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ONEOK announces $9 billion Apollo Global investment after muted trading session
ONEOK said it will fund its latest acquisition through a $9 billion nonvoting minority equity investment from affiliates of Apollo Global, allocating $5 billion to reduce existing indebtedness. The stock is little changed on the day, trading near $94.76.
OKE price prediction
Current price:
$92.52
-4.5300
4.67%
Closed
11/02
Daily range
92.02
95.12
95.12
Weekly range
94.02
97.61
97.61
Loading...
Highlights
- ONEOK will finance its acquisition with a $9 billion nonvoting minority equity investment from Apollo Global, using $5 billion for debt reduction.
- ONEOK stock is little changed on the day, trading near $94.76.
- 42 of 92 analysts rate ONEOK stock a buy, with Morgan Stanley setting a $103 target and none rating it a sell.
ONEOK announced it will fund its latest acquisition with a $9 billion nonvoting minority equity investment from funds and affiliates managed by Apollo Global. The company plans to use $5 billion of the proceeds to reduce its existing indebtedness. ONEOK has a market value near $54.47 billion and reported trailing revenue of $39.36 billion.
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Bullish price structure holds as shares retrace initial gap
Shares of ONEOK opened the session with a gap up to $95.25 from the previous close of $94.7, but have since given part of that move back. Price remains above its MA-20, MA-50, and MA-200, which keeps the daily structure bullish. The nearest resistance level is the weekly high at $95.88, and the chart currently shows no strong directional bias.
Upside odds dominate as traders monitor the weekly high
Traders should watch for a close above the weekly high at $95.88 to confirm that buyers are following through. The session began with a gap up to $95.25 from $94.7 and then retraced part of these early gains. From here, although the past week has seen a contained move within a narrow range, the probability of an upside break stands at more than 80% and the probability of a downside move is less than 20%, with an expected trading range of $92.7 to $96.81 over the next five trading days. A drop below $92.24 would indicate the move is being faded, while the longer-term weekly chart remains firmly constructive.
Earlier, analysts noted that ONEOK’s outlook would hinge on its ability to maintain technical support amid mixed sentiment following a period of renewed bullish momentum. The latest acquisition financing and debt reduction plans reinforce the company’s constructive trend, and traders should monitor the $92.24 downside threshold as a key risk indicator in the days ahead.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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