UBS Q2 Review on ONEOK Inc (OKE); Adjusting Estimates and Price Target on Small EPS Miss

August 1, 2012 11:05 AM EDT Send to a Friend
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Price: $49.54 +0.65%

Rating Summary:
    6 Buy, 8 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 14 | Down: 28 | New: 51
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UBS maintains a 'Buy' on ONEOK Inc (NYSE: OKE) price target of $50.00 (from $47.00).

Analyst, Christopher P. Sighinolfi, said, "OKE realized recurring 2Q EPS of $0.29, slightly below our $0.31 estimate and the $0.34 Street consensus expectation. Weaker than anticipated results from Energy Services crimped EBIT, though the shortfall was partially offset by below-forecast Interest and Tax expenses, muting the impact on EPS. We highlight that a slower than expected deployment of 2012 capex has limited borrowing (vs UBS forecasts) and help mitigate Interest expense."

"Given projected ONEOK Partners (NYSE: OKS) distribution growth, OKE IDRs, and share buybacks, we continue to expect a 2011-16 dividend CAGR of 15%; we maintain our rating."

FY12 EPS estimate lowered from $1.66 to $1.64, FY13 maintained at $1.85.

For an analyst ratings summary and ratings history on ONEOK Inc click here. For more ratings news on ONEOK Inc click here.

Shares of ONEOK Inc closed at $44.51 yesterday.


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Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change

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