Oneok price target raised to $76 from $69 at RBC Capital

RBC Capital raised the firm’s price target on Oneok to $76 from $69 and keeps a Sector Perform rating on the shares. The company reported a strong quarter, increased standalone guidance, and provided consolidated 2023 outlook as it incorporates its Magellan Midstream Partners Acquisition completed in September, the analyst tells investors in a research note. Oneok’s updated guidance and updates on synergies were positive, and the price target change reflects the higher multiples given the potential for commercial synergies, RBC added.