ONEOK, Inc. (NYSE:OKE) Shares Sold by Truist Financial Corp

Truist Financial Corp lessened its stake in ONEOK, Inc. (NYSE:OKE) by 9.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 67,495 shares of the utilities provider’s stock after selling 7,351 shares during the period. Truist Financial Corp’s holdings in ONEOK were worth $4,739,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in OKE. Peoples Bank KS bought a new stake in shares of ONEOK in the third quarter worth $25,000. Beacon Capital Management LLC increased its stake in ONEOK by 90.7% during the fourth quarter. Beacon Capital Management LLC now owns 408 shares of the utilities provider’s stock valued at $29,000 after purchasing an additional 194 shares during the last quarter. Loomis Sayles & Co. L P increased its stake in ONEOK by 605.1% during the third quarter. Loomis Sayles & Co. L P now owns 557 shares of the utilities provider’s stock valued at $35,000 after purchasing an additional 478 shares during the last quarter. SOA Wealth Advisors LLC. increased its stake in ONEOK by 283.5% during the fourth quarter. SOA Wealth Advisors LLC. now owns 510 shares of the utilities provider’s stock valued at $36,000 after purchasing an additional 377 shares during the last quarter. Finally, Islay Capital Management LLC bought a new stake in ONEOK during the third quarter valued at $38,000. Institutional investors own 69.13% of the company’s stock.

ONEOK Stock Performance

OKE stock opened at $77.23 on Monday. The company has a market capitalization of $45.08 billion, a P/E ratio of 17.96, a PEG ratio of 4.13 and a beta of 1.64. The company has a 50-day simple moving average of $78.34 and a 200 day simple moving average of $72.04. ONEOK, Inc. has a fifty-two week low of $55.91 and a fifty-two week high of $81.81. The company has a quick ratio of 0.67, a current ratio of 0.70 and a debt-to-equity ratio of 1.24.

ONEOK (NYSE:OKE) last posted its quarterly earnings data on Tuesday, April 30th. The utilities provider reported $1.09 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.03. The business had revenue of $4.78 billion during the quarter, compared to the consensus estimate of $5.84 billion. ONEOK had a net margin of 12.54% and a return on equity of 15.94%. During the same quarter in the prior year, the company posted $2.34 earnings per share. Sell-side analysts predict that ONEOK, Inc. will post 4.95 earnings per share for the current fiscal year.

ONEOK Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Wednesday, May 1st will be issued a $0.99 dividend. This represents a $3.96 dividend on an annualized basis and a yield of 5.13%. The ex-dividend date is Tuesday, April 30th. ONEOK’s payout ratio is 92.09%.

ONEOK announced that its Board of Directors has authorized a share buyback plan on Wednesday, January 17th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the utilities provider to repurchase up to 4.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on OKE shares. US Capital Advisors lowered shares of ONEOK from an “overweight” rating to a “hold” rating in a research note on Wednesday, March 20th. StockNews.com upgraded shares of ONEOK from a “sell” rating to a “hold” rating in a research note on Wednesday, March 6th. Truist Financial boosted their target price on shares of ONEOK from $71.00 to $81.00 and gave the company a “hold” rating in a research note on Thursday, March 21st. Citigroup boosted their target price on shares of ONEOK from $73.00 to $83.00 and gave the company a “buy” rating in a research note on Tuesday, March 5th. Finally, Wells Fargo & Company boosted their price target on shares of ONEOK from $81.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $83.58.

Insider Buying and Selling at ONEOK

In other ONEOK news, Director Wayne Thomas Smith purchased 2,700 shares of the business’s stock in a transaction on Friday, March 1st. The stock was bought at an average cost of $75.25 per share, with a total value of $203,175.00. Following the acquisition, the director now owns 2,700 shares of the company’s stock, valued at $203,175. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.20% of the stock is owned by corporate insiders.

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.