ONEOK (OKE) 11/13/09 PriceWatch Alert Shows Bullish Technicals
Posted: Friday, November 13, 2009 8:20 AM EDT
By: Market Intelligence Center Staff
ONEOK (NYSE: OKE) closed yesterday at $38.28. So far the stock has hit a 52-week low of $18.10 and 52-week high of $39.53. ONEOK stock has been showing support around 37.75 and resistance in the 39.21 range. Technical indicators for the stock are Bullish and S&P gives OKE a very positive 5 STAR (out of 5) strong buy rating. OKE appears on the Investors Observer Hedged Dividend Income list. For a hedged play on this stock, look at a Jan '10 37.50 covered call (OKE AU) for a net debit in the $36.28 area. That is also the break even stock price for this trade. This covered call has a 64 day duration, provides 5.22% downside protection and a 3.36% assigned return rate for a 19.18% annualized return rate (comparison purposes only). ONEOK has a current annual dividend yield of 4.31%. [FBB-Seven Summits Research]
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