Should You Buy ONEOK Stock for Its 13% Dividend Yield?

After impressive growth over the past few years, ONEOK (NYSE: OKE) saw significant declines in earnings in the first and second quarters this year. ONEOK's biggest risk stems from the fact that its gas gathering and processing operations are exposed to fluctuations in production volumes and commodity prices due to its percent-of-proceeds, or POP, contracts. The company then processes, transports, and sells gas and natural gas liquids in the markets.