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 4.82% to 48.53 million shares with purchase of 2.23 million shares. This fresh investment now brings its stake to 10.93% valued currently at $1.35 billion. In addition, BlackRock Fund Advisors raised its holdings by 0.13 million to 29.28 million shares. And SSgA Funds Management, Inc. has lifted its position by 4.82% or 1.12 million shares – to 24.41 million shares.
With over 4.19 million ONEOK Inc. (OKE) shares trading Tuesday and a closing price of $27.26 on the day, the dollar volume was approximately $114.11 million. The shares have shown a negative weekly performance of -2.92% and its price on 08/25/20 lost nearly 0.00%. Currently, there are 444.20M common shares owned by the public and among those 441.13M shares have been available to trade.
The analysts have set the share’s price value over the next 12 months at a high of $42.00 and a low of $25.00 should the stock experience a downside. Incidentally, analysts’ outlook for the ONEOK Inc. stock is 2.80 for the next 12 months. The average price target is 18.99% above its last price level and an upside to the estimated low will see the stock lose -9.04% over that period. But an upside of 35.1% will see the stock hit the forecast high price target while mean target price for the stock is $33.00.
Insiders at the company have transacted a total of 108 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 88 of these insider trades were purchases, accounting for 477,337 shares. Insider sales of the common stock occurred on 20 occasions, with total insider shares sold totaling 342,151 shares.
The top 3 mutual fund holders in ONEOK Inc. are Vanguard Total Stock Market Index, Vanguard Mid Cap Index Fund, and Vanguard 500 Index Fund. Vanguard Total Stock Market Index owns 12.51 million shares of the company’s stock, all valued at over $349.12 million. The company sold 44400.0 shares recently to bring their total holdings to about 2.82% of the shares outstanding. Vanguard Mid Cap Index Fund sold 83939.0 shares to see its total holdings shrink to 10.79 million shares valued at over $301.22 million and representing 2.43% of the shares outstanding. Vanguard 500 Index Fund sold 55077.0 shares to bring its total holdings to over 9.07 million shares at a value of $253.25 million. Vanguard 500 Index Fund now owns shares totaling to 2.04% of the shares outstanding.
Shares of ONEOK Inc. (NYSE: OKE) opened at $27.60, up $0.34 from a prior closing price of $27.26. However, the script later closed the day at $27.26, down 0.00%. The company’s stock has a 5-day price change of -2.92% and -27.50% over the past three months. OKE shares are trading -63.98% year to date (YTD), with the 12-month market performance down to -60.03% lower. It has a 12-month low price of $12.16 and touched a high of $78.48 over the same period. Currently, 4.19 million shares have been traded, compared to an average intraday trading volume of 6.48 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 -5.38%, -9.43%, and -43.19% respectively.
Institutional ownership of ONEOK Inc. (NYSE: OKE) shares accounts for 69.20% of the company’s 444.20M shares outstanding. Mutual fund holders own 31.09%, while other institutional holders and individual stakeholders account for 37.41% and 1.42% respectively.
It has a market capitalization of $12.41B and a beta (3y monthly) value of 2.06. The stock’s trailing 12-month PE ratio is 18.31, while the earnings-per-share (ttm) stands at $1.49. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.40% over the week and 4.37% over the month.
Analysts forecast that ONEOK Inc. (OKE) will achieve an EPS of $0.58 for the current quarter, $0.65 for the next quarter and $2.68 for 2021. The lowest estimate earnings-per-share for the quarter is $0.48 while analysts give the company a high EPS estimate of $0.7. Comparatively, EPS for the current quarter was $0.74 a year ago. Earnings per share for the fiscal year are expected to increase by 10.70%, and 8.38% over the next financial year. EPS should shrink at an annualized rate of -1.36% over the next five years, compared to 15.10% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 24 brokerage firm advisors rate ONEOK Inc. (OKE) as a “Moderate Buy” at a consensus score of 2.80. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 17 of the 24 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the OKE, a number of firms have released research notes about the stock. Argus stated their Hold rating for the stock in a research note on August 03, 2020, with the firm’s price target at. Wells Fargo coverage for the ONEOK Inc. (OKE) stock in a research note released on July 22, 2020 offered a Equal Weight rating with a price target of $33. BofA/Merrill was of a view on June 11, 2020 that the stock is Neutral, while Citigroup gave the stock Neutral rating on June 03, 2020, issuing a price target of $80- $36. JP Morgan on their part issued Neutral rating on May 22, 2020.