Benson Adds $5.4 Million Stake in Energy Giant ONEOK

Benson Investment Management Company, Inc. initiated a new position in ONEOK (NYSE:OKE) in the third quarter with an estimated $5.4 million transaction, according to an SEC filing released on Friday.

What Happened

Benson Investment Management Company, Inc. reported a new stake of 73,875 shares in ONEOK (NYSE:OKE) in its latest quarterly disclosure to the Securities and Exchange Commission. The estimated transaction value of $5.4 million represented 1.8% of the fund’s $292.7 million in reportable U.S. equity holdings.

What Else to Know

Top holdings after the filing:

• GLD: $14,681,622 (5% of AUM)
• GOOGL: $14,579,437 (5% of AUM)
• MSFT: $12,810,457 (4.4% of AUM)
• NVDA: $11,386,045 (3.9% of AUM)
• AMZN: $9,393,644 (3.2% of AUM)

As of Friday, shares of ONEOK were priced at $69.09, marking a one-year decline of 29% and lagging well behind the S&P 500's 12% gain over the same period.

Company Overview

Company Snapshot

• ONEOK, Inc. provides natural gas gathering, processing, storage, and transportation services, along with natural gas liquids (NGL) fractionation, storage, and distribution across the Mid-Continent and Rocky Mountain regions of the United States.
• The company leverages extensive midstream infrastructure and regulated pipeline assets to transport, store, and process natural gas and NGLs.
• Its main customers include integrated and independent energy producers, natural gas and NGL marketers, propane distributors, municipalities, and industrial end users such as petrochemical and refining companies.

ONEOK, Inc. is a leading midstream energy company with a substantial footprint in natural gas and NGL infrastructure, operating over 17,500 miles of gathering pipelines and significant storage facilities. The company’s strategy focuses on essential energy infrastructure, supporting a competitive dividend yield. ONEOK’s scale, geographic reach, and integrated asset base enable it to serve producers and end users throughout major U.S. energy markets.

Foolish Take

Benson Investment Management’s new $5.4 million position in ONEOK adds exposure to energy infrastructure in a portfolio largely dominated by tech and metals. While the midstream operator’s shares have slid nearly 30% over the past year, Benson’s buy comes as the company posts strong underlying fundamentals and strong earnings growth.

In the second quarter of 2025, ONEOK reported net income of $853 million, up 9% year over year, and a 22% rise in adjusted EBITDA to roughly $2 billion, supported by higher volumes due largely to increased production in the mid-continent and Rocky Mountain regions. The firm is targeting $8 billion to $8.45 billion in full-year adjusted EBITDA and maintains a $4.12 annualized dividend, reinforcing its reputation as a stable, fee-based cash generator.

For Benson, ONEOK offers diversification and yield at a time when most top holdings—like Alphabet, Microsoft, and Nvidia—derive value from growth rather than income. The company next reports earnings on October 29.

Glossary

13F reportable assets: Assets that institutional investment managers must disclose quarterly to the SEC, typically U.S. equity holdings.
Assets under management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
Dividend yield: Annual dividend payments divided by the stock price, expressed as a percentage.
Midstream infrastructure: Facilities and pipelines used to transport, store, and process oil and natural gas between production and end users.
NGL (Natural Gas Liquids): Hydrocarbon liquids such as propane, butane, and ethane separated from natural gas during processing.
Fractionation: The process of separating mixed natural gas liquids into individual products like ethane, propane, and butane.
Trailing twelve months (TTM): The 12-month period ending with the most recent quarterly report.
New position: A security or asset newly purchased by an investor or fund, not previously held in the portfolio.
Integrated asset base: A network of interconnected facilities and infrastructure supporting a company’s operations across the value chain.
Quarterly disclosure: Regular report filed every three months detailing a fund’s holdings and financial activities.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Amazon, Microsoft, and Nvidia. The Motley Fool recommends Oneok and recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.