ONEOK Inc (OKE) PT Raised to $89 at Seaport Global Securities

Seaport Global Securities analyst Sunil Sibal raised the price target on ONEOK Inc (NYSE: OKE) to $89.00 (from $88.00) while maintaining a Buy rating.

The analyst comments "We expect increasing synergies and new projects in refined product markets along with the expansion of the West Texas LPG pipeline in the Permian to support OKE’s cash flow growth. While the Bakken has been the primary growth driver for OKE in previous years, the competitive landscape there may be changing. However, it may take some time for a clearer picture to emerge. OKE has also been making good progress on leverage reduction after completing the MMP acquisition and is thus increasingly well positioned to execute on its stock buybacks. Going forward, positive FCF provides management flexibility to undertake accretive projects or accelerate cash return to investors. We maintain our Buy rating and are adjusting our PT to $89 (from $88) after accounting for higher estimates."

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