JPMorgan analyst Jeremy Tonet upgraded Oneok to Overweight from Neutral with a price target of $75, up from $71. The analyst views the Bakken as a relative outperformer in the near term as some Permian producers potentially begin to curb production on the back of residue takeaway constraints. As NBPL heat limit concerns begin to resurface, forced ethane extraction could materialize, with Oneok the "clear beneficiary," Tonet tells investors in a research note.
Published first on TheFly
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