Oneok price target raised to $81 from $71 at Truist

Truist analyst Neal Dingmann raised the firm’s price target on Oneok to $81 from $71 but keeps a Hold rating on the shares. The company’s continued focus on boosting its natural gas, refined productions and crude oil businesses is resulting in steady earnings and ramping free cash flow, the analyst tells investors in a research note. The firm adds however that while it sees notable free cash flow growth to begin later this year and continue into 2025, it sees the yield this year and potentially next being slightly below some of Oneok’s peers as it estimates slightly higher than average peer leverage.