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Top 6 Stocks to Buy for October

These stocks represent good values and could make major moves higher this month

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Top Stock to Buy #6 – ONEOK Inc. (OKE)

ONEOK Inc. (NYSE:OKE) is an Oklahoma-based integrated energy company that markets, transports, stores and trades natural gas liquids. Its distribution segment is the largest gas utility in Kansas and Oklahoma, and the third largest in Texas.

Fundamentals have been improving with earnings having increased in each of the past seven years. OKE was on our list of Top Stocks to Buy for July at $42 with a target of $50. Earnings estimates have been increased since then, and are now at $2.17 in 2013, up from $1.79 in 2012. J.P. Morgan, Deutsche Bank and S&P have raised their price targets, which now average $54.

The stock broke upward from a double-top in October at $37 to almost $45. Since then, it has been consolidating in a bull channel with support at its 200-day moving average at just over $40. Its stochastic is close to issuing a buy signal and accumulation in June was high. Buy at the market for a target of $57. OKE has a dividend yield of 2.7%.

OKE Chart
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