Benson Investment Management Company, Inc. initiated a new position in ONEOK (OKE -3.03%) 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 (OKE -3.03%) 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
| Metric | Value |
|---|---|
| Revenue (TTM) | $28 billion |
| Net Income (TTM) | $3.1 billion |
| Dividend Yield | 6% |
| Price (as of market close Friday) | $69.09 |
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.
