Truist Financial Corp Reduces Stock Holdings in ONEOK, Inc. $OKE

Truist Financial Corp lowered its stake in shares of ONEOK, Inc. (NYSE:OKE) by 24.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 194,856 shares of the utilities provider’s stock after selling 61,372 shares during the quarter. Truist Financial Corp’s holdings in ONEOK were worth $15,906,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the stock. First Pacific Financial acquired a new stake in ONEOK during the 1st quarter worth $34,000. Financial Network Wealth Advisors LLC grew its holdings in shares of ONEOK by 2,466.7% during the first quarter. Financial Network Wealth Advisors LLC now owns 385 shares of the utilities provider’s stock worth $38,000 after purchasing an additional 370 shares during the last quarter. MorganRosel Wealth Management LLC acquired a new stake in shares of ONEOK during the first quarter worth about $39,000. Financial Gravity Asset Management Inc. purchased a new stake in shares of ONEOK in the 1st quarter valued at about $40,000. Finally, Rakuten Securities Inc. boosted its position in shares of ONEOK by 152.1% in the 1st quarter. Rakuten Securities Inc. now owns 421 shares of the utilities provider’s stock valued at $42,000 after purchasing an additional 254 shares during the period. Institutional investors and hedge funds own 69.13% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on OKE shares. JPMorgan Chase & Co. lifted their price target on ONEOK from $94.00 to $97.00 and gave the stock an “overweight” rating in a research report on Thursday, July 3rd. Morgan Stanley cut their target price on shares of ONEOK from $122.00 to $110.00 and set an “overweight” rating on the stock in a report on Tuesday, August 26th. The Goldman Sachs Group initiated coverage on shares of ONEOK in a research note on Tuesday, September 30th. They set a “neutral” rating and a $75.00 price target for the company. TD Cowen began coverage on shares of ONEOK in a research report on Monday, July 7th. They set a “hold” rating and a $91.00 price objective on the stock. Finally, Mizuho reduced their target price on shares of ONEOK from $87.00 to $82.00 and set a “neutral” rating for the company in a report on Friday, August 29th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $99.00.

ONEOK Stock Up 0.6%

Shares of ONEOK stock opened at $72.88 on Friday. The company has a market cap of $45.89 billion, a P/E ratio of 14.21, a PEG ratio of 1.79 and a beta of 1.01. The firm has a fifty day moving average of $74.69 and a two-hundred day moving average of $80.97. The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.46 and a current ratio of 0.59. ONEOK, Inc. has a one year low of $70.63 and a one year high of $118.07.

ONEOK (NYSE:OKE) last issued its quarterly earnings results on Monday, August 4th. The utilities provider reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.33 by $0.01. The business 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. On average, analysts forecast that ONEOK, Inc. will post 5.07 earnings per share for the current year.

ONEOK Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Investors of record on Friday, August 1st were paid a $1.03 dividend. The ex-dividend date was Friday, August 1st. This represents a $4.12 dividend on an annualized basis and a dividend yield of 5.7%. ONEOK’s payout ratio is 80.31%.

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.