Weakness in ONEOK Continues, Stock Fell 2.8% Last Week



Price performance

ONEOK (OKE) fell 2.8% in the week ending March 17, 2017. In comparison, the Energy Select Sector SPDR ETF (XLE) fell 0.3% last week. NYMEX near-month WTI (West Texas Intermediate) crude oil futures price rose 0.6% week-over-week. ONEOK stock fell 3.7% in the week ending March 10, 2017.

The above graph show how ONEOK stock performed in the last week compared to XLE and crude oil.

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Year-to-date performance

ONEOK is down 10% YTD (year-to-date). In comparison, Plains All American Pipeline (PAA) is down 5%, while XLE is down 7% YTD. Enterprise Products Partners (EPD) is up 1% during the same period. Notably, ONEOK rose significantly in 2016 and outperformed it 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 in 2017. It has lost part of the phenomenal gains from 2016.

In this series, we’ll look at ONEOK’s technical indicators and short interest. We’ll also look at ONEOK’s current valuation compared to its peers. We’ll discuss analysts’ recommendations for the stock.

Let’s start with an analysis of ONEOK’s moving averages in the next part of the series.


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