The Vanguard Group, Inc. recently announced the acquisition of new stake in ONEOK Inc. (NYSE:OKE). The institutional investor has increased its shareholding in the Energy company by 0.91% to 51.22 million shares with purchase of 0.46 million shares. This fresh investment now brings its stake to 11.46% valued currently at $3.04 billion. In addition, BlackRock Fund Advisors raised its holdings by 0.15 million to 32.93 million shares. And Geode Capital Management LLC has lifted its position by 2.30% or 0.21 million shares – to 9.41 million shares.
With over 4.12 million ONEOK Inc. (OKE) shares trading Tuesday and a closing price of $65.42 on the day, the dollar volume was approximately $269.55 million. The shares have shown a positive half year performance of 2.65% and its price on 11/22/22 gained nearly 3.51%. Currently, there are 447.68M common shares owned by the public and among those 444.24M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 22 analysts who have offered their price forecasts for OKE have a consensus price objective of $67.88. The analysts have set the share’s price value over the next 12 months at a high of $80.00 and a low of $59.00. The average price target is 3.62% above its recent price level and a downside to the estimated low will see the stock lose -10.88% over that period. But an upside of 18.22% will see the stock hit the forecast high price target while median target price for the stock is $68.00.
Insiders at the company have transacted a total of 37 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 22 of these insider trades were purchases, accounting for 150,510 shares. Insider sales of the common stock occurred on 15 occasions, with total insider shares sold totaling 86,912 shares.
The top 3 mutual fund holders in ONEOK Inc. are Vanguard Total Stock Market Index, SPDR Series – Energy Select Secto, and Vanguard Mid Cap Index Fund. Vanguard Total Stock Market Index owns 13.41 million shares of the company’s stock, all valued at over $795.72 million. The company bought an additional 73478.0 shares recently to bring their total holdings to about 3.00% of the shares outstanding. SPDR Series – Energy Select Secto bought 1374.0 shares to see its total holdings expand to 13.07 million shares valued at over $775.3 million and representing 2.93% of the shares outstanding. Vanguard Mid Cap Index Fund bought 0.12 million shares to bring its total holdings to over 10.44 million shares at a value of $619.2 million. Vanguard Mid Cap Index Fund now owns shares totaling to 2.34% of the shares outstanding.
Shares of ONEOK Inc. (NYSE: OKE) opened at $64.18, up $0.98 from a prior closing price of $63.20. However, the script later moved the day high at 65.62, up 3.51%. The company’s stock has a 5-day price change of 0.26% and -1.04% over the past three months. OKE shares are trading 11.33% year to date (YTD), with the 12-month market performance up to 5.62% higher. It has a 12-month low price of $50.50 and touched a high of $75.07 over the same period. OKE has an average intraday trading volume of 2.55 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 6.19%, 12.51%, and 5.16% respectively.
Institutional ownership of ONEOK Inc. (NYSE: OKE) shares accounts for 69.90% of the company’s 447.68M shares outstanding. Mutual fund holders own 27.52%, while other institutional holders and individual stakeholders account for 42.04% and 1.49% respectively.
It has a market capitalization of $28.84B and a beta (3y monthly) value of 1.67. The stock’s trailing 12-month PE ratio is 18.15, while the earnings-per-share (ttm) stands at $3.60. The company has a PEG of 2.24 and a Quick Ratio of 0.50 with the debt-to-equity ratio at 2.18. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.55% over the week and 2.52% over the month.
Analysts forecast that ONEOK Inc. (OKE) will achieve an EPS of $0.96 for the current quarter, $1.04 for the next quarter and $4.28 for 2023. The lowest estimate earnings-per-share for the quarter is $0.86 while analysts give the company a high EPS estimate of $1.03. Comparatively, EPS for the current quarter was $0.88 a year ago. Earnings per share for the fiscal year are expected to increase by 136.40%, and 14.86% over the next financial year. EPS should shrink at an annualized rate of 8.10% over the next five years, compared to 15.00% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 22 brokerage firm advisors rate ONEOK Inc. (OKE) as a “Moderate Buy” at a consensus score of 2.60. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 13 of the 22 advise that investors “hold,” and 2 rated it as a “Sell.”
Looking at the support for the OKE, a number of firms have released research notes about the stock. Truist stated their Buy rating for the stock in a research note on May 02, 2022, with the firm’s price target at $78. Goldman coverage for the ONEOK Inc. (OKE) stock in a research note released on January 14, 2022 offered a Neutral rating with a price target of $68. Wolfe Research was of a view on January 10, 2022 that the stock is Underperform, while Wells Fargo gave the stock Equal Weight rating on December 16, 2021, issuing a price target of $72- $66. BofA Securities on their part issued Neutral rating on September 28, 2021.