Mizuho Securities Starts ONEOK Inc (OKE) at Neutral

Mizuho Securities analyst Gabriel Moreen initiates coverage on ONEOK Inc (NYSE: OKE) with a Neutral rating and a price target of $70.00.

The analyst commented, "OKE is one of the best-positioned midstream service providers, in our view. The company’s diversified and increasingly integrated system reaches into three of the largest supply basins for NGLs with delivery to the industry’s two primary trading hubs. Macro tailwinds are at the company’s back as growing petchem demand has pushed existing fractionation capacity to its limits, creating strong economic incentives to build new fractionators and debottleneck surging supplies. Financially, OKE is on solid footing with healthy leverage levels and ample dividend coverage. OKE has long commanded a premium valuation and while we believe that visibility to growth is good, we think a degree of conservatism should be applied to expectations."

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 $59.75 yesterday.

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