The Commonwealth of Pennsylvania Public School Employees Retirement System has increased its investment in ONEOK, Inc. by 3.2% during the second quarter, now holding shares valued at approximately $84.88 million. This information was disclosed in the latest 13F filing with the Securities and Exchange Commission. As of the end of June, the retirement fund owned 1,039,857 shares of the natural gas and natural gas liquids provider after acquiring an additional 31,823 shares during the quarter.
The increase in holdings comes amid broader activity among institutional investors in ONEOK. Other hedge funds have also adjusted their positions. For instance, Access Investment Management LLC entered the market with a new investment valued at $33,000. Financial Network Wealth Advisors LLC significantly expanded its stake by 2,466.7% in the first quarter, now holding 385 shares worth $38,000. Trust Co. of Toledo NA and Cheviot Value Management LLC also made recent purchases, further indicating growing interest in the company.
As of the latest reports, institutional investors collectively own approximately 69.13% of ONEOK’s stock, reflecting a strong confidence in the firm’s future prospects.
Recent Transactions and Earnings Performance
In a notable insider transaction, ONEOK Director Brian L. Derksen purchased 2,500 shares at an average price of $66.00 per share on November 3. This acquisition, totaling $165,000, increased his stake in the company to 21,200 shares, valued at around $1.4 million. The transaction was documented in a filing with the SEC.
ONEOK recently reported its quarterly earnings, posting $1.49 earnings per share, exceeding the consensus estimate of $1.48. The company generated revenue of $8.63 billion, surpassing analyst projections of $8.23 billion. ONEOK’s net margin stands at 10.58% with a return on equity of 15.12%. In the same quarter last year, the company recorded an earnings per share figure of $1.18.
Looking ahead, ONEOK has provided guidance for fiscal year 2025, projecting earnings per share between $4.970 and $5.770. Analysts forecast that the company will achieve an earnings per share of $5.07 for the current fiscal year.
Dividend Announcements and Stock Ratings
In addition to its earnings report, ONEOK declared a quarterly dividend of $1.03 per share, payable to shareholders of record as of November 3. This translates to an annualized dividend of $4.12, yielding approximately 5.8%. The company’s current dividend payout ratio is 75.74%.
Market analysts have been active in reassessing their ratings on ONEOK. The Royal Bank of Canada recently reduced its price target from $94.00 to $88.00 while maintaining a “sector perform” rating. Conversely, Argus upgraded its rating from “hold” to “buy,” setting a price target of $79.00. The Goldman Sachs Group reaffirmed a “neutral” stance with a target of $72.00. Other firms, including Wells Fargo & Company and Barclays, have also adjusted their price objectives, reflecting a diverse range of opinions on the stock’s potential.
Overall, the consensus rating for ONEOK stands at “Moderate Buy,” with an average target price of $89.27 across several analysts. This aligns with a growing optimism about the company’s performance and market position.
As ONEOK continues to navigate the natural gas and liquids sector, the investments and strategies adopted by major stakeholders like the Commonwealth of Pennsylvania Public School Employees Retirement System will play a significant role in shaping its trajectory in the upcoming quarters.
