UPDATE: Seaport Global Securities Starts ONE Gas Inc. (OGS) at Neutral
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(Updated - November 18, 2016 10:16 AM EST)
Seaport Global Securities initiated coverage on ONE Gas Inc. (NYSE: OGS) with a Neutral rating and a price target of $60. Analyst Mark A. Levin is cautious on valuation.
"OGS operates the largest gas utilities in Oklahoma and Kansas and the third largest in Texas. In short, there’s a lot to like about ONE Gas. It’s 100% regulated, and we believe that it offers reasonably low-risk 5%-8% net income growth through 2020, and very solid 8%-10% average annual dividend growth between now and the end of the decade. So why not a Buy rating? We think the valuation fairly reflects these positives, which in turn, limits the upside.," said the analyst.
Shares of ONE Gas Inc. closed at $59.33 yesterday.
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