Shares of ONEOK, Inc. (NYSE:OKE – Get Free Report) have received an average rating of “Moderate Buy” from the thirteen research firms that are covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $75.91.
A number of brokerages recently commented on OKE. Seaport Res Ptn upgraded shares of ONEOK from a “neutral” rating to a “buy” rating in a research note on Thursday, February 8th. Wolfe Research raised shares of ONEOK from an “underperform” rating to a “peer perform” rating in a report on Wednesday, January 10th. Truist Financial boosted their price objective on shares of ONEOK from $68.00 to $71.00 and gave the company a “hold” rating in a report on Wednesday, January 31st. Royal Bank of Canada boosted their price objective on shares of ONEOK from $69.00 to $76.00 and gave the company a “sector perform” rating in a report on Thursday, November 16th. Finally, Bank of America raised shares of ONEOK from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $72.00 to $83.00 in a report on Monday, December 4th.
ONEOK Stock Up 1.7 %
ONEOK declared that its board has initiated a share buyback program on Wednesday, January 17th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the utilities provider to repurchase up to 4.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
ONEOK Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 14th. Investors of record on Tuesday, January 30th will be given a dividend of $0.99 per share. This represents a $3.96 dividend on an annualized basis and a yield of 5.64%. This is a boost from ONEOK’s previous quarterly dividend of $0.96. The ex-dividend date of this dividend is Monday, January 29th. ONEOK’s dividend payout ratio is currently 72.66%.
Insider Buying and Selling at ONEOK
In other ONEOK news, Director Eduardo A. Rodriguez sold 800 shares of the company’s stock in a transaction that occurred on Friday, December 22nd. The shares were sold at an average price of $70.29, for a total value of $56,232.00. Following the completion of the transaction, the director now directly owns 25,154 shares in the company, valued at approximately $1,768,074.66. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.29% of the company’s stock.
Hedge Funds Weigh In On ONEOK
Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Acadian Asset Management LLC increased its position in shares of ONEOK by 275.5% during the first quarter. Acadian Asset Management LLC now owns 2,850 shares of the utilities provider’s stock worth $201,000 after buying an additional 2,091 shares during the period. Raymond James Trust N.A. boosted its stake in ONEOK by 6.6% during the first quarter. Raymond James Trust N.A. now owns 5,339 shares of the utilities provider’s stock worth $377,000 after acquiring an additional 331 shares in the last quarter. Sei Investments Co. boosted its stake in ONEOK by 500.5% during the first quarter. Sei Investments Co. now owns 167,226 shares of the utilities provider’s stock worth $11,812,000 after acquiring an additional 139,379 shares in the last quarter. Aviva PLC boosted its stake in ONEOK by 20.7% during the first quarter. Aviva PLC now owns 161,711 shares of the utilities provider’s stock worth $11,422,000 after acquiring an additional 27,697 shares in the last quarter. Finally, Prudential PLC bought a new position in ONEOK during the first quarter worth $614,000. 68.87% of the stock is currently owned by institutional investors and hedge funds.
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.
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