ONEOK, Inc. (NYSE:OKE) Shares Bought by Geode Capital Management LLC

by · The Markets Daily

Geode Capital Management LLC increased its stake in shares of ONEOK, Inc. (NYSE:OKE – Free Report) by 2.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 14,037,890 shares of the utilities provider’s stock after purchasing an additional 357,015 shares during the quarter. Geode Capital Management LLC owned 2.40% of ONEOK worth $1,405,697,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of ONEOK in the fourth quarter valued at approximately $539,554,000. Wellington Management Group LLP lifted its holdings in ONEOK by 433.4% in the fourth quarter. Wellington Management Group LLP now owns 4,206,906 shares of the utilities provider’s stock valued at $422,373,000 after acquiring an additional 3,418,207 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of ONEOK during the 4th quarter worth $182,694,000. ClearBridge Investments Ltd acquired a new position in shares of ONEOK during the 4th quarter worth $177,045,000. Finally, Mitsubishi UFJ Trust & Banking Corp grew its position in ONEOK by 445.4% during the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 1,526,899 shares of the utilities provider’s stock worth $153,319,000 after buying an additional 1,246,963 shares during the period. 69.13% of the stock is currently owned by hedge funds and other institutional investors.

ONEOK Price Performance

OKE stock opened at $99.37 on Wednesday. The stock has a market capitalization of $62.04 billion, a price-to-earnings ratio of 20.79, a price-to-earnings-growth ratio of 3.77 and a beta of 1.70. The stock’s fifty day simple moving average is $97.91 and its 200-day simple moving average is $100.36. ONEOK, Inc. has a 52-week low of $76.23 and a 52-week high of $118.07. The company has a quick ratio of 0.59, a current ratio of 0.81 and a debt-to-equity ratio of 1.59.

ONEOK (NYSE:OKE – Get Free Report) last issued its quarterly earnings results on Monday, February 24th. The utilities provider reported $1.57 EPS for the quarter, topping the consensus estimate of $1.46 by $0.11. ONEOK had a net margin of 14.05% and a return on equity of 16.84%. The firm had revenue of $7 billion during the quarter, compared to analyst estimates of $6.18 billion. Equities research analysts expect that ONEOK, Inc. will post 5.07 EPS for the current year.

ONEOK Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Monday, February 3rd were issued a dividend of $1.03 per share. The ex-dividend date of this dividend was Monday, February 3rd. This represents a $4.12 dividend on an annualized basis and a dividend yield of 4.15%. This is a boost from ONEOK’s previous quarterly dividend of $0.99. ONEOK’s payout ratio is presently 79.69%.

Analysts Set New Price Targets

Several brokerages have recently commented on OKE. Citigroup initiated coverage on ONEOK in a research note on Friday, February 28th. They set a “buy” rating and a $110.00 price target on the stock. Truist Financial upped their target price on ONEOK from $99.00 to $107.00 and gave the company a “hold” rating in a report on Tuesday, December 3rd. US Capital Advisors raised ONEOK from a “moderate buy” rating to a “strong-buy” rating in a research note on Monday, February 3rd. Scotiabank lowered their price objective on shares of ONEOK from $109.00 to $102.00 and set a “sector outperform” rating on the stock in a research note on Thursday, March 6th. Finally, Barclays cut their target price on shares of ONEOK from $105.00 to $101.00 and set an “equal weight” rating for the company in a research report on Friday, March 7th. Seven investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $105.00.

View Our Latest Stock Analysis on OKE

About ONEOK

(Free Report)

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.

Further Reading

Want to see what other hedge funds are holding OKE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ONEOK, Inc. (NYSE:OKE – Free Report).