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Fly News Breaks for January 8, 2019
OKE
Jan 8, 2019 | 07:03 EDT
JPMorgan analyst Jeremy Tonet upgraded Oneok to Overweight while lowering his price target for the shares to $74 from $75. The analyst says that while he has have moderated his 2019 EBITDA estimate on a more conservative commodity price outlook, he also increased his 2020 and beyond estimates after factoring in a faster assumed ramp on Belvieu related expansions. Further, Oneok has traded down with commodity prices despite possessing only 5% direct exposure, Tonet tells investors in a research note.
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