Oneok price target raised to $83 from $73 at Citi

Citi analyst Spiro Dounis raised the firm’s price target on Oneok to $83 from $73 and keeps a Buy rating on the shares. The company announced an incremental $125M of MMP synergies in 2025, says the firm, which incorporates the newly announced buyback program and 75%-85% capital return ratio by allocating more capital return to equity. The analyst expects the announced Elk Creek expansion to be immediately accretive upon entering service in 2025 and sees Elk Creek achieving a build multiple of well below 2.0-times by 2028.