Chung Wu Investment Group LLC Makes New Investment in ONEOK, Inc. (NYSE:OKE)

Chung Wu Investment Group LLC purchased a new stake in shares of ONEOK, Inc. (NYSE:OKE) in the fourth quarter, HoldingsChannel reports. The firm purchased 16,770 shares of the utilities provider’s stock, valued at approximately $1,684,000. ONEOK comprises about 1.7% of Chung Wu Investment Group LLC’s investment portfolio, making the stock its 13th largest holding.

Several other institutional investors and hedge funds have also recently modified their holdings of OKE. National Pension Service raised its holdings in shares of ONEOK by 1.6% in the 3rd quarter. National Pension Service now owns 763,833 shares of the utilities provider’s stock valued at $69,608,000 after purchasing an additional 12,349 shares in the last quarter. Leavell Investment Management Inc. increased its holdings in shares of ONEOK by 3.8% in the third quarter. Leavell Investment Management Inc. now owns 141,236 shares of the utilities provider’s stock valued at $12,871,000 after purchasing an additional 5,175 shares during the period. Nations Financial Group Inc. IA ADV raised its stake in shares of ONEOK by 11.1% during the third quarter. Nations Financial Group Inc. IA ADV now owns 54,557 shares of the utilities provider’s stock worth $4,972,000 after purchasing an additional 5,451 shares during the last quarter. FNY Investment Advisers LLC increased its stake in ONEOK by 14,279.1% in the 4th quarter. FNY Investment Advisers LLC now owns 22,000 shares of the utilities provider’s stock valued at $2,208,000 after buying an additional 21,847 shares during the period. Finally, Kingswood Wealth Advisors LLC increased its stake in shares of ONEOK by 57.9% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 14,506 shares of the utilities provider’s stock worth $1,456,000 after acquiring an additional 5,321 shares during the period. Hedge funds and other institutional investors own 69.13% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Scotiabank began coverage on ONEOK in a research note on Friday, January 10th. They issued a “sector outperform” rating and a $109.00 price objective for the company. Mizuho raised ONEOK to a “hold” rating in a research note on Thursday, November 7th. Barclays began coverage on ONEOK in a research note on Thursday, February 6th. They set an “equal weight” rating and a $105.00 price target for the company. Wolfe Research raised shares of ONEOK from a “peer perform” rating to an “outperform” rating and set a $110.00 target price on the stock in a research note on Monday, February 10th. Finally, Truist Financial upped their price target on shares of ONEOK from $99.00 to $107.00 and gave the stock a “hold” rating in a research report on Tuesday, December 3rd. Seven research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $104.15.

ONEOK Stock Performance

NYSE OKE opened at $91.95 on Thursday. ONEOK, Inc. has a 1 year low of $76.23 and a 1 year high of $118.07. The firm has a market capitalization of $57.40 billion, a price-to-earnings ratio of 19.24, a P/E/G ratio of 3.77 and a beta of 1.70. The company has a current ratio of 0.81, a quick ratio of 0.59 and a debt-to-equity ratio of 1.59. The firm’s 50 day simple moving average is $100.45 and its 200 day simple moving average is $99.34.

ONEOK (NYSE:OKE) last released its quarterly earnings data on Monday, February 24th. The utilities provider reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.46 by $0.11. The company had revenue of $7 billion for the quarter, compared to the consensus estimate of $6.18 billion. ONEOK had a return on equity of 16.84% and a net margin of 14.05%. As a group, research analysts expect that ONEOK, Inc. will post 5.07 earnings per share for the current fiscal year.

ONEOK Increases Dividend

The business 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. This represents a $4.12 dividend on an annualized basis and a yield of 4.48%. This is a boost from ONEOK’s previous quarterly dividend of $0.99. The ex-dividend date was Monday, February 3rd. ONEOK’s dividend payout ratio (DPR) is presently 79.69%.

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.