Rialto Wealth Management LLC Invests $59,000 in ONEOK, Inc. (NYSE:OKE)

Rialto Wealth Management LLC purchased a new stake in ONEOK, Inc. (NYSE:OKE) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 586 shares of the utilities provider’s stock, valued at approximately $59,000.

Other large investors also recently added to or reduced their stakes in the company. Kieckhefer Group LLC acquired a new stake in shares of ONEOK in the fourth quarter worth approximately $30,000. Access Investment Management LLC purchased a new position in ONEOK in the 3rd quarter valued at $37,000. Canton Hathaway LLC acquired a new stake in ONEOK during the 4th quarter worth $40,000. J.Safra Asset Management Corp purchased a new stake in shares of ONEOK during the fourth quarter worth $48,000. Finally, Versant Capital Management Inc raised its position in shares of ONEOK by 98.1% in the fourth quarter. Versant Capital Management Inc now owns 525 shares of the utilities provider’s stock valued at $53,000 after buying an additional 260 shares during the last quarter. 69.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Wells Fargo & Company lowered their price target on shares of ONEOK from $107.00 to $102.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 26th. Wolfe Research upgraded ONEOK from a “peer perform” rating to an “outperform” rating and set a $110.00 target price on the stock in a report on Monday, February 10th. Truist Financial increased their price target on ONEOK from $99.00 to $107.00 and gave the company a “hold” rating in a report on Tuesday, December 3rd. UBS Group boosted their price objective on ONEOK from $112.00 to $132.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Finally, US Capital Advisors raised ONEOK from a “moderate buy” rating to a “strong-buy” rating in a research note on Monday, February 3rd. Seven research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $103.31.

ONEOK Price Performance

Shares of OKE opened at $89.59 on Monday. The firm has a 50-day simple moving average of $100.00 and a two-hundred day simple moving average of $99.46. The stock has a market cap of $55.93 billion, a PE ratio of 18.74, a P/E/G ratio of 3.77 and a beta of 1.70. ONEOK, Inc. has a 1-year low of $76.23 and a 1-year high of $118.07. The company has a debt-to-equity ratio of 1.59, a current ratio of 0.81 and a quick ratio of 0.59.

ONEOK (NYSE:OKE) last posted its earnings results on Monday, February 24th. The utilities provider reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.46 by $0.11. ONEOK had a net margin of 14.05% and a return on equity of 16.84%. The firm had revenue of $7 billion during the quarter, compared to the consensus estimate of $6.18 billion. As a group, analysts forecast that ONEOK, Inc. will post 5.07 EPS for the current year.

ONEOK Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Monday, February 3rd were paid a dividend of $1.03 per share. This is a positive change from ONEOK’s previous quarterly dividend of $0.99. The ex-dividend date of this dividend was Monday, February 3rd. This represents a $4.12 annualized dividend and a yield of 4.60%. ONEOK’s dividend payout ratio is presently 79.69%.

ONEOK Company 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.