KLP Kapitalforvaltning AS Makes New Investment in ONEOK, Inc. (NYSE:OKE)

KLP Kapitalforvaltning AS bought a new stake in shares of ONEOK, Inc. (NYSE:OKE) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 223,847 shares of the utilities provider’s stock, valued at approximately $22,474,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. grew its stake in shares of ONEOK by 5.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 18,414,781 shares of the utilities provider’s stock worth $1,848,844,000 after acquiring an additional 934,007 shares during the last quarter. Geode Capital Management LLC grew its position in ONEOK by 1.0% during the 3rd quarter. Geode Capital Management LLC now owns 13,680,875 shares of the utilities provider’s stock valued at $1,242,449,000 after purchasing an additional 138,430 shares during the last quarter. Amundi grew its position in ONEOK by 5.3% during the 4th quarter. Amundi now owns 4,105,596 shares of the utilities provider’s stock valued at $422,261,000 after purchasing an additional 207,324 shares during the last quarter. Janus Henderson Group PLC raised its holdings in ONEOK by 0.3% in the third quarter. Janus Henderson Group PLC now owns 3,751,172 shares of the utilities provider’s stock worth $341,844,000 after buying an additional 11,189 shares during the last quarter. Finally, Chickasaw Capital Management LLC lifted its stake in shares of ONEOK by 15.2% in the fourth quarter. Chickasaw Capital Management LLC now owns 1,992,336 shares of the utilities provider’s stock worth $200,031,000 after buying an additional 263,545 shares in the last quarter. 69.13% of the stock is owned by institutional investors.

ONEOK Stock Down 1.2 %

OKE opened at $99.45 on Friday. ONEOK, Inc. has a 1-year low of $76.23 and a 1-year high of $118.07. The firm’s 50 day simple moving average is $98.94 and its two-hundred day simple moving average is $99.86. The company has a current ratio of 0.81, a quick ratio of 0.59 and a debt-to-equity ratio of 1.59. The company has a market capitalization of $62.09 billion, a PE ratio of 20.81, a PEG ratio of 3.77 and a beta of 1.70.

ONEOK (NYSE:OKE) last released its earnings results on Monday, February 24th. The utilities provider reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.46 by $0.11. The company had revenue of $7 billion for the quarter, compared to the consensus estimate of $6.18 billion. ONEOK had a return on equity of 16.84% and a net margin of 14.05%. As a group, equities analysts forecast 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. Investors of record on Monday, February 3rd were issued a $1.03 dividend. This represents a $4.12 annualized dividend and a yield of 4.14%. This is a positive change from ONEOK’s previous quarterly dividend of $0.99. The ex-dividend date of this dividend was Monday, February 3rd. ONEOK’s dividend payout ratio is currently 79.69%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on OKE shares. Citigroup began coverage on shares of ONEOK in a research report on Friday, February 28th. They set a “buy” rating and a $110.00 price target for the company. Truist Financial lifted their target price on ONEOK from $99.00 to $107.00 and gave the stock 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 report on Monday, February 3rd. Barclays reduced their price objective on ONEOK from $105.00 to $101.00 and set an “equal weight” rating for the company in a report on Friday, March 7th. Finally, Scotiabank lowered their target price 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. Seven equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $103.31.

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.