In the largest insider purchase of this year, the Non-Executive Chairman of the Board, John Gibson, recently bought US$497k worth of stock, paying US$39.11 for each share. The shares have a current yield of 13.14%, paid quarterly.
Oneok, Inc. (OKE)
From The National Investor
We’ve seen the first major signs of full-fledged PANIC selling.
The bad news is that we probably are still not at the bottom. Especially given the bombing-out of the energy sector (companies and ETFs changing in price as much as 50% lower today since Friday, for the love of Mike!) what was looking like overdone selling, etc. has turned today into mindless capitulation.
Again, that doesn’t mean it’s safe to buy energy in any significant way; especially since this price war launched in tag-team fashion by Russia (good on its part as I’ll be explaining) and Saudi Arabia (STUPID) will possibly go on a lot longer than the Coronavirus scare.
But as I said in adding Sunoco back (early, I know) I will add a “fave” at a time here and there at prices I think represent such compelling long-term value as to justify the remaining near-term downside risk, which will prove temporary.
For now, add back ONEOK, Inc. (OKE) as an “Accumulate.”
This is too good a company (one of many I could say that about, including both Sunoco and EPD, also getting hammered this morning) to be down here.
Chris Temple, The National Investor, www.nationalinvestor.com, 224-308-2587, March 9, 2020