Centennial Wealth Advisory LLC Raises Stock Position in ONEOK, Inc. (NYSE:OKE)

Centennial Wealth Advisory LLC grew its holdings in shares of ONEOK, Inc. (NYSE:OKE) by 3.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,790 shares of the utilities provider’s stock after purchasing an additional 194 shares during the period. Centennial Wealth Advisory LLC’s holdings in ONEOK were worth $407,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of OKE. ELCO Management Co. LLC grew its position in shares of ONEOK by 102.3% during the third quarter. ELCO Management Co. LLC now owns 26,432 shares of the utilities provider’s stock worth $1,677,000 after buying an additional 13,367 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. increased its stake in shares of ONEOK by 11.4% during the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 7,729 shares of the utilities provider’s stock worth $490,000 after buying an additional 790 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its stake in shares of ONEOK by 15.9% during the second quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 698,627 shares of the utilities provider’s stock worth $43,119,000 after buying an additional 95,725 shares during the period. Prime Capital Investment Advisors LLC increased its stake in shares of ONEOK by 1.5% during the third quarter. Prime Capital Investment Advisors LLC now owns 38,780 shares of the utilities provider’s stock worth $2,460,000 after buying an additional 581 shares during the period. Finally, Insight Folios Inc purchased a new position in ONEOK in the third quarter valued at approximately $4,998,000. 69.13% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on OKE. StockNews.com upgraded shares of ONEOK from a “sell” rating to a “hold” rating in a research note on Wednesday, March 6th. Barclays increased their price target on shares of ONEOK from $73.00 to $80.00 and gave the company an “equal weight” rating in a research note on Thursday, March 7th. Seaport Res Ptn upgraded shares of ONEOK from a “neutral” rating to a “buy” rating in a research report on Thursday, February 8th. Raymond James raised their target price on shares of ONEOK from $80.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, January 19th. Finally, UBS Group raised their target price on shares of ONEOK from $80.00 to $87.00 and gave the stock a “buy” rating in a research report on Tuesday, February 27th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, ONEOK currently has an average rating of “Hold” and an average price target of $81.73.

Insider Buying and Selling at ONEOK

In other ONEOK news, Director Wayne Thomas Smith bought 2,700 shares of ONEOK stock in a transaction on Friday, March 1st. The stock was bought at an average price of $75.25 per share, with a total value of $203,175.00. Following the completion of the acquisition, the director now owns 2,700 shares in the company, valued at $203,175. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.29% of the stock is owned by corporate insiders.

ONEOK Price Performance

Shares of NYSE OKE opened at $78.66 on Wednesday. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.90 and a quick ratio of 0.67. The stock has a fifty day moving average price of $72.96 and a 200 day moving average price of $69.32. ONEOK, Inc. has a 1-year low of $55.91 and a 1-year high of $80.22. The company has a market cap of $45.87 billion, a PE ratio of 14.17, a P/E/G ratio of 2.28 and a beta of 1.65.

ONEOK (NYSE:OKE) last released its earnings results on Monday, February 26th. The utilities provider reported $1.18 EPS for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.03). ONEOK had a net margin of 15.04% and a return on equity of 22.57%. The business had revenue of $5.24 billion during the quarter, compared to analyst estimates of $5.57 billion. During the same period last year, the business posted $1.08 EPS. Sell-side analysts forecast that ONEOK, Inc. will post 4.98 EPS for the current year.

ONEOK Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 14th. Shareholders of record on Tuesday, January 30th were issued a $0.99 dividend. The ex-dividend date was Monday, January 29th. This represents a $3.96 dividend on an annualized basis and a yield of 5.03%. This is an increase from ONEOK’s previous quarterly dividend of $0.96. ONEOK’s dividend payout ratio (DPR) is 71.35%.

ONEOK announced that its board has approved a share repurchase program on Wednesday, January 17th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the utilities provider to buy up to 4.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.

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.