Penobscot Investment Management Company Inc. Has $3.14 Million Stake in ONEOK, Inc. $OKE

Penobscot Investment Management Company Inc. increased its holdings in shares of ONEOK, Inc. (NYSE:OKE) by 21.7% in the third quarter, Holdings Channel.com reports. The firm owned 43,002 shares of the utilities provider’s stock after purchasing an additional 7,655 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in ONEOK were worth $3,138,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of ONEOK by 1.7% during the second quarter. Vanguard Group Inc. now owns 76,510,971 shares of the utilities provider’s stock worth $6,245,591,000 after acquiring an additional 1,314,002 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in ONEOK by 2.9% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 21,570,904 shares of the utilities provider’s stock valued at $1,760,833,000 after acquiring an additional 613,674 shares in the last quarter. Geode Capital Management LLC boosted its stake in ONEOK by 2.3% in the 2nd quarter. Geode Capital Management LLC now owns 15,800,797 shares of the utilities provider’s stock worth $1,284,303,000 after purchasing an additional 355,751 shares during the period. Invesco Ltd. boosted its stake in ONEOK by 0.6% in the 2nd quarter. Invesco Ltd. now owns 8,386,831 shares of the utilities provider’s stock worth $684,617,000 after purchasing an additional 46,892 shares during the period. Finally, Norges Bank bought a new position in ONEOK during the 2nd quarter worth about $562,832,000. 69.13% of the stock is currently owned by institutional investors and hedge funds.

ONEOK Stock Performance

Shares of NYSE OKE opened at $74.28 on Friday. The company has a debt-to-equity ratio of 1.44, a quick ratio of 0.75 and a current ratio of 0.90. The stock has a 50 day moving average price of $71.22 and a 200 day moving average price of $74.24. The stock has a market capitalization of $46.74 billion, a PE ratio of 13.65, a price-to-earnings-growth ratio of 4.15 and a beta of 0.94. ONEOK, Inc. has a 52 week low of $64.02 and a 52 week high of $111.02.

ONEOK (NYSE:OKE) last posted its quarterly earnings results on Tuesday, October 28th. The utilities provider reported $1.49 earnings per share for the quarter, topping the consensus estimate of $1.48 by $0.01. The firm had revenue of $8.63 billion for the quarter, compared to analyst estimates of $8.23 billion. ONEOK had a return on equity of 15.12% and a net margin of 10.58%.During the same quarter in the previous year, the firm earned $1.18 EPS. ONEOK has set its FY 2025 guidance at 4.970-5.770 EPS. Analysts predict that ONEOK, Inc. will post 5.07 earnings per share for the current fiscal year.

ONEOK Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 14th. Investors of record on Monday, November 3rd were paid a $1.03 dividend. This represents a $4.12 annualized dividend and a yield of 5.5%. The ex-dividend date was Monday, November 3rd. ONEOK’s dividend payout ratio (DPR) is 75.74%.

Insider Transactions at ONEOK

In other ONEOK news, Director Brian L. Derksen purchased 2,500 shares of ONEOK stock in a transaction that occurred on Monday, November 3rd. The stock was acquired at an average price of $66.00 per share, for a total transaction of $165,000.00. Following the completion of the acquisition, the director owned 21,200 shares of the company’s stock, valued at approximately $1,399,200. This trade represents a 13.37% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.21% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on OKE. TD Cowen cut their price target on ONEOK from $78.00 to $76.00 and set a “hold” rating on the stock in a report on Thursday, October 30th. Stifel Nicolaus set a $94.00 price objective on ONEOK in a report on Thursday, October 30th. The Goldman Sachs Group restated a “neutral” rating and issued a $72.00 target price on shares of ONEOK in a research note on Monday, November 3rd. Wells Fargo & Company reduced their price target on ONEOK from $90.00 to $82.00 and set an “equal weight” rating for the company in a research report on Thursday, October 30th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of ONEOK in a research note on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $88.00.

About ONEOK

ONEOK, Inc (NYSE: OKE) is a publicly traded midstream energy company headquartered in Tulsa, Oklahoma. The company owns and operates a portfolio of natural gas and natural gas liquids (NGL) pipelines, processing facilities, fractionators and storage and terminal assets. Its operations are focused on gathering, processing, transporting, fractionating and marketing NGLs and interstate natural gas, providing critical infrastructure that connects hydrocarbon production to refineries, petrochemical plants and other end markets.

ONEOK’s asset base includes pipeline systems and processing plants that move and condition natural gas, along with infrastructure for the transportation, storage and fractionation of NGLs such as ethane, propane and butane.