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ONEOK Partners, Magellan Midstream upgraded at Credit Suisse

Aug. 10, 2015 12:59 PM ETONEOK, Inc. (OKE) StockOKE, MMPBy: Carl Surran, SA News Editor4 Comments
  • ONEOK Partners (OKS +1.9%) is upgraded to Outperform from Neutral with a $48 price target, raised from $45, at Credit Suisse, which believes that the worst is over for the company.
  • OKS' Q2 EBITDA of $387M and distributed cash flow of $277M came in higher than estimates, and raised EBITDA and DCF estimates for 2015 by a respective 3% to $1.6B and by 4% to $1,15B; Credit Suisse expects coverage to stabilize at ~1.05x for the remainder of the year and distribution growth to resume in Q2 2016.
  • The firm also upgrades Magellan Midstream Partners (MMP +6.7%)to Outperform from Neutral, with an $89 price target after MMP raised its 2015 distributable cash flow guidance by $10M to $880M and reiterated its distribution growth of 15% in 2015 and at least 10% in 2016.

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