Summit Financial LLC Buys 26,104 Shares of ONEOK, Inc. (NYSE:OKE)

Summit Financial LLC raised its stake in ONEOK, Inc. (NYSE:OKE - Free Report) by 551.4% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 30,838 shares of the utilities provider's stock after buying an additional 26,104 shares during the period. Summit Financial LLC's holdings in ONEOK were worth $3,096,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of the stock. Wellington Management Group LLP boosted its position in shares of ONEOK by 433.4% in the fourth quarter. Wellington Management Group LLP now owns 4,206,906 shares of the utilities provider's stock worth $422,373,000 after buying an additional 3,418,207 shares during the period. O Shaughnessy Asset Management LLC boosted its position in ONEOK by 19.2% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 71,355 shares of the utilities provider's stock valued at $7,164,000 after purchasing an additional 11,506 shares during the last quarter. Clearbridge Investments LLC increased its position in ONEOK by 1.7% in the 4th quarter. Clearbridge Investments LLC now owns 1,976,864 shares of the utilities provider's stock worth $198,477,000 after purchasing an additional 32,484 shares during the last quarter. ClearBridge Investments Ltd purchased a new stake in shares of ONEOK during the 4th quarter worth about $177,045,000. Finally, Summit Securities Group LLC acquired a new position in ONEOK in the fourth quarter worth approximately $6,144,000. 69.13% of the stock is currently owned by institutional investors and hedge funds.

ONEOK Stock Performance

Shares of NYSE:OKE traded up $1.01 during trading on Wednesday, hitting $100.51. 2,148,611 shares of the stock were exchanged, compared to its average volume of 3,033,153. The company has a market capitalization of $62.75 billion, a price-to-earnings ratio of 21.03, a price-to-earnings-growth ratio of 3.77 and a beta of 1.70. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.59 and a current ratio of 0.81. ONEOK, Inc. has a 1-year low of $76.23 and a 1-year high of $118.07. The company's fifty day simple moving average is $97.80 and its 200-day simple moving average is $100.36.

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ONEOK (NYSE:OKE - Get Free Report) last posted its quarterly earnings results on Monday, February 24th. The utilities provider reported $1.57 earnings per share 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 for the quarter, compared to the consensus estimate of $6.18 billion. Sell-side analysts expect 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. Investors of record on Monday, February 3rd were given a $1.03 dividend. This represents a $4.12 annualized dividend and a yield of 4.10%. The ex-dividend date of this dividend was Monday, February 3rd. This is a positive change from ONEOK's previous quarterly dividend of $0.99. ONEOK's dividend payout ratio is 79.69%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on OKE shares. Wolfe Research raised shares of ONEOK from a "peer perform" rating to an "outperform" rating and set a $110.00 price objective for the company in a research note on Monday, February 10th. Truist Financial upped their price target on ONEOK from $99.00 to $107.00 and gave the stock a "hold" rating in a research note on Tuesday, December 3rd. Morgan Stanley raised their price objective on ONEOK from $111.00 to $133.00 and gave the company an "overweight" rating in a research note on Tuesday, March 25th. 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 report on Wednesday, February 26th. Finally, Citigroup assumed coverage on shares of ONEOK in a research report on Friday, February 28th. They issued a "buy" rating and a $110.00 price target on the stock. Seven investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $105.00.

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.