Summit Securities Group LLC Makes New $6.14 Million Investment in ONEOK, Inc. (NYSE:OKE)

Summit Securities Group LLC acquired a new stake in ONEOK, Inc. (NYSE:OKE) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 61,200 shares of the utilities provider’s stock, valued at approximately $6,144,000. ONEOK accounts for approximately 1.3% of Summit Securities Group LLC’s portfolio, making the stock its 11th biggest holding.

A number of other hedge funds have also modified their holdings of OKE. Schroder Investment Management Group grew its position in ONEOK by 3.5% in the 4th quarter. Schroder Investment Management Group now owns 117,842 shares of the utilities provider’s stock valued at $11,876,000 after buying an additional 3,947 shares during the last quarter. Cambridge Financial Group Inc. purchased a new position in shares of ONEOK during the 4th quarter worth approximately $9,406,000. OneAscent Wealth Management LLC acquired a new stake in shares of ONEOK in the 4th quarter valued at approximately $226,000. Allstate Corp purchased a new stake in shares of ONEOK in the fourth quarter valued at approximately $1,734,000. Finally, Brown Brothers Harriman & Co. lifted its stake in shares of ONEOK by 11.5% in the fourth quarter. Brown Brothers Harriman & Co. now owns 7,134 shares of the utilities provider’s stock valued at $716,000 after purchasing an additional 733 shares during the period. 69.13% of the stock is currently owned by hedge funds and other institutional investors.

ONEOK Stock Down 0.2 %

Shares of NYSE:OKE opened at $98.47 on Friday. The company has a market capitalization of $61.48 billion, a price-to-earnings ratio of 20.60, a price-to-earnings-growth ratio of 3.77 and a beta of 1.70. The company has a 50 day moving average of $98.32 and a two-hundred day moving average of $100.17. ONEOK, Inc. has a 52-week low of $76.23 and a 52-week high of $118.07. The company has a quick ratio of 0.59, a current ratio of 0.81 and a debt-to-equity ratio of 1.59.

ONEOK (NYSE:OKE) last issued its quarterly earnings results on Monday, February 24th. The utilities provider reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.46 by $0.11. ONEOK had a return on equity of 16.84% and a net margin of 14.05%. The firm had revenue of $7 billion during the quarter, compared to the consensus estimate of $6.18 billion. As a group, analysts forecast that ONEOK, Inc. will post 5.07 earnings per share for the current fiscal year.

ONEOK Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Monday, February 3rd were given a dividend of $1.03 per share. The ex-dividend date was Monday, February 3rd. This represents a $4.12 annualized dividend and a dividend yield of 4.18%. This is a positive change from ONEOK’s previous quarterly dividend of $0.99. ONEOK’s dividend payout ratio is currently 79.69%.

Analyst Ratings Changes

Several brokerages have recently commented on OKE. Truist Financial boosted their price target on ONEOK from $99.00 to $107.00 and gave the stock a “hold” rating in a research note on Tuesday, December 3rd. Wolfe Research upgraded ONEOK from a “peer perform” rating to an “outperform” rating and set a $110.00 price target for the company in a research report on Monday, February 10th. Wells Fargo & Company decreased their price objective on shares of ONEOK from $107.00 to $102.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 26th. Barclays cut their target price on shares of ONEOK from $105.00 to $101.00 and set an “equal weight” rating for the company in a research report on Friday, March 7th. Finally, Morgan Stanley raised their price objective on shares of ONEOK from $111.00 to $133.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 25th. Seven analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, ONEOK currently has an average rating of “Moderate Buy” and a consensus target price of $105.00.

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.