Wellington Management Group LLP Buys 3,418,207 Shares of ONEOK, Inc. (NYSE:OKE)

Wellington Management Group LLP lifted its stake in ONEOK, Inc. (NYSE:OKE) by 433.4% in the 4th quarter, Holdings Channel reports. The institutional investor owned 4,206,906 shares of the utilities provider’s stock after acquiring an additional 3,418,207 shares during the period. Wellington Management Group LLP’s holdings in ONEOK were worth $422,373,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. FMR LLC grew its holdings in shares of ONEOK by 11.7% during the 3rd quarter. FMR LLC now owns 1,171,917 shares of the utilities provider’s stock worth $106,797,000 after purchasing an additional 122,362 shares in the last quarter. Captrust Financial Advisors lifted its position in ONEOK by 0.3% in the third quarter. Captrust Financial Advisors now owns 100,222 shares of the utilities provider’s stock worth $9,133,000 after purchasing an additional 297 shares during the period. Caisse DE Depot ET Placement DU Quebec boosted its stake in ONEOK by 4.4% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 4,721 shares of the utilities provider’s stock worth $430,000 after buying an additional 200 shares in the last quarter. Edgestream Partners L.P. increased its holdings in ONEOK by 129.6% in the 3rd quarter. Edgestream Partners L.P. now owns 34,776 shares of the utilities provider’s stock valued at $3,169,000 after buying an additional 19,632 shares during the period. Finally, Tradition Wealth Management LLC raised its stake in shares of ONEOK by 3.4% in the 3rd quarter. Tradition Wealth Management LLC now owns 6,718 shares of the utilities provider’s stock valued at $612,000 after buying an additional 221 shares in the last quarter. 69.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

OKE has been the topic of several recent research reports. Scotiabank decreased their target price on shares of ONEOK from $109.00 to $102.00 and set a “sector outperform” rating on the stock in a research report on Thursday, March 6th. Truist Financial lifted their price objective on ONEOK from $99.00 to $107.00 and gave the company a “hold” rating in a report on Tuesday, December 3rd. Citigroup began coverage on ONEOK in a research note on Friday, February 28th. They issued a “buy” rating and a $110.00 price objective on the stock. US Capital Advisors upgraded ONEOK from a “moderate buy” rating to a “strong-buy” rating in a research report on Monday, February 3rd. Finally, Wells Fargo & Company lowered their price target on ONEOK from $107.00 to $102.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 26th. Seven analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, ONEOK presently has an average rating of “Moderate Buy” and a consensus price target of $105.00.

ONEOK Stock Performance

ONEOK stock opened at $99.28 on Tuesday. ONEOK, Inc. has a 12-month low of $76.23 and a 12-month high of $118.07. The stock has a 50-day simple moving average of $98.12 and a 200 day simple moving average of $100.30. The company has a quick ratio of 0.59, a current ratio of 0.81 and a debt-to-equity ratio of 1.59. The stock has a market capitalization of $61.98 billion, a price-to-earnings ratio of 20.77, a P/E/G ratio of 3.77 and a beta of 1.70.

ONEOK (NYSE:OKE) last announced its earnings results on Monday, February 24th. The utilities provider reported $1.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.46 by $0.11. The company had revenue of $7 billion for the quarter, compared to analyst estimates of $6.18 billion. ONEOK had a net margin of 14.05% and a return on equity of 16.84%. On average, research analysts anticipate that ONEOK, Inc. will post 5.07 earnings per share for the current fiscal year.

ONEOK Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Monday, February 3rd were paid a $1.03 dividend. This is a boost from ONEOK’s previous quarterly dividend of $0.99. This represents a $4.12 annualized dividend and a dividend yield of 4.15%. The ex-dividend date was Monday, February 3rd. ONEOK’s dividend payout ratio (DPR) is 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.