Janney Montgomery Scott LLC grew its stake in shares of ONEOK, Inc. (NYSE:OKE – Free Report) by 59.7% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 154,628 shares of the utilities provider’s stock after buying an additional 57,798 shares during the quarter. Janney Montgomery Scott LLC’s holdings in ONEOK were worth $9,808,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of ONEOK by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 51,774,594 shares of the utilities provider’s stock valued at $3,656,839,000 after buying an additional 1,043,147 shares in the last quarter. BlackRock Inc. raised its stake in shares of ONEOK by 0.6% during the second quarter. BlackRock Inc. now owns 46,311,090 shares of the utilities provider’s stock valued at $2,858,320,000 after acquiring an additional 285,789 shares during the last quarter. Moneta Group Investment Advisors LLC raised its stake in shares of ONEOK by 118,109.3% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 22,562,603 shares of the utilities provider’s stock valued at $1,482,363,000 after acquiring an additional 22,543,516 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of ONEOK by 2.4% during the second quarter. Geode Capital Management LLC now owns 9,469,921 shares of the utilities provider’s stock valued at $582,950,000 after acquiring an additional 219,939 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of ONEOK by 4.7% during the second quarter. Charles Schwab Investment Management Inc. now owns 9,366,320 shares of the utilities provider’s stock valued at $578,089,000 after acquiring an additional 420,612 shares during the last quarter. Hedge funds and other institutional investors own 68.87% of the company’s stock.
Insiders Place Their Bets
In other ONEOK news, Director Eduardo A. Rodriguez sold 800 shares of the company’s stock in a transaction dated Friday, December 22nd. The shares were sold at an average price of $70.29, for a total value of $56,232.00. Following the sale, the director now owns 25,154 shares in the company, valued at $1,768,074.66. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.65% of the company’s stock.
ONEOK Price Performance
ONEOK announced that its board has approved a share buyback plan on Wednesday, January 17th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the utilities provider to reacquire up to 4.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.
ONEOK Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 14th. Shareholders of record on Tuesday, January 30th will be issued a $0.99 dividend. This represents a $3.96 dividend on an annualized basis and a yield of 5.74%. The ex-dividend date is Monday, January 29th. This is a boost from ONEOK’s previous quarterly dividend of $0.96. ONEOK’s dividend payout ratio is 72.66%.
Wall Street Analyst Weigh In
Several equities analysts have recently commented on OKE shares. Seaport Res Ptn raised shares of ONEOK from a “neutral” rating to a “buy” rating in a research note on Thursday. Wolfe Research upgraded shares of ONEOK from an “underperform” rating to a “peer perform” rating in a research report on Wednesday, January 10th. Truist Financial boosted their price target on shares of ONEOK from $68.00 to $71.00 and gave the company a “hold” rating in a research report on Wednesday, January 31st. Royal Bank of Canada boosted their price target on shares of ONEOK from $69.00 to $76.00 and gave the company a “sector perform” rating in a research report on Thursday, November 16th. Finally, Mizuho boosted their price target on shares of ONEOK from $70.00 to $72.00 and gave the company a “neutral” rating in a research report on Friday, October 13th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, ONEOK has an average rating of “Moderate Buy” and an average target price of $75.91.
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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