ONEOK (OKE) rose 0.5% during the week ending March 24, 2017. In comparison, the Energy Select Sector SPDR ETF (XLE) fell 1.8% last week. NYMEX near-month WTI crude oil futures price fell 1.7% week-over-week. ONEOK stock fell 2.8% in the previous week ending March 17, 2017.
The above graph compares ONEOK stock’s performance in the last week with XLE and crude oil.
ONEOK is down 7% YTD (year-to-date). In comparison, Plains All American Pipeline (PAA) is down 3% and XLE is down 9% YTD. Enterprise Products Partners (EPD) is up 0.5% during the same period. Notably, ONEOK rose significantly in 2016. The company outperformed its peers. Read ONEOK Stock Doubled in 2016: Can Its Momentum Be Sustained? to learn more.
Despite the announcement of the acquisition of ONEOK Partners (OKS) in February 2017 and strong guidance for 2017, the stock has seen some profit-booking so far in 2017. It has given back part of the phenomenal gains from 2016.
In this series, we’ll take a look at ONEOK’s technical indicators and short interest. We’ll also take a look at ONEOK’s current valuation relative to its peers as well as analysts’ recommendations for the stock.
Let’s start with an analysis of ONEOK’s moving averages in the next part of the series.