Why ONEOK Stock Rebounded 31% in May
Shares of ONEOK (NYSE: OKE) jumped 31.3% in May, according to data provided by S&P Global Market Intelligence. Several factors fueled that rally, including a rebound in the oil market and the pipeline company's ability to access funding.
ONEOK is battling challenging market conditions. That led several analysts to downgrade shares of the pipeline company last month. For example, J.P. Morgan cut its rating from overweight to neutral due to a challenging outlook in the Bakken shale, which could keep ONEOK's debt at an elevated level for a prolonged period. Meanwhile, UBS downgraded the stock from buy to neutral because of concerns that ONEOK might need to cut its dividend.
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Source Fool.com
