One of Oneok, Inc.’s (NYSE:OKE) major corporate insiders recently bought OKE stock worth $1.5 million. The midstream oil and gas company processes, gathers, stores, and transports natural gas. Notably, the company is part of the Fortune 500 and the S&P 500 Index (SPX).
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According to the TipRanks insider trading tool, Oneok’s President and CEO, Pierce Norton, bought 24,607 shares of the company at a weighted average price of $60.95 per share on June 29. Norton is also a member of the Oneok Board of Directors.
It is worth highlighting that Norton’s latest transaction is the second purchase of OKE stock in the past week. About two days ago, Director Brian L. Derksen disclosed that he had bought 4,900 shares of the company for $291,942.
Based on the purchases of these two corporate insiders, TipRanks’ Insider Trading Activity Tool shows that insider confidence in Oneok is currently Positive.
Considering the optimistic stance of the key insiders, it would be prudent to anticipate significant positive developments in the company’s future.
Interestingly, TipRanks offers daily insider transactions as well as a list of the top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
What is the Future of OKE Stock?
Oneok’s deep presence in the midstream energy industry and infrastructure assets located in major producing regions, such as the Permian Basin, are encouraging factors. Furthermore, the company has been strengthening its position through strategic acquisitions. Last month, it announced plans to acquire Magellan Midstream Partners (MMP), which is expected to create one of the largest pipeline operators in the United States.
Of the nine top analysts covering Oneok, five have a Buy rating, three suggest a Hold, and one has been assigned a Sell rating in the past three months. Overall, the stock scores a Moderate Buy consensus rating. Meanwhile, the average OKE stock price target stands at $69.67, implying upside potential of 13.3%. Shares are down 1.1% year-to-date.
It is noteworthy that these top analysts have an impressive history of helping investors generate massive returns from their recommendations. Moreover, each analyst has a remarkable success rate.
