Sumitomo Mitsui Trust Holdings Inc. Buys 29,701 Shares of ONEOK, Inc. (NYSE:OKE)

Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of ONEOK, Inc. (NYSE:OKE) by 2.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,399,791 shares of the utilities provider’s stock after acquiring an additional 29,701 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned about 0.24% of ONEOK worth $98,293,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the stock. Peoples Bank KS purchased a new stake in shares of ONEOK during the 3rd quarter valued at $25,000. Beacon Capital Management LLC increased its position in shares of ONEOK by 90.7% during the 4th quarter. Beacon Capital Management LLC now owns 408 shares of the utilities provider’s stock valued at $29,000 after purchasing an additional 194 shares during the last quarter. Quent Capital LLC increased its position in shares of ONEOK by 97.7% during the 3rd quarter. Quent Capital LLC now owns 437 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 216 shares during the last quarter. Resurgent Financial Advisors LLC purchased a new stake in shares of ONEOK during the 4th quarter valued at $29,000. Finally, Worth Asset Management LLC purchased a new stake in shares of ONEOK during the 1st quarter valued at $30,000. 69.13% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Morgan Stanley raised their target price on ONEOK from $84.00 to $85.00 and gave the company an “equal weight” rating in a research report on Tuesday, March 26th. Barclays lifted their price objective on ONEOK from $73.00 to $80.00 and gave the stock an “equal weight” rating in a report on Thursday, March 7th. Seaport Res Ptn raised ONEOK from a “neutral” rating to a “buy” rating in a report on Thursday, February 8th. Mizuho lifted their price objective on ONEOK from $75.00 to $81.00 and gave the stock a “neutral” rating in a report on Wednesday, March 20th. Finally, Truist Financial lifted their price objective on ONEOK from $71.00 to $81.00 and gave the stock a “hold” rating in a report on Thursday, March 21st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $82.25.

Insider Buying and Selling

In other news, Director Wayne Thomas Smith bought 2,700 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was bought at an average price of $75.25 per share, for a total transaction of $203,175.00. Following the transaction, the director now directly owns 2,700 shares of the company’s stock, valued at approximately $203,175. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.20% of the stock is currently owned by corporate insiders.

ONEOK Stock Performance

Shares of OKE opened at $77.07 on Wednesday. The company has a market cap of $44.98 billion, a PE ratio of 13.89, a price-to-earnings-growth ratio of 2.24 and a beta of 1.65. The company has a current ratio of 0.90, a quick ratio of 0.67 and a debt-to-equity ratio of 1.29. The stock has a 50-day moving average price of $76.17 and a 200-day moving average price of $70.81. ONEOK, Inc. has a 12-month low of $55.91 and a 12-month high of $80.81.

ONEOK (NYSE:OKE) last issued its quarterly 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 the consensus estimate of $5.57 billion. ONEOK had a net margin of 15.04% and a return on equity of 22.57%. During the same quarter last year, the business posted $1.08 EPS. As a group, equities analysts forecast that ONEOK, Inc. will post 4.98 earnings per share for the current fiscal year.

ONEOK announced that its board has authorized a share buyback program on Wednesday, January 17th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the utilities provider to buy up to 4.9% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

About ONEOK

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.