Pinnacle Wealth Management Advisory Group LLC Purchases Shares of 3,124 ONEOK, Inc. (NYSE:OKE)

Pinnacle Wealth Management Advisory Group LLC purchased a new position in shares of ONEOK, Inc. (NYSE:OKE) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 3,124 shares of the utilities provider’s stock, valued at approximately $219,000.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in ONEOK by 10.3% during the third quarter. Vanguard Group Inc. now owns 59,237,038 shares of the utilities provider’s stock valued at $3,757,405,000 after purchasing an additional 5,525,010 shares during the period. Deutsche Bank AG lifted its holdings in shares of ONEOK by 37.7% in the 3rd quarter. Deutsche Bank AG now owns 13,292,341 shares of the utilities provider’s stock valued at $843,133,000 after buying an additional 3,636,660 shares during the period. Blackstone Inc. boosted its stake in shares of ONEOK by 3,478.3% in the third quarter. Blackstone Inc. now owns 3,578,316 shares of the utilities provider’s stock worth $226,973,000 after buying an additional 3,478,316 shares during the last quarter. Invesco Ltd. grew its holdings in ONEOK by 65.9% during the third quarter. Invesco Ltd. now owns 8,132,301 shares of the utilities provider’s stock worth $515,832,000 after acquiring an additional 3,229,046 shares during the period. Finally, International Assets Investment Management LLC raised its position in ONEOK by 5,247.1% during the fourth quarter. International Assets Investment Management LLC now owns 2,463,929 shares of the utilities provider’s stock valued at $173,017,000 after acquiring an additional 2,417,849 shares in the last quarter. Hedge funds and other institutional investors own 69.13% of the company’s stock.

ONEOK Trading Up 1.1 %

Shares of OKE stock opened at $80.03 on Friday. ONEOK, Inc. has a fifty-two week low of $55.91 and a fifty-two week high of $81.81. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.48 and a current ratio of 0.70. The stock’s fifty day moving average is $78.62 and its two-hundred day moving average is $72.22. The firm has a market capitalization of $46.71 billion, a P/E ratio of 18.61, a PEG ratio of 4.13 and a beta of 1.64.

ONEOK (NYSE:OKE) last posted its quarterly earnings results on Tuesday, April 30th. The utilities provider reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.03. ONEOK had a return on equity of 15.94% and a net margin of 12.54%. The business had revenue of $4.78 billion during the quarter, compared to analyst estimates of $5.84 billion. During the same period in the prior year, the business earned $2.34 earnings per share. Research analysts expect that ONEOK, Inc. will post 4.95 earnings per share for the current fiscal year.

ONEOK Dividend Announcement

The business also recently declared 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. The ex-dividend date is Tuesday, April 30th. This represents a $3.96 annualized dividend and a dividend yield of 4.95%. ONEOK’s dividend payout ratio is presently 92.09%.

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

Analysts Set New Price Targets

Several equities research analysts have commented on OKE shares. Truist Financial upped their price objective on ONEOK from $71.00 to $81.00 and gave the stock a “hold” rating in a research report on Thursday, March 21st. Raymond James raised their price target on shares of ONEOK from $80.00 to $85.00 and gave the company an “outperform” rating in a research report on Friday, January 19th. Stifel Nicolaus upped their price objective on shares of ONEOK from $81.00 to $88.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th. UBS Group raised their target price on ONEOK from $80.00 to $87.00 and gave the company a “buy” rating in a research report on Tuesday, February 27th. Finally, Mizuho upped their price target on ONEOK from $75.00 to $81.00 and gave the stock a “neutral” rating in a report on Wednesday, March 20th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, ONEOK presently has a consensus rating of “Hold” and a consensus target price of $83.58.

Insider Transactions at ONEOK

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

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.