Spirit of America Management Corp NY Cuts Holdings in ONEOK, Inc. $OKE

Spirit of America Management Corp NY decreased its position in ONEOK, Inc. (NYSE:OKE) by 23.6% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 84,372 shares of the utilities provider’s stock after selling 26,100 shares during the period. ONEOK comprises 1.4% of Spirit of America Management Corp NY’s investment portfolio, making the stock its 15th biggest position. Spirit of America Management Corp NY’s holdings in ONEOK were worth $6,887,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Chevy Chase Trust Holdings LLC increased its holdings in ONEOK by 1.4% in the second quarter. Chevy Chase Trust Holdings LLC now owns 330,713 shares of the utilities provider’s stock valued at $26,996,000 after buying an additional 4,539 shares in the last quarter. Arista Wealth Management LLC purchased a new position in ONEOK in the second quarter valued at $259,000. Stratos Wealth Partners LTD. increased its holdings in ONEOK by 13.8% in the second quarter. Stratos Wealth Partners LTD. now owns 77,312 shares of the utilities provider’s stock valued at $6,311,000 after buying an additional 9,370 shares in the last quarter. Private Trust Co. NA increased its holdings in ONEOK by 24.6% in the second quarter. Private Trust Co. NA now owns 13,087 shares of the utilities provider’s stock valued at $1,068,000 after buying an additional 2,582 shares in the last quarter. Finally, Nordea Investment Management AB grew its position in shares of ONEOK by 5.1% in the second quarter. Nordea Investment Management AB now owns 722,818 shares of the utilities provider’s stock valued at $58,902,000 after purchasing an additional 35,359 shares during the period. Hedge funds and other institutional investors own 69.13% of the company’s stock.

Analyst Upgrades and Downgrades

OKE has been the topic of several research analyst reports. The Goldman Sachs Group initiated coverage on shares of ONEOK in a research report on Tuesday, September 30th. They issued a “neutral” rating and a $75.00 target price on the stock. Weiss Ratings reiterated a “hold (c+)” rating on shares of ONEOK in a research report on Wednesday, October 8th. Morgan Stanley dropped their target price on shares of ONEOK from $122.00 to $110.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 26th. Royal Bank Of Canada dropped their target price on shares of ONEOK from $94.00 to $88.00 and set a “sector perform” rating on the stock in a research report on Wednesday, August 13th. Finally, Mizuho dropped their target price on shares of ONEOK from $87.00 to $82.00 and set a “neutral” rating on the stock in a research report on Friday, August 29th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $98.27.

ONEOK Stock Performance

OKE opened at $68.08 on Friday. The firm has a market capitalization of $42.88 billion, a PE ratio of 13.27, a PEG ratio of 1.64 and a beta of 1.01. ONEOK, Inc. has a twelve month low of $66.56 and a twelve month high of $118.07. The firm’s 50-day moving average price is $72.92 and its 200 day moving average price is $79.03. The company has a current ratio of 0.59, a quick ratio of 0.46 and a debt-to-equity ratio of 1.35.

ONEOK (NYSE:OKE) last posted its quarterly earnings results on Monday, August 4th. The utilities provider reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.33 by $0.01. The firm had revenue of $8.21 billion for the quarter, compared to analyst estimates of $7.20 billion. ONEOK had a net margin of 11.06% and a return on equity of 14.90%. During the same period in the previous year, the business posted $1.33 earnings per share. ONEOK has set its FY 2025 guidance at 5.370-5.370 EPS. As a group, sell-side analysts expect that ONEOK, Inc. will post 5.07 EPS for the current fiscal year.

ONEOK Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Monday, November 3rd will be given a dividend of $1.03 per share. The ex-dividend date is Monday, November 3rd. This represents a $4.12 dividend on an annualized basis and a yield of 6.1%. ONEOK’s payout ratio is presently 80.31%.

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.