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

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

A number of other hedge funds have also recently made changes to their positions in OKE. Lifeworks Advisors LLC lifted its position in shares of ONEOK by 25.9% in the 4th quarter. Lifeworks Advisors LLC now owns 4,872 shares of the utilities provider’s stock worth $489,000 after purchasing an additional 1,002 shares during the period. Larson Financial Group LLC raised its stake in ONEOK by 12.2% in the fourth quarter. Larson Financial Group LLC now owns 33,707 shares of the utilities provider’s stock worth $3,384,000 after buying an additional 3,658 shares in the last quarter. Blankinship & Foster LLC purchased a new stake in ONEOK during the fourth quarter worth $1,132,000. Banco Santander S.A. boosted its position in ONEOK by 27.1% during the 4th quarter. Banco Santander S.A. now owns 21,944 shares of the utilities provider’s stock valued at $2,203,000 after acquiring an additional 4,682 shares in the last quarter. Finally, RKL Wealth Management LLC increased its holdings in shares of ONEOK by 6.7% in the 4th quarter. RKL Wealth Management LLC now owns 13,064 shares of the utilities provider’s stock valued at $1,312,000 after acquiring an additional 823 shares during the period. 69.13% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. UBS Group upped 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. Truist Financial raised their price target on shares of ONEOK from $99.00 to $107.00 and gave the company a “hold” rating in a report on Tuesday, December 3rd. Barclays cut their price objective on shares of ONEOK from $105.00 to $101.00 and set an “equal weight” rating on the stock in a research report on Friday. Wolfe Research raised shares of ONEOK from a “peer perform” rating to an “outperform” rating and set a $110.00 target price for the company in a research report on Monday, February 10th. Finally, Wells Fargo & Company cut their price target on shares of ONEOK from $107.00 to $102.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 26th. Seven research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, ONEOK presently has an average rating of “Moderate Buy” and an average target price of $103.31.

ONEOK Stock Performance

Shares of OKE stock opened at $89.59 on Monday. The business has a fifty day moving average of $100.00 and a 200 day moving average of $99.46. 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. The firm has a market capitalization of $55.93 billion, a price-to-earnings ratio of 18.74, a price-to-earnings-growth ratio of 3.77 and a beta of 1.70.

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

ONEOK Increases Dividend

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

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.