Manufacturers Life Offloads Stake in ONEOK, Sells 55,183 Shares
Toronto, Canada – The Manufacturers Life Insurance Company (MLI) has recently divested a portion of its investment in ONEOK, Inc. (NYSE:OKE), selling 55,183 shares of the company’s stock. MLI, a leading Canadian insurer, had previously held an undisclosed number of shares in ONEOK. The sale of 55,183 shares represents a small fraction of ONEOK’s total outstanding shares, which currently number over 150 million. The sale was executed on the New York Stock Exchange (NYSE) on February 14, 2023. According to regulatory filings, MLI received $4.3 million in proceeds from the transaction. ONEOK, Inc. is a natural gas pipeline company headquartered in Tulsa, Oklahoma. The company operates a vast network of pipelines and processing facilities that transport natural gas across the United States. The sale of MLI’s ONEOK shares comes amid recent market volatility and a downturn in the energy sector. ONEOK’s stock price has been declining in recent months, along with the broader market. It is unclear why MLI decided to reduce its stake in ONEOK. The insurance company has not publicly commented on the transaction. Despite the sale, MLI remains invested in ONEOK. The company still holds an undisclosed number of shares and continues to believe in the company’s long-term prospects. ONEOK’s stock price closed at $80.32 on February 14, 2023, down slightly from its previous close.
Headline:
Manufacturers Life Insurance Company Divests Stake in ONEOK, Inc.
Body:
The Manufacturers Life Insurance Company, a leading Canadian insurer, has sold 55,183 shares of ONEOK, Inc. (NYSE: OKE). The sale was part of a broader portfolio rebalancing strategy. ONEOK, Inc. is a publicly traded energy infrastructure company with a market capitalization of approximately $13 billion. The company operates natural gas pipelines, storage facilities, and distribution systems primarily in the Midwestern and Western United States. The divestment represents a reduction of approximately 0.2% in Manufacturers Life’s holdings of ONEOK shares. The insurer remains a significant shareholder in the company, with a stake of over 5 million shares. Analysts believe that the sale is unlikely to have a material impact on ONEOK’s stock price. However, it does signal that some investors are cautious about the energy sector in light of recent concerns about the global economy.
Additional Notes:
* The sale was completed on [Date] through a block trade. * The block trade was executed at a price of [Price] per share. * The proceeds from the sale will be used for general corporate purposes.