Covenant Asset Management LLC Purchases 276 Shares of ONEOK, Inc. (NYSE:OKE)

Covenant Asset Management LLC grew its holdings in shares of ONEOK, Inc. (NYSE:OKE) by 6.3% in the fourth quarter, Holdings Channel.com reports. The firm owned 4,645 shares of the utilities provider’s stock after buying an additional 276 shares during the period. Covenant Asset Management LLC’s holdings in ONEOK were worth $466,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Ritholtz Wealth Management purchased a new stake in ONEOK in the third quarter valued at approximately $206,000. Creative Planning boosted its holdings in ONEOK by 3.2% in the third quarter. Creative Planning now owns 241,031 shares of the utilities provider’s stock valued at $21,965,000 after acquiring an additional 7,467 shares in the last quarter. Asset Dedication LLC boosted its holdings in ONEOK by 318.9% in the third quarter. Asset Dedication LLC now owns 2,367 shares of the utilities provider’s stock valued at $216,000 after acquiring an additional 1,802 shares in the last quarter. Vontobel Holding Ltd. boosted its holdings in ONEOK by 1.1% in the third quarter. Vontobel Holding Ltd. now owns 33,575 shares of the utilities provider’s stock valued at $3,060,000 after acquiring an additional 377 shares in the last quarter. Finally, Hengehold Capital Management LLC purchased a new position in ONEOK during the third quarter valued at $266,000. Institutional investors own 69.13% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Mizuho raised ONEOK to a “hold” rating in a research report on Thursday, November 7th. US Capital Advisors upgraded ONEOK from a “moderate buy” rating to a “strong-buy” rating in a research note on Monday, February 3rd. Scotiabank assumed coverage on ONEOK in a research note on Friday, January 10th. They set a “sector outperform” rating and a $109.00 price objective for the company. Truist Financial boosted their price objective on ONEOK from $99.00 to $107.00 and gave the company a “hold” rating in a research note on Tuesday, December 3rd. Finally, UBS Group increased their price objective on shares of ONEOK from $112.00 to $132.00 and gave the company a “buy” rating in a report on Friday, November 15th. Seven equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $103.92.

ONEOK Price Performance

OKE opened at $97.96 on Friday. The stock’s 50-day moving average price is $102.01 and its 200 day moving average price is $97.94. ONEOK, Inc. has a 12-month low of $69.01 and a 12-month high of $118.07. The company has a current ratio of 0.81, a quick ratio of 0.59 and a debt-to-equity ratio of 1.59. The firm has a market cap of $57.23 billion, a price-to-earnings ratio of 20.49, a PEG ratio of 3.67 and a beta of 1.70.

ONEOK Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Monday, February 3rd were issued a $1.03 dividend. The ex-dividend date of this dividend was Monday, February 3rd. This represents a $4.12 dividend on an annualized basis and a dividend yield of 4.21%. This is an increase from ONEOK’s previous quarterly dividend of $0.99. ONEOK’s dividend payout ratio is presently 86.19%.

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.