BofA Remains Bullish on ONEOK (OKE) – Here’s Why

ONEOK, Inc. (NYSE:OKE) is one of the best NYSE stocks to buy for long-term investment. BofA lifted the price target on ONEOK, Inc. (NYSE:OKE) to $96 from $94 on May 27 and maintained a Buy rating on the shares. It told investors in a fiscal Q1 earnings recap for the group that results from the midstream group came in “broadly better than anticipated”, with several names posting beats and raising guidance midpoints.

ONEOK, Inc. (NYSE:OKE) also received a rating update from Truist on May 4, with the firm raising the price target on the stock to $93 from $91 and reiterating a Hold rating on the shares. The rating update came as part of a broader research note on midstream energy names following Q1 results, with the firm telling investors in a research note that the quarter was characterized by spread optimization, driving upside financials and guidance raises. However, it added that upside on a go-forward basis remains less clear given hedges in place, commodity price volatility, and an expected narrowing of Waha/Katy/HSC spreads on the heels of 4.6Bcf/d of Permian egress expected to enter service.

ONEOK, Inc. (NYSE:OKE) gathers, fractionates, processes, transports, stores, and markets natural gas. The company’s operations are divided into the following segments: Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines.

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