ONEOK, Inc. (NYSE: OKE) shares rose in value on Thursday February 2 on lower trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
Meanwhile, The Dow Jones Industrial Average DJIA, -0.10% fell 34 points, or 0.2%, to 19,858. The S&P 500 SPX, -0.11% lost 4 points to 2,276, a drop of 0.2%. The Nasdaq Composite Index COMP, -0.05% slid 16 points, or 0.3%, to 5,626. Among the most actively traded Nasdaq stocks was Facebook Inc FB, +0.31% which fell 0.7% a day after it reported its quarterly results.
Analysts at Credit Suisse Group upgraded shares of ONEOK, Inc. (NYSE: OKE) from Neutral to Outperform today. With a rating of Outperform on the stock, the company has a 52-week high of $59.47. The one-year price target of $53.46 is a decrease compared to the opening price of $54.19, causing a fair amount of other analysts to comment on the stock in recent days. Stock prices sometimes get a jump to the upside when analysts upgrade a stock.
Shares of ONEOK, Inc. (NYSE: OKE) opened at $54.19 yesterday trading between $53.73 and $54.63, and last traded at $54.14, which is a jump of $0.14 compared to the previous closing price.
ONEOK, Inc. (NYSE: OKE) currently has a market cap of 11.40B.
ONEOK, Inc. (NYSE: OKE) Average Daily Trading Volume
The stock’s average daily volume is 2,154,490 shares out of a total float 208,682,000 and some 784,881 shares crossed the trading desk yesterday, 18 percent below the norm. lower than normal. Look for trading volume to pick up in the coming days as investors often use increases in trading volume to identify heavy volume accumulation or distribution by institutional investors.
However, a single day of heavy buy side trading is not enough to assert a trend. As such, market traders will continue to watch for institutional sponsorship as a signal that financial institutions are moving forward.
Institutional sponsorship just refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These instituitional investors retain teams of analysts that investigate thousands of stocks, so it is good validation to see them taking a postion in a stock you are researching.
ONEOK, Inc. (NYSE: OKE) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By spotting trends, moving averages allow traders to make those trends work in their favor and increase the number of winning trades.
With that in mind, ONEOK, Inc. (NYSE: OKE) now has a 50-day MA of $57.00 and 200-day MA of $51.03. It has traded in a 52-week range between $18.88 – 59.47 and today’s last price is 8.96%% lower than the 52 week high of $59.47.
Indeed, earnings growth is among the most critical things to look at in regards to stock investing and, accordingly, investors seek companies that have raised their earnings by at least 25% over the past 3 years.
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