HITE Hedge Asset Management LLC Invests $10.55 Million in ONEOK, Inc. $OKE

HITE Hedge Asset Management LLC bought a new position in shares of ONEOK, Inc. (NYSE:OKE) during the fourth quarter, HoldingsChannel reports. The institutional investor bought 143,546 shares of the utilities provider’s stock, valued at approximately $10,551,000.

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

Analysts Set New Price Targets

A number of research firms have recently commented on OKE. Scotiabank cut shares of ONEOK from a “sector outperform” rating to a “sector perform” rating and reduced their target price for the stock from $92.00 to $89.00 in a research report on Thursday, April 30th. Weiss Ratings raised shares of ONEOK from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, May 18th. Morgan Stanley boosted their target price on shares of ONEOK from $104.00 to $113.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 7th. TD Cowen boosted their target price on shares of ONEOK from $80.00 to $85.00 and gave the stock a “hold” rating in a research report on Thursday, April 30th. Finally, Royal Bank Of Canada upped their price target on shares of ONEOK from $79.00 to $84.00 and gave the company a “sector perform” rating in a report on Thursday, March 19th. Eight research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat, ONEOK presently has an average rating of “Hold” and an average price target of $91.88.

ONEOK Trading Up 1.3%

OKE opened at $90.40 on Friday. The stock has a market capitalization of $56.95 billion, a PE ratio of 16.11, a P/E/G ratio of 6.67 and a beta of 0.74. The firm’s fifty day moving average price is $88.31 and its 200 day moving average price is $82.58. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.71 and a quick ratio of 0.56. ONEOK, Inc. has a 12-month low of $64.02 and a 12-month high of $96.07.

ONEOK (NYSE:OKE) last posted its quarterly earnings results 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). The company had revenue of $9.62 billion during the quarter, compared to analyst estimates of $8.23 billion. ONEOK had a net margin of 10.03% and a return on equity of 16.06%. During the same period in the prior year, the company earned $1.04 earnings per share. ONEOK has set its FY 2026 guidance at 5.530-5.530 EPS. As a group, research analysts expect that ONEOK, Inc. will post 5.72 EPS for the current fiscal year.

ONEOK Announces Dividend

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

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.