Benson Adds $5.4 Million Stake in Energy Giant ONEOK

Benson Investment Management initiated a new $5.4 million position in ONEOK (OKE), a midstream energy company, representing 1.8% of its U.S. equity holdings, according to a recent SEC filing. This strategic investment diversifies Benson's tech-heavy portfolio by adding exposure to energy infrastructure and a stable 6% dividend yield. The move occurs despite ONEOK's 29% share price decline over the past year, as the company reported strong recent quarterly results, including a 9% rise in net income and a 22% increase in adjusted EBITDA, while targeting $8 billion to $8.45 billion in full-year adjusted EBITDA.

Analysis

Benson Investment Management initiated a new $5.4 million position in ONEOK (OKE), acquiring 73,875 shares, which constitutes 1.8% of its $292.7 million reportable U.S. equity holdings. This strategic move by Benson comes despite ONEOK's stock experiencing a 29% decline over the past year, significantly underperforming the S&P 500's 12% gain.

The investment provides Benson's largely tech-heavy portfolio with diversification into energy infrastructure and a stable income stream, contrasting with its growth-oriented top holdings like GOOGL, MSFT, and NVDA. ONEOK, a leading midstream energy company, reported strong Q2 2025 results, with net income up 9% year-over-year to $853 million and adjusted EBITDA rising 22% to $2 billion, driven by increased production volumes.

ONEOK maintains a robust financial outlook, targeting $8 billion to $8.45 billion in full-year adjusted EBITDA and offering a competitive 6% dividend yield, equating to an annualized $4.12 per share. This strong dividend and fee-based cash generation reinforce its appeal as an income-generating asset, particularly for funds seeking yield and stability.

Key Decisions for Investors

• Consider ONEOK for portfolio diversification and income generation, given its 6% dividend yield and its role in Benson's strategy to balance growth with stable cash flows.
• Monitor ONEOK's upcoming earnings report on October 29 and its progress towards the $8 billion to $8.45 billion full-year adjusted EBITDA target, as recent operational strength contrasts with its one-year stock performance.
• Evaluate the broader midstream energy sector for similar opportunities, as institutional investors like Benson are seeking stable, fee-based infrastructure assets to complement growth-oriented holdings.