Forefront Wealth Management Inc. Invests $4.41 Million in ONEOK, Inc. (NYSE:OKE)

Forefront Wealth Management Inc. acquired a new stake in ONEOK, Inc. (NYSE:OKE - Free Report) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 43,927 shares of the utilities provider's stock, valued at approximately $4,410,000. ONEOK comprises approximately 4.1% of Forefront Wealth Management Inc.'s investment portfolio, making the stock its 8th largest position.

Several other hedge funds and other institutional investors have also modified their holdings of OKE. Astoria Portfolio Advisors LLC. lifted its holdings in ONEOK by 4.1% during the 4th quarter. Astoria Portfolio Advisors LLC. now owns 2,453 shares of the utilities provider's stock worth $260,000 after purchasing an additional 96 shares during the last quarter. McAdam LLC grew its stake in ONEOK by 3.8% during the fourth quarter. McAdam LLC now owns 2,612 shares of the utilities provider's stock worth $262,000 after buying an additional 96 shares in the last quarter. Alliance Wealth Advisors LLC raised its position in shares of ONEOK by 0.8% in the 4th quarter. Alliance Wealth Advisors LLC now owns 12,569 shares of the utilities provider's stock valued at $1,262,000 after buying an additional 100 shares in the last quarter. Mutual Advisors LLC boosted its position in shares of ONEOK by 1.2% during the 4th quarter. Mutual Advisors LLC now owns 8,883 shares of the utilities provider's stock worth $965,000 after acquiring an additional 103 shares in the last quarter. Finally, Morton Capital Management LLC CA lifted its stake in ONEOK by 1.4% during the fourth quarter. Morton Capital Management LLC CA now owns 7,313 shares of the utilities provider's stock worth $734,000 after purchasing an additional 104 shares during the last quarter. Institutional investors own 69.13% of the company's stock.

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ONEOK Stock Performance

Shares of NYSE OKE traded down $1.16 during trading on Wednesday, reaching $101.22. 2,731,278 shares of the stock traded hands, compared to its average volume of 2,859,760. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.81 and a quick ratio of 0.59. The stock has a market capitalization of $63.20 billion, a P/E ratio of 21.18, a price-to-earnings-growth ratio of 3.77 and a beta of 1.70. ONEOK, Inc. has a 52-week low of $76.23 and a 52-week high of $118.07. The company has a 50-day moving average of $98.84 and a 200-day moving average of $100.07.

ONEOK (NYSE:OKE - Get Free Report) last released its quarterly earnings data on Monday, February 24th. The utilities provider reported $1.57 EPS for the quarter, beating the consensus estimate of $1.46 by $0.11. ONEOK had a net margin of 14.05% and a return on equity of 16.84%. The business had revenue of $7 billion for the quarter, compared to the consensus estimate of $6.18 billion. Analysts forecast that ONEOK, Inc. will post 5.07 EPS for the current fiscal year.

ONEOK Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Monday, February 3rd were issued a $1.03 dividend. The ex-dividend date was Monday, February 3rd. This represents a $4.12 annualized dividend and a dividend yield of 4.07%. This is a boost from ONEOK's previous quarterly dividend of $0.99. ONEOK's dividend payout ratio (DPR) is presently 79.69%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Morgan Stanley raised their price objective on ONEOK from $111.00 to $133.00 and gave the company an "overweight" rating in a report on Tuesday. Wells Fargo & Company decreased their target price on ONEOK from $107.00 to $102.00 and set an "equal weight" rating for the company in a research note on Wednesday, February 26th. Citigroup began coverage on ONEOK in a research report on Friday, February 28th. They issued a "buy" rating and a $110.00 target price for the company. US Capital Advisors raised shares of ONEOK from a "moderate buy" rating to a "strong-buy" rating in a research report on Monday, February 3rd. Finally, Truist Financial boosted their price objective on ONEOK from $99.00 to $107.00 and gave the stock a "hold" rating in a report on Tuesday, December 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 company's stock. According to data from MarketBeat, ONEOK presently has an average rating of "Moderate Buy" and an average price target of $105.00.

About ONEOK

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.