Pipeline giant ONEOK (NYSE: OKE) had high hopes entering this year. The company was in the midst of a major expansion program, which had it on track to finish five projects by the end of the first quarter. Because of that, the energy company expected its earnings to grow by more than 20% this year, which would have put its high-yielding dividend on an even more sustainable foundation.
Unfortunately, crude oil prices collapsed earlier in the year as COVID-19 sapped demand. That forced many of ONEOK's producing customers to shut in some of their wells, which impacted the volumes and cash flowing to ONEOK. As a result, its stock cratered more than 65%, pushing its dividend yield up close to 15% Here's a look at whether that sell-off now makes this big-time payout worth buying.
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Source Fool.com