ONEOK, Inc. (NYSE:OKE) is Adams Natural Resources Fund Inc.’s 9th Largest Position

Adams Natural Resources Fund Inc. grew its position in shares of ONEOK, Inc. (NYSE:OKE) by 36.2% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 187,800 shares of the utilities provider’s stock after buying an additional 49,900 shares during the quarter. ONEOK accounts for 2.5% of Adams Natural Resources Fund Inc.’s investment portfolio, making the stock its 9th largest holding. Adams Natural Resources Fund Inc.’s holdings in ONEOK were worth $17,114,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of OKE. Quest Partners LLC purchased a new position in shares of ONEOK in the 2nd quarter valued at about $28,000. Matrix Trust Co purchased a new position in shares of ONEOK in the 3rd quarter valued at about $29,000. Ridgewood Investments LLC purchased a new position in shares of ONEOK in the 2nd quarter valued at about $31,000. Manchester Capital Management LLC increased its holdings in shares of ONEOK by 66.4% in the 1st quarter. Manchester Capital Management LLC now owns 456 shares of the utilities provider’s stock valued at $37,000 after purchasing an additional 182 shares in the last quarter. Finally, Values First Advisors Inc. purchased a new position in shares of ONEOK in the 3rd quarter valued at about $44,000. Hedge funds and other institutional investors own 69.13% of the company’s stock.

Wall Street Analysts Forecast Growth

OKE has been the subject of a number of research analyst reports. Morgan Stanley upgraded shares of ONEOK from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $103.00 to $111.00 in a report on Monday, September 16th. Royal Bank of Canada increased their price target on shares of ONEOK from $89.00 to $98.00 and gave the company a “sector perform” rating in a report on Wednesday, October 16th. Truist Financial increased their price objective on shares of ONEOK from $81.00 to $83.00 and gave the company a “hold” rating in a research note on Wednesday, July 31st. Bank of America started coverage on shares of ONEOK in a research note on Thursday, October 17th. They issued a “buy” rating and a $105.00 price objective on the stock. Finally, Mizuho increased their price objective on shares of ONEOK from $81.00 to $85.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Eight research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $94.77.

Insider Transactions at ONEOK

In other news, Director Pattye L. Moore sold 3,379 shares of the stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $92.01, for a total transaction of $310,901.79. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.20% of the company’s stock.

ONEOK Price Performance

ONEOK stock opened at $95.54 on Wednesday. ONEOK, Inc. has a 12-month low of $63.33 and a 12-month high of $98.43. The stock has a market capitalization of $55.80 billion, a P/E ratio of 20.81, a P/E/G ratio of 4.17 and a beta of 1.67. The firm’s 50-day moving average is $93.18 and its two-hundred day moving average is $85.56. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.62 and a quick ratio of 0.41.

ONEOK (NYSE:OKE) last released its quarterly earnings results on Tuesday, October 29th. The utilities provider reported $1.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.23 by ($0.05). ONEOK had a return on equity of 15.54% and a net margin of 13.41%. During the same quarter last year, the firm earned $0.99 EPS. Equities analysts predict that ONEOK, Inc. will post 5.1 earnings per share for the current year.

ONEOK Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Friday, November 1st will be issued a dividend of $0.99 per share. The ex-dividend date is Friday, November 1st. This represents a $3.96 annualized dividend and a dividend yield of 4.14%. ONEOK’s payout ratio is currently 86.27%.

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.