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Stochastic Issues Buy Signal for OKE

ONEOK broke from six-month consolidation and accumulation has been high


ONEOK Inc. (NYSE:OKE) — This Oklahoma-based integrated energy company 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. OKE was on our list of Top Stocks to Buy for October with a target of $50.

Fundamentals are improving with earnings having increased each of the past seven years. Earnings estimates have been increased from our last report and are now at $2.17 in 2013, up from $1.76 in 2012. OKE has a dividend yield of 2.7%, which will probably be increased.

Technically, the stock broke out from a six-month consolidation in July into a bull channel with support at its 50-day moving average at just over $46. Accumulation from June through September has been high, and its stochastic issued a buy signal on Thursday. Buy OKE at the market for a target of $56.

Trade of the Day – ONEOK Inc. (NYSE:OKE)
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Trade of the Day Chart Key

Article printed from InvestorPlace Media, http://investorplace.com/2012/10/trade-of-the-day-oneok-inc-nyse-oke/.

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