Beacon Harbor Wealth Advisors Inc. Makes New $5.02 Million Investment in ONEOK, Inc. (NYSE:OKE)

Beacon Harbor Wealth Advisors Inc. bought a new position in shares of ONEOK, Inc. (NYSE:OKE) during the 4th quarter, HoldingsChannel reports. The fund bought 71,459 shares of the utilities provider’s stock, valued at approximately $5,018,000.

Several other hedge funds have also recently bought and sold shares of OKE. Chevy Chase Trust Holdings LLC grew its holdings in shares of ONEOK by 27.9% during the 3rd quarter. Chevy Chase Trust Holdings LLC now owns 330,158 shares of the utilities provider’s stock valued at $20,942,000 after purchasing an additional 71,968 shares during the last quarter. SVB Wealth LLC raised its position in shares of ONEOK by 9.3% during the third quarter. SVB Wealth LLC now owns 19,826 shares of the utilities provider’s stock worth $1,258,000 after purchasing an additional 1,685 shares during the period. Cambridge Investment Research Advisors Inc. grew its position in ONEOK by 30.7% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 136,559 shares of the utilities provider’s stock valued at $8,662,000 after purchasing an additional 32,078 shares during the period. Kingswood Wealth Advisors LLC grew its stake in ONEOK by 31.8% in the 3rd quarter. Kingswood Wealth Advisors LLC now owns 5,048 shares of the utilities provider’s stock valued at $320,000 after purchasing an additional 1,218 shares during the period. Finally, Xponance Inc. increased its holdings in ONEOK by 48.8% during the third quarter. Xponance Inc. now owns 87,156 shares of the utilities provider’s stock worth $5,528,000 after buying an additional 28,590 shares during the last quarter. 69.13% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director Wayne Thomas Smith acquired 2,700 shares of the firm’s stock in a transaction on Friday, March 1st. The shares were acquired 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 in the company, valued at approximately $203,175. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.20% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Stifel Nicolaus increased their price target on ONEOK from $81.00 to $88.00 and gave the stock a “buy” rating in a research note on Tuesday, April 16th. JPMorgan Chase & Co. boosted their price objective on ONEOK from $81.00 to $85.00 and gave the company an “overweight” rating in a research note on Wednesday, March 13th. Wells Fargo & Company increased their target price on shares of ONEOK from $81.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday. US Capital Advisors cut ONEOK from an “overweight” rating to a “hold” rating in a research note on Wednesday, March 20th. Finally, Truist Financial lifted their price objective on ONEOK from $71.00 to $81.00 and gave the stock a “hold” rating in a report on Thursday, March 21st. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $83.25.

ONEOK Stock Up 0.5 %

OKE stock traded up $0.42 during midday trading on Thursday, hitting $77.34. The company’s stock had a trading volume of 1,288,511 shares, compared to its average volume of 2,988,125. The company has a market cap of $45.14 billion, a PE ratio of 17.86, a P/E/G ratio of 4.81 and a beta of 1.64. The firm’s 50-day moving average is $78.19 and its 200-day moving average is $71.91. ONEOK, Inc. has a 12 month low of $55.91 and a 12 month high of $81.81. The company has a current ratio of 0.90, a quick ratio of 0.67 and a debt-to-equity ratio of 1.29.

ONEOK (NYSE:OKE) last announced its earnings results on Tuesday, April 30th. The utilities provider reported $1.09 earnings per share for the quarter, beating analysts’ consensus estimates of $1.06 by $0.03. The business had revenue of $4.78 billion during the quarter, compared to analyst estimates of $5.84 billion. ONEOK had a net margin of 12.54% and a return on equity of 16.87%. During the same period in the previous year, the business earned $2.34 EPS. On average, equities research analysts forecast that ONEOK, Inc. will post 5.01 earnings per share for the current fiscal year.

ONEOK announced that its Board of Directors has authorized a share buyback plan on Wednesday, January 17th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the utilities provider to purchase up to 4.9% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

ONEOK Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Wednesday, May 1st will be issued a $0.99 dividend. The ex-dividend date is Tuesday, April 30th. This represents a $3.96 dividend on an annualized basis and a yield of 5.12%. ONEOK’s dividend payout ratio is currently 92.09%.

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.