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  • Mon, Jan. 25, 12:21 PM
    • ONEOK Partners (OKS -0.9%) is downgraded to Neutral from Outperform with a $25 price target, cut from $40, at Baird; the firm also lower its price target on ONEOK Inc. (OKE -3.3%) to $28 after incorporating a lower commodity outlook and the reduced 2016 capex budget announced last month.
    • Baird says OKS should benefit from fundamental tailwinds such as increased flared gas capture in 2016, but the firm models conservatively given the ugly tape; with the still-deteriorating oilfield outlook, the firm sees units as efficiently priced but maintains a preference for OKE.
    | Mon, Jan. 25, 12:21 PM | 6 Comments
  • Thu, Jan. 21, 4:53 PM
    | Thu, Jan. 21, 4:53 PM | 2 Comments
  • Sat, Jan. 16, 8:25 AM
    • Short selling in S&P 500 energy companies in December hit levels not seen since 2003, as average short interest rose to 7.28% at the end of the month from 6.59% at mid-month, Reuters reports.
    • Companies that saw notable bets against their stocks in late December include Southwestern Energy (NYSE:SWN), with short interest up to 24.8% of its float from 17.1% just two weeks earlier, and Consol Energy (NYSE:CNX), whose short interest rose to 24.9% from 21% in mid-December; short interest in ONEOK (NYSE:OKE) rose to 6.9% from 3.9% at mid-month.
    • Companies that short sellers reduced bets against during the period include Cimarex Energy (NYSE:XEC), Halliburton (NYSE:HAL) and Kinder Morgan (NYSE:KMI); among industry giants, short interest in Chevron (NYSE:CVX) edged up to 1.4% at the end of December from 1.2% while Exxon Mobil (NYSE:XOM) held steady at 1.2%.
    • But with crude oil prices hitting 12-year lows and the energy sector down ~10% in the first two weeks of the new year, some short sellers are said to have become more selective about the companies they bet against, thinking further losses may be limited.
    | Sat, Jan. 16, 8:25 AM | 19 Comments
  • Mon, Jan. 11, 11:27 AM
    • ONEOK (OKE -1.5%) is lower despite receiving an upgrade to Buy from Hold with a $27 price target at Argus, which says the company is benefiting from positive volume and contract trends.
    • Argus says it had been concerned about debt levels and capital spending at ONEOK Partners (OKS -2%), which accounts for 100% of OKE's cash flow, but management allayed some of its concerns about potentially dilutive equity issuance at OKS after announcing that new stock would not be issued until late 2017.
    • OKE also has been restructuring its contracts from percent of proceeds to fee-based, which makes it less sensitive to fluctuating volumes and energy prices -an advantage in an already volatile 2016.
    | Mon, Jan. 11, 11:27 AM | 1 Comment
  • Dec. 31, 2015, 9:57 AM
    • A week after Oppenheimer upgraded ONEOK (OKS +1.6%, OKE +1.2%) in response to its 2016 outlook (included plans to maintain ONEOK's current distribution), Credit Suisse's John Edwards has upgraded to Outperform, while hiking his targets for OKS and OKE by $4 apiece, to $38 and $40.
    • Edwards has upped his 2016 estimates by 2% - he now respectively expects 2016 EBITDA and discounted cash flow of $1.81B and $1.34B. "We have revised estimates on the NatGas G&P segment higher offset by a lowered NGL segment ... We assume margins for fractionation to run ~$0.05/gal blended and about $0.055/gal blended for transportation. For 2016, OKS said it expects 800-870Mbbl/d of gathering volumes and 540-590MBbl/d of fractionation volumes,"
    • He's also now assigning the natural gas firm a lower discount rate to reflect the G&P contract restructuring, lower sensitivity to commodity prices, and zero equity needs until mid-2017. "With these changes our valuation for OKS/OKE moves up by $4 each."
    • ONEOK is up moderately in spite of a 0.6% S&P drop. It joined many other energy names in selling off on Monday and Wednesday.
    | Dec. 31, 2015, 9:57 AM | 1 Comment
  • Dec. 23, 2015, 12:27 PM
    • ONEOK (OKE +6.6%) is upgraded to Outperform from Perform with a $27 price target at Oppenheimer, which says management impressed investors with its solid 2016 outlook expecting growth in EBITDA and distributable cash flow despite the weak energy environment.
    • Oppenheimer believes OKE’s distribution appears sustainable in 2016, citing distribution coverage of more than 1x and a manageable Q4 2016 debt/EBITDA ratio of 4.2x.
