Goldman Sachs Downgrades ONEOK Partners (OKS) to Sell

Goldman Sachs downgraded ONEOK Partners (NYSE: OKS) to Sell with a price target of $54.00.

The firm said OKS is currently earning high and unsustainable "optimization"
margins driven by wide NGL differentials between benchmark Conway, KS and Mont Belvieu, TX trading hubs. They expect differentials and margins will shrink in 2013 as pipeline infrastructure from ONEOK, DCP Midstream, and Enterprise comes online, relieving the current bottleneck and reducing earnings, which drives a 22% EPU decline from 2012 to 2013.

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

Shares of ONEOK Partners closed at $58.50 yesterday.

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