Click to Enlarge Natural gas and related companies have been on a tear again, including ONEOK (OKE). In July, OKE shares jumped more than 20% on a positive earnings report. Since then, the shares have been trading in a range between $50 and $54.
However, short interest has gone through the roof ahead of the next earnings report, scheduled for Nov. 5.
OKE shares recently rallied from support at their 20-day moving average — a sign that technical traders might be buying the stock. A break above $54 is likely to trigger a short squeeze.
We like Oneok stock to challenge the $60 level in the fourth quarter.