Taking a Hit on Oneok Inc
Today I am closing out the 30 Day Dividends position in Oneok, Inc. (NYSE:OKE) and removing the stock from the recommendations list.
OKE was originally added on December 1, 2014 to take advantage of an attractive near 5% yield and forecast 15% dividend growth in 2015. With its earnings release on February 23, the company has cut its dividend growth forecast by about half. With this new guidance, OKE no longer fits my 30 Day Dividends goal of selecting companies with high levels of expected dividend growth.
As I write this, OKE is about 12.5% below the entry price when I added the stock to the 30 Day Dividends recommendations list. I believe that subscribers would be better served by taking the loss and reinvesting that capital into dividend growth opportunities with better prospects.
Recommendation: Sell OKE shares to close out the position.