ONEOK’s 6% Dividend Draws Smart Money Despite a Nearly 30% Drop

South Carolina-based Apricus Wealth disclosed the purchase of 42,386 shares of ONEOK (NYSE:OKE), valued at an estimated $3.3 million, per an SEC filing on Tuesday.

What Happened

According to a filing with the Securities and Exchange Commission released Tuesday, Apricus Wealth acquired 42,386 shares of ONEOK during the third quarter. The estimated transaction value, based on the average closing price for the quarter, was approximately $3.3 million. Apricus Wealth reported holding a total of 45,086 shares of ONEOK at the end of the quarter.

What Else to Know

The ONEOK stake represents 1.8% of fund assets as of September 30.

Top holdings after the filing:

• NYSE:CVX: $5.1 million (2.8% of AUM)
• NYSE:MRK: $5.1 million (2.7% of AUM)
• NYSE:STT: $5 million (2.7% of AUM)
• NYSE:ABBV: $4.8 million (2.6% of AUM)
• NYSE:C: $4.7 million (2.6% of AUM)

As of October 20, 2025, shares were priced at $69.76, down 28% over the year and underperforming the S&P 500's 16% gain.

Company Overview

Company Snapshot

• ONEOK offers natural gas gathering, processing, storage, and transportation services, along with natural gas liquids (NGL) fractionation and distribution across the Mid-Continent and Rocky Mountain regions, leveraging extensive regulated and non-regulated infrastructure assets.
• The company serves integrated and independent oil and gas producers, NGL and gas processors, propane distributors, and municipalities.

ONEOK, Inc. is a leading midstream energy company with a diversified asset base spanning more than 50,000 miles of pipelines and multiple storage and terminal facilities. The company’s strategy focuses on critical natural gas and NGL infrastructure. Its scale and geographic reach enable it to serve a diverse mix of upstream and downstream energy clients.

Foolish Take

Apricus Wealth’s decision to buy ONEOK looks like a calculated income play amid market volatility. The South Carolina-based advisor—which uses an income-centric strategy—added about 42,000 shares last quarter, a $3.3 million investment that boosts its energy exposure alongside existing stakes in Chevron, Exxon, Duke Energy, and others. The move contrasts with Apricus’s modest reduction in JPMorgan Chase during the quarter, signaling a shift toward high-dividend, cash-generating names over growth-oriented financials.

ONEOK’s latest results show why income-focused investors might be interested. The midstream operator reported higher quarterly earnings, reaffirmed its 2025 financial guidance, and continues to benefit from stable fee-based contracts tied to natural gas and NGL transport. Despite that, shares have fallen nearly 30% in the past year, weighed down by commodity weakness and broader energy-sector headwinds.

For long-term investors, this combination of declining price and steady fundamentals could prove compelling. With a dividend yield nearing 6%, diversified pipeline assets, and reaffirmed full-year guidance, ONEOK offers the kind of predictable cash flow Apricus prioritizes—potentially a smart hold for investors seeking resilient income rather than fast growth.

Glossary

13F reportable assets: Securities that institutional investment managers must disclose quarterly to the SEC if they exceed $100 million in assets.
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.
Forward P/E ratio: Price-to-earnings ratio using projected earnings for the next fiscal year.
Trailing twelve months (TTM): The 12-month period ending with the most recent quarterly report.
Midstream energy company: A firm that transports, stores, and processes oil and gas between production and end users.
Natural gas liquids (NGL): Hydrocarbon products like ethane, propane, and butane separated from natural gas during processing.
Fractionation: The process of separating mixed natural gas liquids into individual components such as ethane or propane.
Stake: The ownership interest or number of shares held in a company or asset.
Top holdings: The largest investments by value within a fund or portfolio.
Underperforming the S&P 500: Achieving a lower return than the S&P 500 index over a given period.
Regulated and non-regulated infrastructure: Assets subject to government oversight (regulated) or operating in competitive markets (non-regulated).

Citigroup is an advertising partner of Motley Fool Money. Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends AbbVie, Chevron, and Merck. The Motley Fool recommends Oneok. The Motley Fool has a disclosure policy.