5 High Dividend Stocks to Shore Up Your Cash Position Before Recession Begins

2. ONEOK, Inc. (NYSE:OKE)

Dividend Yield as of August 4: 6.34%

ONEOK, Inc. (NYSE:OKE) is an energy company that is focused on the natural gas industry and also provides midstream services.

In Q1 2022, ONEOK, Inc. (NYSE:OKE)’s operating cash flow was recorded at $462.2 million while it generated $205.2 million in free cash flow during the quarter. Moreover, the company’s net income also jumped to $391.2 million in Q1, from $386.2 million in the previous quarter. ONEOK, Inc. (NYSE:OKE) has been making uninterrupted dividend payments for the past 25 years and raised its dividend at a CAGR of 8.7% in the last five years. Its quarterly dividend stands at $0.935 per share and has a yield of 6.34%, as recorded on August 4.

At the end of Q1 2022, 25 hedge funds tracked by Insider Monkey owned stakes in ONEOK, Inc. (NYSE:OKE), the same as in the previous quarter. The stakes are collectively valued at over $174.3 million. Israel Englander and Ken Griffin were the most prominent stakeholders of the Oklahoma-based company in Q1.

Miller Howard Investments mentioned ONEOK, Inc. (NYSE:OKE) in its Q3 2021 investor letter. Here is what the firm has to say:

“In late August, we increased the portfolio’s cyclical exposure by trimming utilities after a period of relative outperformance and reallocating the capital to midstream energy, which had pulled back over the summer. We added ONEOK Inc. (OKE) with the expectation that it will benefit from increasing natural gas and natural gas liquids (NGL) recovery in the Bakken region.”