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 9.89% to 56.76 million shares with purchase of 5.11 million shares. This fresh investment now brings its stake to 9.74% valued currently at $3.91 billion. In addition, SSgA Funds Management, Inc. raised its holdings by 7.86 million to 38.79 million shares. And BlackRock Fund Advisors has lifted its position by 11.04% or 3.52 million shares – to 35.46 million shares.
With over 23.08 million Oneok Inc. (OKE) shares trading Friday and a closing price of $67.93 on the day, the dollar volume was approximately $1.57 billion. The shares have shown a positive half year performance of 11.45% and its price on 12/15/23 lost nearly -0.99%. Currently, there are 582.55M common shares owned by the public and among those 580.15M shares have been available to trade.
3 Tiny Stocks Primed to Explode
The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.
We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.
Click here for full details and to join for free
Sponsored
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 24 analysts who have offered their price forecasts for OKE have a consensus price objective of $75.24. The analysts have set the share’s price value over the next 12 months at a high of $85.00 and a low of $65.00. The average price target is 9.72% above its recent price level and a downside to the estimated low will see the stock lose -4.51% over that period. But an upside of 20.08% will see the stock hit the forecast high price target while median target price for the stock is $76.50.
Insiders at the company have transacted a total of 40 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 24 of these insider trades were purchases, accounting for 129,434 shares. Insider sales of the common stock occurred on 16 occasions, with total insider shares sold totaling 35,715 shares.
The top 3 mutual fund holders in Oneok Inc. are SPDR Series – Energy Select Secto, Vanguard 500 Index Fund, and Vanguard Total Stock Market ETF. SPDR Series – Energy Select Secto owns 16.4 million shares of the company’s stock, all valued at over $1.13 billion. The company sold -0.18 million shares recently to bring their total holdings to about 2.82% of the shares outstanding. Vanguard 500 Index Fund bought 68853.0 shares to see its total holdings expand to 14.06 million shares valued at over $968.36 million and representing 2.41% of the shares outstanding. Vanguard Total Stock Market ETF bought 40678.0 shares to bring its total holdings to over 14.0 million shares at a value of $963.7 million. Vanguard Total Stock Market ETF now owns shares totaling to 2.40% of the shares outstanding.
Shares of Oneok Inc. (NYSE: OKE) opened at $68.08, down -$0.53 from a prior closing price of $68.61. However, the script later moved the day high at 68.70, down -0.99%. The company’s stock has a 5-day price change of -0.45% and -0.38% over the past three months. OKE shares are trading 3.39% year to date (YTD), with the 12-month market performance up to 2.01% higher. It has a 12-month low price of $55.91 and touched a high of $71.57 over the same period. OKE has an average intraday trading volume of 5.33 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 0.42%, 1.66%, and 5.63% respectively.
Institutional ownership of Oneok Inc. (NYSE: OKE) shares accounts for 68.02% of the company’s 582.55M shares outstanding. Mutual fund holders own 30.78%, while other institutional holders and individual stakeholders account for 37.61% and 1.16% respectively.
It has a market capitalization of $39.57B and a beta (3y monthly) value of 1.63. The stock’s trailing 12-month PE ratio is 12.47, while the earnings-per-share (ttm) stands at $5.45. The company has a PEG of 1.08 and a Quick Ratio of 0.66 with the debt-to-equity ratio at 1.35. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.15% over the week and 1.75% over the month.
Analysts forecast that Oneok Inc. (OKE) will achieve an EPS of $1.17 for the current quarter, $1.18 for the next quarter and $4.87 for 2024. The lowest estimate earnings-per-share for the quarter is $0.71 while analysts give the company a high EPS estimate of $1.41. Comparatively, EPS for the current quarter was $1.08 a year ago. Earnings per share for the fiscal year are expected to increase by 42.28%, and -9.66% over the next financial year. EPS should shrink at an annualized rate of 11.60% over the next five years, compared to 24.37% 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 2.42. Specifically, 7 Wall Street analysts polled rate the stock as a buy, while 11 of the 24 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. BofA Securities stated their Buy rating for the stock in a research note on December 04, 2023, with the firm’s price target at $72-$83.
