ONEOK, Inc. (NYSE:OKE) Shares Purchased by Covenant Asset Management LLC

Covenant Asset Management LLC grew its holdings in shares of ONEOK, Inc. (NYSE:OKE) by 6.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,645 shares of the utilities provider’s stock after purchasing an additional 276 shares during the period. Covenant Asset Management LLC’s holdings in ONEOK were worth $466,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of OKE. Charles Schwab Investment Management Inc. lifted its stake in shares of ONEOK by 3.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 17,480,774 shares of the utilities provider’s stock worth $1,593,023,000 after purchasing an additional 661,854 shares during the period. Geode Capital Management LLC boosted its position in ONEOK by 1.0% in the 3rd quarter. Geode Capital Management LLC now owns 13,680,875 shares of the utilities provider’s stock valued at $1,242,449,000 after buying an additional 138,430 shares during the last quarter. Janus Henderson Group PLC boosted its position in ONEOK by 0.3% in the 3rd quarter. Janus Henderson Group PLC now owns 3,751,172 shares of the utilities provider’s stock valued at $341,844,000 after buying an additional 11,189 shares during the last quarter. International Assets Investment Management LLC lifted its position in shares of ONEOK by 9,439.9% during the third quarter. International Assets Investment Management LLC now owns 3,230,989 shares of the utilities provider’s stock worth $294,440,000 after purchasing an additional 3,197,121 shares during the last quarter. Finally, abrdn plc lifted its position in shares of ONEOK by 14.8% during the third quarter. abrdn plc now owns 2,149,676 shares of the utilities provider’s stock worth $195,545,000 after purchasing an additional 277,514 shares during the last quarter. Hedge funds and other institutional investors own 69.13% of the company’s stock.

ONEOK Price Performance

Shares of NYSE:OKE opened at $97.96 on Friday. The stock has a market capitalization of $57.23 billion, a PE ratio of 20.49, a PEG ratio of 3.67 and a beta of 1.70. 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 50 day moving average of $102.01 and a 200-day moving average of $97.94. ONEOK, Inc. has a 12 month low of $69.01 and a 12 month high of $118.07.

ONEOK Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Scotiabank initiated coverage on shares of ONEOK in a report on Friday, January 10th. They issued a “sector outperform” rating and a $109.00 target price on the stock. UBS Group lifted their price target on shares of ONEOK from $112.00 to $132.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Mizuho upgraded shares of ONEOK to a “hold” rating in a research report on Thursday, November 7th. Wolfe Research raised shares of ONEOK from a “peer perform” rating to an “outperform” rating and set a $110.00 price objective for the company in a research note on Monday, February 10th. Finally, Barclays started coverage on shares of ONEOK in a research note on Thursday, February 6th. They set an “equal weight” rating and a $105.00 target price for the company. Seven research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, ONEOK currently has a consensus rating of “Moderate Buy” and an average target price of $103.92.

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.