Cherokee Insurance Co Makes New Investment in ONEOK, Inc. $OKE

Cherokee Insurance Co bought a new position in shares of ONEOK, Inc. (NYSE:OKE) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 78,515 shares of the utilities provider’s stock, valued at approximately $6,409,000. ONEOK accounts for about 2.8% of Cherokee Insurance Co’s investment portfolio, making the stock its 9th largest position.

A number of other institutional investors and hedge funds have also recently bought and sold shares of OKE. Police & Firemen s Retirement System of New Jersey increased its holdings in ONEOK by 5.6% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 95,097 shares of the utilities provider’s stock valued at $7,763,000 after buying an additional 5,076 shares in the last quarter. Geode Capital Management LLC boosted its position in ONEOK by 2.3% during the second quarter. Geode Capital Management LLC now owns 15,800,797 shares of the utilities provider’s stock worth $1,284,303,000 after purchasing an additional 355,751 shares in the last quarter. ABC Arbitrage SA acquired a new stake in ONEOK in the second quarter valued at $3,650,000. M&G PLC increased its position in shares of ONEOK by 23.2% in the second quarter. M&G PLC now owns 959,103 shares of the utilities provider’s stock valued at $78,646,000 after buying an additional 180,432 shares in the last quarter. Finally, KBC Group NV raised its stake in shares of ONEOK by 2.3% during the 2nd quarter. KBC Group NV now owns 50,852 shares of the utilities provider’s stock worth $4,151,000 after buying an additional 1,136 shares during the last quarter. Institutional investors and hedge funds own 69.13% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on OKE. Morgan Stanley cut their target price on shares of ONEOK from $122.00 to $110.00 and set an “overweight” rating for the company in a research report on Tuesday, August 26th. Royal Bank Of Canada dropped their price objective on shares of ONEOK from $94.00 to $88.00 and set a “sector perform” rating for the company in a research note on Wednesday, August 13th. Argus upgraded ONEOK from a “hold” rating to a “buy” rating and set a $79.00 price objective for the company in a research report on Thursday, November 6th. Citigroup lowered their target price on ONEOK from $102.00 to $95.00 and set a “buy” rating on the stock in a report on Friday, October 31st. Finally, Stifel Nicolaus set a $94.00 price target on ONEOK in a research report on Thursday, October 30th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, ONEOK presently has a consensus rating of “Moderate Buy” and a consensus price target of $91.94.

ONEOK Stock Performance

Shares of NYSE:OKE opened at $68.82 on Thursday. ONEOK, Inc. has a 12 month low of $64.02 and a 12 month high of $118.07. The firm has a market capitalization of $43.30 billion, a PE ratio of 12.65, a P/E/G ratio of 2.62 and a beta of 1.05. The company has a debt-to-equity ratio of 1.44, a current ratio of 0.90 and a quick ratio of 0.46. The business has a 50-day moving average of $70.54 and a two-hundred day moving average of $76.85.

ONEOK (NYSE:OKE) last announced its earnings results on Tuesday, October 28th. The utilities provider reported $1.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.48 by $0.01. The business had revenue of $9.17 billion for the quarter, compared to analyst estimates of $8.23 billion. ONEOK had a return on equity of 15.12% and a net margin of 10.58%.During the same period in the previous year, the company earned $1.18 earnings per share. ONEOK has set its FY 2025 guidance at 4.970-5.770 EPS. As a group, research analysts forecast that ONEOK, Inc. will post 5.07 earnings per share for the current year.

ONEOK Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Monday, November 3rd will be paid a dividend of $1.03 per share. This represents a $4.12 annualized dividend and a dividend yield of 6.0%. The ex-dividend date is Monday, November 3rd. ONEOK’s dividend payout ratio is 75.74%.

Insider Buying and Selling at ONEOK

In related news, Director Brian L. Derksen purchased 2,500 shares of the company’s stock in a transaction that occurred on Monday, November 3rd. The stock was acquired at an average price of $66.00 per share, for a total transaction of $165,000.00. Following the completion of the purchase, the director owned 21,200 shares in the company, valued at approximately $1,399,200. This represents a 13.37% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.21% of the company’s stock.

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.