HITE Hedge Asset Management LLC Buys New Shares in ONEOK, Inc. $OKE

HITE Hedge Asset Management LLC bought a new stake in ONEOK, Inc. (NYSE:OKE) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 143,546 shares of the utilities provider’s stock, valued at approximately $10,551,000.

A number of other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in ONEOK by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 77,603,334 shares of the utilities provider’s stock valued at $5,703,845,000 after purchasing an additional 380,744 shares during the period. Geode Capital Management LLC grew its holdings in ONEOK by 3.2% in the fourth quarter. Geode Capital Management LLC now owns 16,596,172 shares of the utilities provider’s stock valued at $1,215,107,000 after purchasing an additional 518,746 shares during the period. First Eagle Investment Management LLC grew its holdings in ONEOK by 46.3% in the fourth quarter. First Eagle Investment Management LLC now owns 11,365,304 shares of the utilities provider’s stock valued at $835,350,000 after purchasing an additional 3,596,089 shares during the period. Invesco Ltd. grew its holdings in ONEOK by 6.3% in the third quarter. Invesco Ltd. now owns 8,919,098 shares of the utilities provider’s stock valued at $650,827,000 after purchasing an additional 532,267 shares during the period. Finally, Capital International Investors purchased a new stake in ONEOK in the fourth quarter valued at approximately $586,500,000. 69.13% of the stock is currently owned by hedge funds and other institutional investors.

ONEOK Price Performance

OKE opened at $90.40 on Friday. The company has a quick ratio of 0.56, a current ratio of 0.71 and a debt-to-equity ratio of 1.37. ONEOK, Inc. has a 52-week low of $64.02 and a 52-week high of $96.07. The company has a 50 day moving average of $88.31 and a two-hundred day moving average of $82.58. The company has a market cap of $56.95 billion, a P/E ratio of 16.11, a P/E/G ratio of 6.67 and a beta of 0.74.

ONEOK (NYSE:OKE) last released its quarterly earnings data on Tuesday, April 28th. The utilities provider reported $1.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.30 by ($0.07). ONEOK had a return on equity of 16.06% and a net margin of 10.03%.The business had revenue of $9.62 billion for the quarter, compared to analysts’ expectations of $8.23 billion. During the same quarter in the prior year, the firm earned $1.04 earnings per share. ONEOK has set its FY 2026 guidance at 5.530-5.530 EPS. On average, analysts expect that ONEOK, Inc. will post 5.72 earnings per share for the current year.

ONEOK Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Monday, May 4th were paid a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a yield of 4.7%. The ex-dividend date was Monday, May 4th. ONEOK’s payout ratio is currently 76.29%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on OKE. Raymond James Financial restated an “outperform” rating and issued a $92.00 target price on shares of ONEOK in a report on Thursday, April 30th. Truist Financial boosted their target price on shares of ONEOK from $91.00 to $93.00 and gave the company a “hold” rating in a report on Monday, May 4th. Citigroup boosted their price objective on shares of ONEOK from $95.00 to $97.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Wells Fargo & Company decreased their price objective on shares of ONEOK from $100.00 to $98.00 and set an “overweight” rating for the company in a research note on Thursday, April 30th. Finally, Wolfe Research downgraded shares of ONEOK from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, February 25th. Eight investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat, ONEOK presently has a consensus rating of “Hold” and a consensus target price of $91.88.

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.