Eagle & Beagle for Sunday, July 28, 2013

Don Mecoy: A weekly look at the state's high-performing (eagle) and low-performing (beagle) stocks by Business Editor Don Mecoy.
by Don Mecoy Published: July 28, 2013
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Eagle & Beagle

Eagle

This week's eagle is flying high on a warm updraft. And this bird knows a little something about heat.

Tulsa-based ONEOK Inc. announced last week that it would spin off its regulated gas distribution business, which includes Oklahoma Natural Gas, into a separate, publicly traded corporation. The new firm, ONE Gas, will be the nation's only 100 percent regulated pure play natural gas distribution utility.

Shareholders will retain their current shares of ONEOK stock and receive a pro rata dividend of shares of stock in ONE Gas. And both issues will pay cash dividends.

Folks rushed out to grab some of that OKE stock, sending the price up nearly 20 percent on the week in very heavy trading, and setting a new all-time high for the shares. It closed Friday just off that record, at $52.16.

To borrow an old-fashioned phrase, OKE was cooking with gas last week.

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by Don Mecoy
Business Editor
Business Editor Don Mecoy has covered business news for more than a decade after earlier working on The Oklahoman's city, state and metro news desks, including a stint as city editor. He has won state and regional journalism awards for business,...
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