Fidelis Capital Partners LLC Increases Stock Holdings in ONEOK, Inc. (NYSE:OKE)

Fidelis Capital Partners LLC lifted its position in ONEOK, Inc. (NYSE:OKE) by 9.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,238 shares of the utilities provider’s stock after buying an additional 548 shares during the quarter. Fidelis Capital Partners LLC’s holdings in ONEOK were worth $438,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Fifth Third Bancorp raised its stake in ONEOK by 16.2% in the fourth quarter. Fifth Third Bancorp now owns 21,800 shares of the utilities provider’s stock valued at $1,531,000 after purchasing an additional 3,032 shares in the last quarter. ELCO Management Co. LLC raised its stake in ONEOK by 102.3% in the third quarter. ELCO Management Co. LLC now owns 26,432 shares of the utilities provider’s stock valued at $1,677,000 after purchasing an additional 13,367 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. raised its stake in ONEOK by 11.4% in the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 7,729 shares of the utilities provider’s stock valued at $490,000 after purchasing an additional 790 shares in the last quarter. Prime Capital Investment Advisors LLC raised its stake in ONEOK by 1.5% in the third quarter. Prime Capital Investment Advisors LLC now owns 38,780 shares of the utilities provider’s stock valued at $2,460,000 after purchasing an additional 581 shares in the last quarter. Finally, Vontobel Holding Ltd. raised its stake in ONEOK by 32.1% in the fourth quarter. Vontobel Holding Ltd. now owns 72,394 shares of the utilities provider’s stock valued at $5,084,000 after purchasing an additional 17,612 shares in the last quarter. 69.13% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on OKE. UBS Group increased their price target on shares of ONEOK from $80.00 to $87.00 and gave the company a “buy” rating in a research report on Tuesday, February 27th. StockNews.com upgraded shares of ONEOK from a “sell” rating to a “hold” rating in a research report on Wednesday, March 6th. Truist Financial increased their price target on shares of ONEOK from $71.00 to $81.00 and gave the company a “hold” rating in a research report on Thursday, March 21st. Raymond James raised their target price on shares of ONEOK from $80.00 to $85.00 and gave the stock an “outperform” rating in a report on Friday, January 19th. Finally, Wolfe Research upgraded shares of ONEOK from an “underperform” rating to a “peer perform” rating in a report on Wednesday, January 10th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $82.25.

Insider Activity

In other news, Director Wayne Thomas Smith purchased 2,700 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The shares were bought at an average price of $75.25 per share, for a total transaction of $203,175.00. Following the purchase, the director now directly owns 2,700 shares in the company, valued at approximately $203,175. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.20% of the company’s stock.

ONEOK Stock Performance

Shares of OKE stock opened at $79.63 on Friday. ONEOK, Inc. has a 12 month low of $55.91 and a 12 month high of $80.81. The stock has a market cap of $46.48 billion, a PE ratio of 14.35, a price-to-earnings-growth ratio of 4.76 and a beta of 1.65. The company has a current ratio of 0.90, a quick ratio of 0.67 and a debt-to-equity ratio of 1.29. The company’s fifty day moving average price is $76.74 and its 200-day moving average price is $71.03.

ONEOK (NYSE:OKE) last announced its earnings results on Monday, February 26th. The utilities provider reported $1.18 EPS for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.03). ONEOK had a net margin of 15.04% and a return on equity of 22.57%. The business had revenue of $5.24 billion for the quarter, compared to the consensus estimate of $5.57 billion. During the same quarter last year, the firm posted $1.08 EPS. On average, equities analysts expect that ONEOK, Inc. will post 4.99 EPS for the current fiscal year.

ONEOK Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Wednesday, May 1st will be issued a dividend of $0.99 per share. This represents a $3.96 dividend on an annualized basis and a dividend yield of 4.97%. The ex-dividend date of this dividend is Tuesday, April 30th. ONEOK’s dividend payout ratio (DPR) is presently 71.35%.

ONEOK declared that its Board of Directors has initiated a share buyback program on Wednesday, January 17th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the utilities provider to buy up to 4.9% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

About ONEOK

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.