Why ONEOK Stock Rallied More Than 11% in October
Shares of ONEOK (NYSE: OKE) rebounded 11.6% in October, according to data provided by S&P Global Market Intelligence. Fueling the pipeline stock was an analyst upgrade, a reaffirmed dividend, and surprisingly solid third-quarter results.
Wells Fargo upgraded shares of ONEOK from equal weight to overweight early last month while increasing its price target from $34 to $36 a share. Fueling the bank's more bullish view on the company was its "increasingly positive" outlook for ethane and a recovery in North Dakota's Bakken shale. Those catalysts could help drive stronger results for the pipeline company in the coming quarters.
Image source: Getty Images.
Source Fool.com
