GAMMA Investing LLC Invests $334,000 in ONEOK, Inc. (NYSE:OKE)

GAMMA Investing LLC purchased a new position in ONEOK, Inc. (NYSE:OKE) during the fourth quarter, Holdings Channel reports. The institutional investor purchased 4,896 shares of the utilities provider’s stock, valued at approximately $334,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Regal Investment Advisors LLC lifted its position in shares of ONEOK by 3.6% during the 3rd quarter. Regal Investment Advisors LLC now owns 4,631 shares of the utilities provider’s stock valued at $294,000 after acquiring an additional 159 shares during the period. Hoxton Planning & Management LLC lifted its position in shares of ONEOK by 5.0% during the 3rd quarter. Hoxton Planning & Management LLC now owns 3,594 shares of the utilities provider’s stock valued at $228,000 after acquiring an additional 170 shares during the period. Monarch Capital Management Inc. lifted its position in shares of ONEOK by 1.2% during the 4th quarter. Monarch Capital Management Inc. now owns 15,573 shares of the utilities provider’s stock valued at $1,094,000 after acquiring an additional 183 shares during the period. Arlington Trust Co LLC lifted its position in shares of ONEOK by 27.9% during the 4th quarter. Arlington Trust Co LLC now owns 838 shares of the utilities provider’s stock valued at $59,000 after acquiring an additional 183 shares during the period. Finally, Wealthfront Advisers LLC lifted its position in shares of ONEOK by 0.3% during the 3rd quarter. Wealthfront Advisers LLC now owns 70,574 shares of the utilities provider’s stock valued at $4,477,000 after acquiring an additional 190 shares during the period. Institutional investors and hedge funds own 69.13% of the company’s stock.

Wall Street Analysts Forecast Growth

OKE has been the topic of a number of research reports. 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 report on Thursday, March 21st. StockNews.com upgraded shares of ONEOK from a “sell” rating to a “hold” rating in a research report on Wednesday, March 6th. Raymond James boosted their target price on shares of ONEOK from $80.00 to $85.00 and gave the company an “outperform” rating in a research report on Friday, January 19th. Stifel Nicolaus boosted their price target on shares of ONEOK from $81.00 to $88.00 and gave the company a “buy” rating in a research note on Tuesday, April 16th. Finally, Mizuho boosted their price target on shares of ONEOK from $75.00 to $81.00 and gave the company a “neutral” rating in a research note on Wednesday, March 20th. One 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 MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $82.25.

Insider Transactions at ONEOK

In other news, Director Wayne Thomas Smith purchased 2,700 shares of the stock in a transaction dated Friday, March 1st. The shares were purchased at an average cost of $75.25 per share, with a total value of $203,175.00. Following the completion of the acquisition, the director now owns 2,700 shares in the company, valued at approximately $203,175. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.20% of the company’s stock.

ONEOK Price Performance

OKE opened at $80.95 on Thursday. The firm has a market cap of $47.25 billion, a P/E ratio of 14.59, a PEG ratio of 4.91 and a beta of 1.65. The firm has a 50-day moving average of $77.39 and a 200 day moving average of $71.47. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.67 and a current ratio of 0.90. ONEOK, Inc. has a fifty-two week low of $55.91 and a fifty-two week high of $81.12.

ONEOK (NYSE:OKE) last released its quarterly earnings data on Monday, February 26th. The utilities provider reported $1.18 EPS for the quarter, missing the consensus estimate of $1.21 by ($0.03). The business had revenue of $5.24 billion for the quarter, compared to analysts’ expectations of $5.57 billion. ONEOK had a net margin of 15.04% and a return on equity of 22.57%. During the same period last year, the company earned $1.08 earnings per share. On average, research analysts expect that ONEOK, Inc. will post 4.99 EPS for the current year.

ONEOK Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders 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 dividend yield of 4.89%. The ex-dividend date of this dividend is Tuesday, April 30th. ONEOK’s payout ratio is 71.35%.

ONEOK declared that its board has approved a stock repurchase program on Wednesday, January 17th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the utilities provider to purchase up to 4.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

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.