Corebridge Financial Inc. Raises Stake in ONEOK, Inc. (NYSE:OKE)

Corebridge Financial Inc. grew its holdings in ONEOK, Inc. (NYSE:OKE) by 9.8% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 161,826 shares of the utilities provider’s stock after buying an additional 14,460 shares during the period. Corebridge Financial Inc.’s holdings in ONEOK were worth $16,247,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. raised its stake in ONEOK by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 70,120,264 shares of the utilities provider’s stock valued at $7,040,075,000 after acquiring an additional 558,789 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of ONEOK by 5.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 18,414,781 shares of the utilities provider’s stock worth $1,848,844,000 after purchasing an additional 934,007 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of ONEOK by 1.0% during the third quarter. Geode Capital Management LLC now owns 13,680,875 shares of the utilities provider’s stock worth $1,242,449,000 after purchasing an additional 138,430 shares during the period. Amundi lifted its holdings in shares of ONEOK by 5.3% during the fourth quarter. Amundi now owns 4,105,596 shares of the utilities provider’s stock worth $422,261,000 after purchasing an additional 207,324 shares during the period. Finally, Janus Henderson Group PLC grew its position in ONEOK by 0.3% in the 3rd quarter. Janus Henderson Group PLC now owns 3,751,172 shares of the utilities provider’s stock valued at $341,844,000 after buying an additional 11,189 shares during the last quarter. Institutional investors and hedge funds own 69.13% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Scotiabank reduced their target price on shares of ONEOK from $109.00 to $102.00 and set a “sector outperform” rating for the company in a research note on Thursday, March 6th. US Capital Advisors upgraded shares of ONEOK from a “moderate buy” rating to a “strong-buy” rating in a research report on Monday, February 3rd. Truist Financial boosted their target price on ONEOK from $99.00 to $107.00 and gave the stock a “hold” rating in a research report on Tuesday, December 3rd. Wolfe Research raised ONEOK from a “peer perform” rating to an “outperform” rating and set a $110.00 price target for the company in a report on Monday, February 10th. Finally, Wells Fargo & Company dropped their price objective on ONEOK from $107.00 to $102.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 26th. Seven investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, ONEOK has an average rating of “Moderate Buy” and a consensus target price of $103.31.

ONEOK Price Performance

Shares of NYSE OKE opened at $102.34 on Tuesday. 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 company’s 50-day moving average price is $98.91 and its 200 day moving average price is $99.99. ONEOK, Inc. has a 52 week low of $76.23 and a 52 week high of $118.07. The stock has a market cap of $63.89 billion, a price-to-earnings ratio of 21.41, a PEG ratio of 3.77 and a beta of 1.70.

ONEOK (NYSE:OKE) last released its quarterly earnings results on Monday, February 24th. The utilities provider reported $1.57 EPS for the quarter, beating the consensus estimate of $1.46 by $0.11. ONEOK had a net margin of 14.05% and a return on equity of 16.84%. The business had revenue of $7 billion for the quarter, compared to analyst estimates of $6.18 billion. As a group, research analysts forecast 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. Stockholders of record on Monday, February 3rd were issued a $1.03 dividend. This represents a $4.12 dividend on an annualized basis and a dividend yield of 4.03%. This is a boost from ONEOK’s previous quarterly dividend of $0.99. The ex-dividend date was Monday, February 3rd. ONEOK’s payout ratio is 79.69%.

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.