infrastructure for the transportation, storage and fractionation of NGLs such as ethane, propane and butane.