Perigon Wealth Management LLC Cuts Stock Holdings in ONEOK, Inc. (NYSE:OKE)

Perigon Wealth Management LLC lessened its position in ONEOK, Inc. (NYSE:OKE) by 34.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,738 shares of the utilities provider’s stock after selling 5,560 shares during the quarter. Perigon Wealth Management LLC’s holdings in ONEOK were worth $754,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in ONEOK by 10.3% during the 3rd quarter. Vanguard Group Inc. now owns 59,237,038 shares of the utilities provider’s stock worth $3,757,405,000 after purchasing an additional 5,525,010 shares during the last quarter. Moneta Group Investment Advisors LLC boosted its position in ONEOK by 118,109.3% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 22,562,603 shares of the utilities provider’s stock worth $1,482,363,000 after acquiring an additional 22,543,516 shares during the last quarter. Deutsche Bank AG grew its stake in ONEOK by 37.7% during the 3rd quarter. Deutsche Bank AG now owns 13,292,341 shares of the utilities provider’s stock valued at $843,133,000 after acquiring an additional 3,636,660 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in ONEOK by 9.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 10,255,430 shares of the utilities provider’s stock valued at $650,502,000 after acquiring an additional 889,110 shares during the last quarter. Finally, Morgan Stanley lifted its stake in ONEOK by 20.3% in the 3rd quarter. Morgan Stanley now owns 8,660,013 shares of the utilities provider’s stock worth $549,305,000 after purchasing an additional 1,458,392 shares in the last quarter. 69.13% of the stock is owned by institutional investors and hedge funds.

ONEOK Stock Down 0.8 %

Shares of NYSE:OKE opened at $78.70 on Monday. The firm’s 50-day moving average is $75.79 and its two-hundred day moving average is $70.63. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.90 and a quick ratio of 0.67. ONEOK, Inc. has a 1 year low of $55.91 and a 1 year high of $80.81. The firm has a market capitalization of $45.93 billion, a PE ratio of 14.18, a price-to-earnings-growth ratio of 2.27 and a beta of 1.65.

ONEOK (NYSE:OKE) last released its earnings results on Monday, February 26th. The utilities provider reported $1.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.03). The business had revenue of $5.24 billion for the quarter, compared to analyst estimates of $5.57 billion. ONEOK had a return on equity of 22.57% and a net margin of 15.04%. During the same quarter last year, the company earned $1.08 earnings per share. Analysts predict that ONEOK, Inc. will post 4.98 EPS for the current year.

ONEOK Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, February 14th. Investors of record on Tuesday, January 30th were paid a dividend of $0.99 per share. This represents a $3.96 annualized dividend and a yield of 5.03%. This is a boost from ONEOK’s previous quarterly dividend of $0.96. The ex-dividend date of this dividend was Monday, January 29th. ONEOK’s payout ratio is presently 71.35%.

ONEOK announced that its board has authorized a stock repurchase program on Wednesday, January 17th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the utilities provider to reacquire up to 4.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

OKE has been the subject of several recent research reports. Citigroup increased their price target on ONEOK from $73.00 to $83.00 and gave the company a “buy” rating in a report on Tuesday, March 5th. Raymond James lifted their price target on ONEOK from $80.00 to $85.00 and gave the stock an “outperform” rating in a report on Friday, January 19th. Barclays upped their price objective on shares of ONEOK from $73.00 to $80.00 and gave the company an “equal weight” rating in a report on Thursday, March 7th. StockNews.com raised shares of ONEOK from a “sell” rating to a “hold” rating in a research note on Wednesday, March 6th. Finally, Truist Financial lifted their price target on shares of ONEOK from $71.00 to $81.00 and gave the company a “hold” rating in a research report on Thursday, March 21st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, ONEOK has a consensus rating of “Hold” and an average price target of $81.73.

Insider Buying and Selling at ONEOK

In other news, Director Wayne Thomas Smith bought 2,700 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The shares were purchased at an average cost of $75.25 per share, for a total transaction of $203,175.00. Following the completion of the purchase, the director now owns 2,700 shares of the company’s stock, valued at $203,175. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 0.20% of the stock is owned by corporate insiders.

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.