Davis Investment Partners LLC Has $685,000 Stake in ONEOK, Inc. (NYSE:OKE)

Davis Investment Partners LLC grew its position in shares of ONEOK, Inc. (NYSE:OKE) by 4.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,665 shares of the utilities provider’s stock after buying an additional 400 shares during the quarter. Davis Investment Partners LLC’s holdings in ONEOK were worth $685,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in the company. Peoples Bank KS bought a new position in shares of ONEOK in the 3rd quarter valued at approximately $25,000. Beacon Capital Management LLC raised its stake in shares of ONEOK by 90.7% in the 4th quarter. Beacon Capital Management LLC now owns 408 shares of the utilities provider’s stock valued at $29,000 after acquiring an additional 194 shares in the last quarter. Quent Capital LLC raised its stake in shares of ONEOK by 97.7% in the 3rd quarter. Quent Capital LLC now owns 437 shares of the utilities provider’s stock valued at $28,000 after acquiring an additional 216 shares in the last quarter. Resurgent Financial Advisors LLC bought a new position in shares of ONEOK in the 4th quarter valued at approximately $29,000. Finally, Worth Asset Management LLC bought a new position in shares of ONEOK in the 1st quarter valued at approximately $30,000. 68.87% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Truist Financial raised their price objective on ONEOK from $71.00 to $81.00 and gave the company a “hold” rating in a research note on Thursday. JPMorgan Chase & Co. lifted their price target on ONEOK from $81.00 to $85.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 13th. Mizuho lifted their price target on ONEOK from $75.00 to $81.00 and gave the stock a “neutral” rating in a research report on Wednesday. StockNews.com raised ONEOK from a “sell” rating to a “hold” rating in a research report on Wednesday, March 6th. Finally, Citigroup lifted their price target on ONEOK from $73.00 to $83.00 and gave the stock a “buy” rating in a research report on Tuesday, March 5th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, ONEOK presently has a consensus rating of “Hold” and an average target price of $81.40.

Insider Activity at ONEOK

In related news, Director Eduardo A. Rodriguez sold 800 shares of the business’s stock in a transaction on Friday, December 22nd. The stock was sold at an average price of $70.29, for a total value of $56,232.00. Following the sale, the director now owns 25,154 shares of the company’s stock, valued at approximately $1,768,074.66. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other ONEOK news, Director Eduardo A. Rodriguez sold 800 shares of the business’s stock in a transaction on Friday, December 22nd. The stock was sold at an average price of $70.29, for a total value of $56,232.00. Following the transaction, the director now owns 25,154 shares of the company’s stock, valued at $1,768,074.66. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Wayne Thomas Smith acquired 2,700 shares of ONEOK stock in a transaction on Friday, March 1st. The stock was acquired at an average cost of $75.25 per share, for a total transaction of $203,175.00. Following the purchase, the director now owns 2,700 shares of the company’s stock, valued at approximately $203,175. The disclosure for this purchase can be found here. 0.65% of the stock is owned by insiders.

ONEOK Stock Performance

Shares of NYSE:OKE traded up $0.54 during trading on Thursday, hitting $79.47. 2,787,497 shares of the stock were exchanged, compared to its average volume of 3,128,511. ONEOK, Inc. has a 1-year low of $55.91 and a 1-year high of $79.89. The company has a market capitalization of $46.35 billion, a price-to-earnings ratio of 14.32, a price-to-earnings-growth ratio of 2.26 and a beta of 1.65. The company’s fifty day simple moving average is $72.43 and its 200-day simple moving average is $68.99. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.67 and a current ratio of 0.90.

ONEOK (NYSE:OKE) last announced its quarterly earnings results on Monday, February 26th. The utilities provider reported $1.18 EPS for the quarter, missing the consensus estimate of $1.21 by ($0.03). The company had revenue of $5.24 billion during the quarter, compared to analyst estimates of $5.57 billion. ONEOK had a net margin of 15.04% and a return on equity of 22.57%. During the same period in the prior year, the firm earned $1.08 EPS. Sell-side analysts expect that ONEOK, Inc. will post 4.99 EPS for the current fiscal year.

ONEOK Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, February 14th. Investors of record on Tuesday, January 30th were paid a $0.99 dividend. This is a positive change from ONEOK’s previous quarterly dividend of $0.96. The ex-dividend date was Monday, January 29th. This represents a $3.96 annualized dividend and a yield of 4.98%. ONEOK’s payout ratio is currently 71.35%.

ONEOK announced that its board has authorized a share repurchase program on Wednesday, January 17th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the utilities provider to reacquire up to 4.9% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

ONEOK Company 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.