Summit Financial LLC Has $3.10 Million Stock Holdings in ONEOK, Inc. (NYSE:OKE)

Summit Financial LLC raised its holdings in shares of ONEOK, Inc. (NYSE:OKE) by 551.4% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 30,838 shares of the utilities provider’s stock after acquiring an additional 26,104 shares during the period. Summit Financial LLC’s holdings in ONEOK were worth $3,096,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in OKE. Astoria Portfolio Advisors LLC. lifted its stake in ONEOK by 4.1% in the fourth quarter. Astoria Portfolio Advisors LLC. now owns 2,453 shares of the utilities provider’s stock valued at $260,000 after acquiring an additional 96 shares during the last quarter. McAdam LLC raised its holdings in shares of ONEOK by 3.8% in the 4th quarter. McAdam LLC now owns 2,612 shares of the utilities provider’s stock valued at $262,000 after purchasing an additional 96 shares during the period. Alliance Wealth Advisors LLC lifted its stake in ONEOK by 0.8% in the 4th quarter. Alliance Wealth Advisors LLC now owns 12,569 shares of the utilities provider’s stock valued at $1,262,000 after purchasing an additional 100 shares during the last quarter. Mutual Advisors LLC grew its holdings in ONEOK by 1.2% during the fourth quarter. Mutual Advisors LLC now owns 8,883 shares of the utilities provider’s stock worth $965,000 after purchasing an additional 103 shares during the period. Finally, Morton Capital Management LLC CA increased its position in ONEOK by 1.4% during the fourth quarter. Morton Capital Management LLC CA now owns 7,313 shares of the utilities provider’s stock worth $734,000 after buying an additional 104 shares during the last quarter. 69.13% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Wolfe Research raised ONEOK from a “peer perform” rating to an “outperform” rating and set a $110.00 target price on the stock in a report on Monday, February 10th. Truist Financial increased their price objective on shares of ONEOK from $99.00 to $107.00 and gave the company a “hold” rating in a research report on Tuesday, December 3rd. Scotiabank cut their target price on shares of ONEOK from $109.00 to $102.00 and set a “sector outperform” rating for the company in a research note on Thursday, March 6th. Wells Fargo & Company lowered their price target on shares of ONEOK from $107.00 to $102.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 26th. Finally, Citigroup assumed coverage on ONEOK in a report on Friday, February 28th. They set a “buy” rating and a $110.00 price objective for the company. Seven analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $105.00.

ONEOK Price Performance

OKE stock opened at $99.28 on Tuesday. The company’s 50-day moving average price is $98.12 and its two-hundred day moving average price is $100.30. The firm has a market cap of $61.98 billion, a P/E ratio of 20.77, a P/E/G ratio of 3.77 and a beta of 1.70. 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, Inc. has a 12 month low of $76.23 and a 12 month high of $118.07.

ONEOK (NYSE:OKE) last issued its earnings results on Monday, February 24th. The utilities provider reported $1.57 earnings per share for the quarter, beating analysts’ consensus estimates of $1.46 by $0.11. ONEOK had a return on equity of 16.84% and a net margin of 14.05%. The firm had revenue of $7 billion for the quarter, compared to the consensus estimate of $6.18 billion. On average, analysts anticipate that ONEOK, Inc. will post 5.07 earnings per share for the current fiscal year.

ONEOK Increases Dividend

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

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.