Oneok Partners LP Rating Increased to Buy at Bank of America Corp. (OKS)
Oneok Partners LP (NYSE:OKS) was upgraded by equities research analysts at Bank of America Corp. from a “neutral” rating to a “buy” rating in a research note issued to investors on Friday, Analyst Ratings Network reports. The firm currently has a $55.00 target price on the stock, up from their previous target price of $45.00. Bank of America Corp.’s target price suggests a potential upside of 11.95% from the company’s current price.
The analysts wrote, “We upgrade OKS to Buy (from Underperform) based on an improvement in natural gas liquid (NGL) fundamentals, the removal of OKS’ equity overhang, and OKS’ underperformance YTD. While NGL prices remain depressed (down 31% since 2012), we have seen a rebound since June 2013 (up 19%). While we are hesitant to say the worst is definitively over for NGL pricing, we are encouraged by the recent recoupling with crude oil prices and the likely positive impact from more NGL exports (at least ex-ethane). In addition to a rebound in NGL prices, we have become more constructive on OKS following its ~$500mn overnight offering, which was arguably anticipated by the market to fund its $2.4bn 2013 capital budget. OKS has underperformed the sector YTD with a total return of (5%) versus the Alerian MLP Index (AMZ) total return of 19%.”
A number of other analysts have also recently weighed in on OKS. Analysts at Credit Suisse raised their price target on shares of Oneok Partners LP from $53.00 to $55.00 in a research note to investors on Thursday, August 1st. They now have a “neutral” rating on the stock. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Oneok Partners LP in a research note to investors on Thursday, August 1st. They now have a $53.00 price target on the stock. Finally, analysts at Robert W. Baird upgraded shares of Oneok Partners LP from a “neutral” rating to an “outperform” rating in a research note to investors on Wednesday, July 31st. They now have a $61.00 price target on the stock, up previously from $59.00.
One analyst has rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $55.00.
Shares of Oneok Partners LP (NYSE:OKS) traded up 1.99% on Friday, hitting $50.11. The stock had a trading volume of 175,089 shares. Oneok Partners LP has a 1-year low of $45.40 and a 1-year high of $61.34. The stock has a 50-day moving average of $50.04 and a 200-day moving average of $52.86. The company has a market cap of $11.030 billion and a price-to-earnings ratio of 19.79.
Oneok Partners LP (NYSE:OKS) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $0.62 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.56 by $0.06. During the same quarter in the prior year, the company posted $0.69 earnings per share. Analysts expect that Oneok Partners LP will post $2.33 EPS for the current fiscal year.
In other Oneok Partners LP news, Insider John William Gibson bought 12,180 shares of the company’s stock in a transaction that occured on Friday, August 9th. The stock was purchased at an average price of $49.55 per share, for a total transaction of $603,519.00. Following the acquisition, the insider now directly owns 65,000 shares in the company. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
ONEOK Partners, L.P. (NYSE:OKS) is engaged in gathering, processing, storage and transportation of natural gas in the United States.
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