Forefront Wealth Management Inc. Buys New Shares in ONEOK, Inc. (NYSE:OKE)

Forefront Wealth Management Inc. bought a new stake in ONEOK, Inc. (NYSE:OKE) in the fourth quarter, HoldingsChannel.com reports. The firm bought 43,927 shares of the utilities provider’s stock, valued at approximately $4,410,000. ONEOK accounts for 4.1% of Forefront Wealth Management Inc.’s portfolio, making the stock its 8th biggest position.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Kieckhefer Group LLC purchased a new stake in ONEOK during the 4th quarter worth about $30,000. Canton Hathaway LLC purchased a new stake in ONEOK during the 4th quarter worth about $40,000. J.Safra Asset Management Corp purchased a new stake in ONEOK during the 4th quarter worth about $48,000. VSM Wealth Advisory LLC purchased a new stake in ONEOK during the 4th quarter worth about $50,000. Finally, OFI Invest Asset Management purchased a new stake in ONEOK during the 4th quarter worth about $51,000. 69.13% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on OKE. Barclays cut their target price on ONEOK from $105.00 to $101.00 and set an “equal weight” rating on the stock in a research report on Friday, March 7th. US Capital Advisors upgraded ONEOK from a “moderate buy” rating to a “strong-buy” rating in a research report on Monday, February 3rd. Wolfe Research upgraded ONEOK from a “peer perform” rating to an “outperform” rating and set a $110.00 target price on the stock in a research report on Monday, February 10th. Citigroup began coverage on ONEOK in a research report on Friday, February 28th. They set a “buy” rating and a $110.00 target price on the stock. Finally, Truist Financial lifted their target price on ONEOK from $99.00 to $107.00 and gave the stock a “hold” rating in a research report on Tuesday, December 3rd. Seven research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, ONEOK currently has an average rating of “Moderate Buy” and a consensus target price of $103.31.

ONEOK Stock Performance

NYSE OKE opened at $99.45 on Friday. 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 business’s 50 day moving average is $98.94 and its two-hundred day moving average is $99.80. ONEOK, Inc. has a 12-month low of $76.23 and a 12-month high of $118.07. The stock has a market capitalization of $62.09 billion, a price-to-earnings ratio of 20.81, a PEG ratio of 3.77 and a beta of 1.70.

ONEOK (NYSE:OKE) last released its earnings results on Monday, February 24th. The utilities provider reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.11. ONEOK had a return on equity of 16.84% and a net margin of 14.05%. The company had revenue of $7 billion for the quarter, compared to analysts’ expectations of $6.18 billion. Research analysts expect that ONEOK, Inc. will post 5.07 EPS for the current year.

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 given a dividend of $1.03 per share. This is a boost from ONEOK’s previous quarterly dividend of $0.99. The ex-dividend date was Monday, February 3rd. This represents a $4.12 annualized dividend and a yield of 4.14%. ONEOK’s payout ratio is presently 79.69%.

ONEOK 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.