Meridian Wealth Management LLC Makes New Investment in ONEOK, Inc. (NYSE:OKE)

Meridian Wealth Management LLC purchased a new position in shares of ONEOK, Inc. (NYSE:OKE) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 7,908 shares of the utilities provider’s stock, valued at approximately $721,000.

Several other institutional investors have also modified their holdings of the company. 1832 Asset Management L.P. acquired a new stake in shares of ONEOK in the first quarter valued at approximately $2,445,000. LRI Investments LLC bought a new stake in ONEOK during the 1st quarter valued at $111,000. Price T Rowe Associates Inc. MD raised its stake in ONEOK by 1.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 792,631 shares of the utilities provider’s stock valued at $63,546,000 after acquiring an additional 11,982 shares in the last quarter. SVB Wealth LLC boosted its position in ONEOK by 3.2% during the 1st quarter. SVB Wealth LLC now owns 21,693 shares of the utilities provider’s stock worth $1,739,000 after acquiring an additional 674 shares during the period. Finally, Earnest Partners LLC increased its holdings in shares of ONEOK by 6.3% during the first quarter. Earnest Partners LLC now owns 298,162 shares of the utilities provider’s stock valued at $23,904,000 after purchasing an additional 17,784 shares during the period. Institutional investors own 69.13% of the company’s stock.

Insider Buying and Selling at ONEOK

In related news, Director Pattye L. Moore sold 3,379 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $92.01, for a total transaction of $310,901.79. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.20% of the company’s stock.

ONEOK Stock Up 0.3 %

OKE stock opened at $117.05 on Friday. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.81 and a quick ratio of 0.59. The firm has a market capitalization of $68.38 billion, a P/E ratio of 24.49, a P/E/G ratio of 5.82 and a beta of 1.66. ONEOK, Inc. has a 52-week low of $65.49 and a 52-week high of $118.07. The company’s 50 day simple moving average is $98.87 and its 200-day simple moving average is $88.93.

ONEOK (NYSE:OKE) last announced its earnings results on Tuesday, October 29th. The utilities provider reported $1.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.23 by ($0.05). The firm had revenue of $5.02 billion for the quarter, compared to analyst estimates of $5.81 billion. ONEOK had a net margin of 14.05% and a return on equity of 16.84%. During the same period last year, the firm earned $0.99 earnings per share. As a group, equities research analysts anticipate that ONEOK, Inc. will post 5.15 EPS for the current year.

ONEOK Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Friday, November 1st were given a dividend of $0.99 per share. The ex-dividend date was Friday, November 1st. This represents a $3.96 dividend on an annualized basis and a yield of 3.38%. ONEOK’s payout ratio is presently 82.85%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on OKE shares. Scotiabank upped their price objective on shares of ONEOK from $88.00 to $102.00 and gave the stock a “sector outperform” rating in a report on Friday, August 30th. UBS Group increased their price objective on shares of ONEOK from $112.00 to $132.00 and gave the company a “buy” rating in a report on Friday, November 15th. Truist Financial boosted their target price on ONEOK from $83.00 to $99.00 and gave the stock a “hold” rating in a report on Wednesday, October 30th. Citigroup increased their price target on ONEOK from $85.00 to $102.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. Finally, Bank of America assumed coverage on ONEOK in a report on Thursday, October 17th. They issued a “buy” rating and a $105.00 price objective for the company. Eight analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, ONEOK has a consensus rating of “Moderate Buy” and a consensus price target of $100.38.

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.