Sterling Capital Management LLC Cuts Stake in ONEOK, Inc. $OKE

Sterling Capital Management LLC lessened its stake in shares of ONEOK, Inc. (NYSE:OKE) by 24.0% during the second quarter, HoldingsChannel reports. The firm owned 225,479 shares of the utilities provider’s stock after selling 71,242 shares during the period. Sterling Capital Management LLC’s holdings in ONEOK were worth $18,406,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of OKE. Financial Network Wealth Advisors LLC raised its holdings in shares of ONEOK by 2,466.7% during the 1st quarter. Financial Network Wealth Advisors LLC now owns 385 shares of the utilities provider’s stock valued at $38,000 after buying an additional 370 shares during the period. Financial Gravity Asset Management Inc. acquired a new stake in ONEOK in the first quarter valued at approximately $40,000. Access Investment Management LLC purchased a new stake in shares of ONEOK during the second quarter valued at approximately $33,000. Cheviot Value Management LLC acquired a new position in shares of ONEOK during the first quarter worth $46,000. Finally, Trust Co. of Toledo NA OH purchased a new position in shares of ONEOK in the second quarter valued at $42,000. Hedge funds and other institutional investors own 69.13% of the company’s stock.

ONEOK Trading Up 2.3%

NYSE OKE opened at $67.82 on Friday. The company has a debt-to-equity ratio of 1.44, a quick ratio of 0.46 and a current ratio of 0.90. ONEOK, Inc. has a one year low of $64.02 and a one year high of $118.07. The company has a 50-day simple moving average of $71.08 and a 200-day simple moving average of $77.35. The firm has a market capitalization of $42.67 billion, a PE ratio of 12.47, a price-to-earnings-growth ratio of 2.62 and a beta of 1.05.

ONEOK (NYSE:OKE) last issued its earnings results on Tuesday, October 28th. The utilities provider reported $1.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.48 by $0.01. ONEOK had a net margin of 10.58% and a return on equity of 15.12%. The firm had revenue of $9.17 billion for the quarter, compared to analysts’ expectations of $8.23 billion. During the same quarter last year, the company posted $1.18 earnings per share. ONEOK has set its FY 2025 guidance at 4.970-5.770 EPS. On average, equities analysts forecast that ONEOK, Inc. will post 5.07 earnings per share for the current year.

ONEOK Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Monday, November 3rd will be paid a dividend of $1.03 per share. This represents a $4.12 dividend on an annualized basis and a yield of 6.1%. The ex-dividend date is Monday, November 3rd. ONEOK’s dividend payout ratio is presently 75.74%.

Insiders Place Their Bets

In related news, Director Brian L. Derksen bought 2,500 shares of the business’s stock in a transaction on Monday, November 3rd. The shares were bought at an average cost of $66.00 per share, for a total transaction of $165,000.00. Following the completion of the purchase, the director owned 21,200 shares of the company’s stock, valued at $1,399,200. This represents a 13.37% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.21% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have commented on OKE. Raymond James Financial reiterated an “outperform” rating and issued a $82.00 price objective (down previously from $100.00) on shares of ONEOK in a report on Friday, October 24th. TD Cowen reduced their price target on ONEOK from $78.00 to $76.00 and set a “hold” rating for the company in a report on Thursday, October 30th. Royal Bank Of Canada dropped their price objective on ONEOK from $94.00 to $88.00 and set a “sector perform” rating on the stock in a report on Wednesday, August 13th. Wells Fargo & Company reduced their target price on ONEOK from $90.00 to $82.00 and set an “equal weight” rating for the company in a research note on Thursday, October 30th. Finally, The Goldman Sachs Group restated a “neutral” rating and issued a $72.00 price target on shares of ONEOK in a research note on Monday. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat.com, ONEOK has an average rating of “Moderate Buy” and a consensus price target of $91.94.

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.