    • The firm says it now prefers OKE to ONEOK Partners (OKS +3.9%) despite both being rated Outperform, and notes that OKE's current yield is now in parity with OKS, a discrepancy that is not likely to persist.
    | Dec. 23, 2015, 12:27 PM | 8 Comments
  • Dec. 22, 2015, 1:30 PM
    | Dec. 22, 2015, 1:30 PM | 44 Comments
  • Dec. 21, 2015, 8:55 AM
    • ONEOK (OKE, OKS) +2.2% premarket after saying it expects to sustain its current distribution and achieve distribution coverage of 1x or better in 2016, and remains committed to maintaining its investment-grade credit ratings.
    • OKE also says it does not expect to access public equity markets in 2016 and well into 2017.
    • OKE foresees $675M in cash available for dividends at 1.3x coverage ratio, as well as FY 2016 adjusted EBITDA of $$1.88Bn, distributable cash flow of $1.39B, growth capex of $460M, and maintenance capex of $140M.
    • "Our commodity price outlook remains cautious for 2016. However, we expect the partnership's 2016 earnings to increase compared with 2015 guidance, primarily from volume and fee-based margin increases, resulting in increased distributable cash flow," OKE says.
    | Dec. 21, 2015, 8:55 AM | 11 Comments
  • Dec. 17, 2015, 6:57 PM
    | Dec. 17, 2015, 6:57 PM | 49 Comments
  • Dec. 10, 2015, 7:18 PM
    | Dec. 10, 2015, 7:18 PM | 90 Comments
  • Nov. 3, 2015, 5:09 PM
    • ONEOK (NYSE:OKE): Q3 EPS of $0.39 misses by $0.01.
    • Revenue of $1.9B (-39.1% Y/Y) misses by $650M.
    | Nov. 3, 2015, 5:09 PM
  • Nov. 2, 2015, 5:35 PM
  • Oct. 21, 2015, 4:58 PM
    • ONEOK (NYSE:OKE) declares $0.615/share quarterly dividend, 1.7% increase from prior dividend of $0.605.
    • Forward yield 6.58%
    • Payable Nov. 13; for shareholders of record Nov. 2; ex-div Oct. 29.
    | Oct. 21, 2015, 4:58 PM | 1 Comment
  • Sep. 14, 2015, 2:56 PM
    • ONEOK (OKE -2.2%) is initiated with a Neutral rating at Credit Suisse, but 24/7's Jon Ogg thinks the call seems almost like a Buy rating in that the $41 price target implies a nearly 20% upside from today's price, plus a ~7% dividend yield.
    • The firm says OKE's prospects are improving sequentially, with a modest but improving distribution coverage ratio, and contract renegotiations could provide an added boost by year-end; another positive is a $4B-$5B capex backlog, on top of the $3B-$4B in execution.
    • OKE is the pure-play general partner of ONEOK Partners (OKS -2.1%), which Credit Suisse rates at Outperform with a $40 price target.
    | Sep. 14, 2015, 2:56 PM
  • Aug. 25, 2015, 10:43 AM
    • Goldman Sachs analysts say the U.S. stock market correction has many more parallels with 1998 than 2008, which “suggest[s] a rebound ahead,” while predicting the S&P 500 will rise by 11% from current levels to reach 2,100 by year's end.
    • The S&P fell 19% between July and August 1998, but "ultimately, the U.S. economy was relatively unaffected by overseas financial market gyrations in 1998, and we believe a similar situation will occur in 2015," Goldman says.
    • The correlation between U.S. economic growth and Chinese growth is relatively low, Goldman says, estimating that a one percentage point drop in Chinese growth would translate into a 0.06 pp reduction in U.S. GDP.
    • The best strategy for U.S. consumers, the bank advises, is to hold companies with high domestic revenues and avoid companies with high foreign sales.
    • Goldman's list of the 25 most oversold stocks with high U.S. sales exposure: KMX, M, WFM, CHK, SWN, RRC, COG, PXD, OKE, MPC, NAVI, ETFC, LNC, BXP, KEY, RF, DFS, ANTM, CSX, NSC, UNP, JBHT, FSLR, ADS, PAYX
    | Aug. 25, 2015, 10:43 AM | 41 Comments
  • Aug. 12, 2015, 5:59 PM
    • ONEOK Partners (NYSE:OKS) agrees to sell ~21.5M common units representing limited partner interests at a price of $30.17/unit in a private placement to parent company ONEOK (NYSE:OKE).
    • OKS also will sell ~3.3M common units at the same price to funds managed by Kayne Anderson.
    • To pay for its purchase, OKE plans to sell $500M of senior notes.
    • OKS -3.1%, OKE -1.9% AH.
    | Aug. 12, 2015, 5:59 PM | 13 Comments
Company Description
ONEOK Inc is a diversified energy company. Its business segments includes ONEOK Partners; Natural Gas Distribution; and Energy Services.
Sector: Utilities
Industry: Gas Utilities
Country: United States