Federated Hermes Inc. Acquires 38,560 Shares of ONEOK, Inc. (NYSE:OKE)

Federated Hermes Inc. grew its holdings in ONEOK, Inc. (NYSE:OKE) by 31.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 160,596 shares of the utilities provider’s stock after acquiring an additional 38,560 shares during the quarter. Federated Hermes Inc.’s holdings in ONEOK were worth $11,277,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of OKE. Peoples Bank KS bought a new stake in shares of ONEOK in the third quarter valued at approximately $25,000. Beacon Capital Management LLC boosted its stake in ONEOK by 90.7% during the fourth quarter. Beacon Capital Management LLC now owns 408 shares of the utilities provider’s stock worth $29,000 after buying an additional 194 shares in the last quarter. Loomis Sayles & Co. L P boosted its stake in ONEOK by 605.1% during the third quarter. Loomis Sayles & Co. L P now owns 557 shares of the utilities provider’s stock worth $35,000 after buying an additional 478 shares in the last quarter. SOA Wealth Advisors LLC. boosted its stake in ONEOK by 283.5% during the fourth quarter. SOA Wealth Advisors LLC. now owns 510 shares of the utilities provider’s stock worth $36,000 after buying an additional 377 shares in the last quarter. Finally, Moisand Fitzgerald Tamayo LLC boosted its stake in ONEOK by 1,690.9% during the third quarter. Moisand Fitzgerald Tamayo LLC now owns 591 shares of the utilities provider’s stock worth $37,000 after buying an additional 558 shares in the last quarter. 69.13% of the stock is owned by institutional investors.

ONEOK Stock Performance

ONEOK stock opened at $80.35 on Wednesday. The stock has a 50-day simple moving average of $77.16 and a 200 day simple moving average of $71.41. The company has a quick ratio of 0.67, a current ratio of 0.90 and a debt-to-equity ratio of 1.29. ONEOK, Inc. has a 12-month low of $55.91 and a 12-month high of $80.84. The stock has a market capitalization of $46.90 billion, a price-to-earnings ratio of 14.48, a P/E/G ratio of 4.88 and a beta of 1.65.

ONEOK (NYSE:OKE) last announced its quarterly earnings data on Monday, February 26th. The utilities provider reported $1.18 earnings per share for the quarter, missing the consensus estimate of $1.21 by ($0.03). The firm had revenue of $5.24 billion for the quarter, compared to the consensus estimate of $5.57 billion. ONEOK had a return on equity of 22.57% and a net margin of 15.04%. During the same period in the prior year, the firm posted $1.08 earnings per share. On average, research analysts anticipate that ONEOK, Inc. will post 4.99 earnings per share for the current fiscal year.

ONEOK Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Wednesday, May 1st will be issued a dividend of $0.99 per share. The ex-dividend date is Tuesday, April 30th. This represents a $3.96 annualized dividend and a yield of 4.93%. ONEOK’s dividend payout ratio is currently 71.35%.

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

Wall Street Analysts Forecast Growth

OKE has been the topic of a number of recent research reports. Barclays lifted their price target on shares of ONEOK from $73.00 to $80.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 7th. Raymond James lifted their price target on shares of ONEOK from $80.00 to $85.00 and gave the stock an “outperform” rating in a research note on Friday, January 19th. Truist Financial lifted their price target on shares of ONEOK from $71.00 to $81.00 and gave the stock a “hold” rating in a research note on Thursday, March 21st. Wolfe Research upgraded shares of ONEOK from an “underperform” rating to a “peer perform” rating in a research note on Wednesday, January 10th. Finally, JPMorgan Chase & Co. boosted their target price on shares of ONEOK from $81.00 to $85.00 and gave the company an “overweight” rating in a research note on Wednesday, March 13th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $82.25.

Insiders Place Their Bets

In other news, Director Wayne Thomas Smith acquired 2,700 shares of the company’s stock in a transaction on Friday, March 1st. The stock was purchased at an average cost of $75.25 per share, with a total value of $203,175.00. Following the acquisition, the director now owns 2,700 shares of the company’s stock, valued at approximately $203,175. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.20% 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.