Oneok, the Energy sector company, was revisited by a Wall Street analyst today. Analyst Robert Kad from Morgan Stanley maintained a Buy rating on the stock and has a $110.00 price target.
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Robert Kad has given his Buy rating due to a combination of factors that highlight Oneok’s strong performance and strategic acquisitions. The company’s recent earnings report shows results in line with expectations, largely driven by the positive impact of the EnLink and Medallion acquisitions. These acquisitions have significantly bolstered Oneok’s system, leading to increased volumes in natural gas and NGL processing.
Furthermore, the NGL segment has benefited from higher earnings on sales of purity NGLs and favorable commodity price differentials. The Natural Gas G&P and Pipeline segments have also seen improvements, with increased production volumes, although partially offset by lower realized prices and the impact of a pipeline divestiture. Overall, these strategic moves and solid financial metrics underpin Robert Kad’s confidence in Oneok’s future performance, justifying the Buy rating.
In another report released today, Scotiabank also maintained a Buy rating on the stock with a $88.00 price target.