Summit Securities Group LLC Makes New Investment in ONEOK, Inc. (NYSE:OKE)

Summit Securities Group LLC bought a new position in shares of ONEOK, Inc. (NYSE:OKE) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 61,200 shares of the utilities provider’s stock, valued at approximately $6,144,000. ONEOK accounts for about 1.3% of Summit Securities Group LLC’s investment portfolio, making the stock its 11th largest holding.

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

ONEOK Trading Down 0.2 %

NYSE OKE opened at $98.47 on Friday. ONEOK, Inc. has a 52 week low of $76.23 and a 52 week high of $118.07. The firm has a 50 day moving average of $98.32 and a two-hundred day moving average of $100.17. The company has a quick ratio of 0.59, a current ratio of 0.81 and a debt-to-equity ratio of 1.59. The stock has a market capitalization of $61.48 billion, a PE ratio of 20.60, a price-to-earnings-growth ratio of 3.77 and a beta of 1.70.

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

ONEOK Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Monday, February 3rd were paid 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 4.18%. ONEOK’s payout ratio is presently 79.69%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on OKE shares. Citigroup initiated coverage on shares of ONEOK in a research report on Friday, February 28th. They set a “buy” rating and a $110.00 price target for the company. Scotiabank cut their target price on ONEOK from $109.00 to $102.00 and set a “sector outperform” rating on the stock in a research report on Thursday, March 6th. Truist Financial raised their price target on ONEOK from $99.00 to $107.00 and gave the stock a “hold” rating in a research report on Tuesday, December 3rd. Wells Fargo & Company cut their price objective on ONEOK from $107.00 to $102.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 26th. Finally, US Capital Advisors upgraded ONEOK from a “moderate buy” rating to a “strong-buy” rating in a report on Monday, February 3rd. Seven analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $105.00.

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.