Cherry Tree Wealth Management LLC Reduces Position in ONEOK, Inc. (NYSE:OKE)

Cherry Tree Wealth Management LLC trimmed its holdings in shares of ONEOK, Inc. (NYSE:OKE) by 39.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 920 shares of the utilities provider’s stock after selling 600 shares during the quarter. Cherry Tree Wealth Management LLC’s holdings in ONEOK were worth $65,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of OKE. Peoples Bank KS purchased a new stake in shares of ONEOK during the third quarter worth about $25,000. Beacon Capital Management LLC increased its position in shares of ONEOK by 90.7% during the fourth quarter. Beacon Capital Management LLC now owns 408 shares of the utilities provider’s stock worth $29,000 after acquiring an additional 194 shares during the last quarter. HHM Wealth Advisors LLC purchased a new stake in shares of ONEOK during the fourth quarter worth about $32,000. Loomis Sayles & Co. L P increased its position in shares of ONEOK by 605.1% during the third quarter. Loomis Sayles & Co. L P now owns 557 shares of the utilities provider’s stock worth $35,000 after acquiring an additional 478 shares during the last quarter. Finally, SOA Wealth Advisors LLC. increased its holdings in ONEOK by 283.5% in the fourth quarter. SOA Wealth Advisors LLC. now owns 510 shares of the utilities provider’s stock valued at $36,000 after buying an additional 377 shares during the last quarter. 69.13% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Wayne Thomas Smith bought 2,700 shares of the business’s stock in a transaction 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 directly owns 2,700 shares of the company’s stock, valued at approximately $203,175. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.20% of the stock is currently owned by insiders.

Analysts Set New Price Targets

OKE has been the subject of several research analyst reports. Truist Financial boosted their price objective on ONEOK from $71.00 to $81.00 and gave the company a “hold” rating in a report on Thursday, March 21st. Mizuho boosted their price objective on ONEOK from $75.00 to $81.00 and gave the company a “neutral” rating in a report on Wednesday, March 20th. Seaport Res Ptn raised ONEOK from a “neutral” rating to a “buy” rating in a report on Thursday, February 8th. Barclays boosted their price objective on ONEOK from $73.00 to $80.00 and gave the company an “equal weight” rating in a report on Thursday, March 7th. Finally, Raymond James boosted their price objective on ONEOK from $80.00 to $85.00 and gave the company an “outperform” rating in a report on Friday, January 19th. One equities research analyst has rated the stock with a sell rating, eight 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 an average price target of $83.58.

ONEOK Stock Performance

Shares of NYSE OKE traded up $0.29 during midday trading on Tuesday, hitting $78.36. 2,366,144 shares of the company’s stock were exchanged, compared to its average volume of 2,981,186. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.70 and a quick ratio of 0.48. The stock’s 50 day moving average price is $78.52 and its 200-day moving average price is $72.18. The firm has a market cap of $45.73 billion, a P/E ratio of 18.22, a PEG ratio of 4.13 and a beta of 1.64. ONEOK, Inc. has a twelve month low of $55.91 and a twelve month high of $81.81.

ONEOK (NYSE:OKE) last issued its quarterly earnings data on Tuesday, April 30th. The utilities provider reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.03. The business had revenue of $4.78 billion during the quarter, compared to the consensus estimate of $5.84 billion. ONEOK had a return on equity of 15.94% and a net margin of 12.54%. During the same period in the previous year, the firm posted $2.34 earnings per share. Equities research analysts anticipate that ONEOK, Inc. will post 4.95 EPS for the current year.

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

ONEOK Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Wednesday, May 1st will be given a $0.99 dividend. The ex-dividend date of this dividend is Tuesday, April 30th. This represents a $3.96 dividend on an annualized basis and a yield of 5.05%. ONEOK’s dividend payout ratio (DPR) is 92.09%.

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.