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The Stocks of ONEOK Soared Owing to Its 2016 Outlook

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Top stocks

The stocks at the top of the SPDR S&P 500 ETF (SPY) on December 21 were ONEOK (OKE), Tenet Healthcare (THC), and Consol Energy (CNX). These stocks yielded 15.4%, 11.6%, and 8.0%, respectively, on the day. The following graph compares the stock price movement of ONEOK (OKE) and its peer Williams Companies (WMB) since October 2015.

There was a rise in the stock prices of ONEOK (OKE) on Monday, as the company released its outlook for 2016. In OKE’s financial and volume guidance for 2016, the company anticipated a strong and continued volume growth in natural gas and natural gas liquids. Also, the stocks of OKE’s peers Williams Companies (WMB) and Spectra Energy (SE) rose and returned 2.1% and 2.2%, respectively, on the day.

ONEOK (OKE) earned five “Buy” recommendations, ten “Hold” recommendations, and three “Sell” recommendations. Additionally, Standard & Poor’s rated the stock as “BB+.” As per the analysts’ target price, the stock has a 54% upward growth potential.

Tenet Healthcare (THC) gained on the day due to the rise in Obamacare subscriptions as we mentioned earlier in the second part of the series.

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Bottom stocks

Stocks at the bottom of the SPY ETF on December 21 were Cimarex Energy (XEC), Pioneer Natural Resources (PXD), and Juniper Networks (JNPR). These stocks yielded -5.1%, -4.6%, and -5.0%, respectively, on the day.

Cimarex Energy (XEC) and Pioneer Natural Resources (PXD) suffered due to the fall in oil prices and the supply glut in the global oil production.

The stocks of Juniper Networks (JNPR) fell because the US government is investigating the company to find out whether an unauthorized code was inserted in the company’s software, and if it could be used to spy on Juniper’s customers, as reported by Reuters.

For more on US equities, visit our US Equity ETFs page.

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