ONEOK Partners, L.P.

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  • Yesterday, 3:22 PM
    | Yesterday, 3:22 PM | 37 Comments
  • 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
  • Fri, Jan. 22, 6:17 AM
    • Oneok Partners (NYSE:OKS) declares $0.79/share quarterly dividend, in line with previous.
    • Forward yield 12.44%
    • Payable Feb. 12; for shareholders of record Feb. 1; ex-div Jan. 28.
    | Fri, Jan. 22, 6:17 AM
  • 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
  • Mon, Jan. 4, 3:48 PM
    • Enterprise Products Partners (EPD +3%) maintains strong early gains after announcing that it raised its quarterly distribution by 1.3% while planning to recommend a 5.2% increase for FY 2016's annual distribution.
    • EPD also said affiliates of Enterprise Products Company and its general partner plan to purchase $200M in EPD common units during Q1 through the partnership's distribution reinvestment plan and/or at-the-market equity issuance program.
    • The news is providing support across the MLP sector, which is in the green in an otherwise dismal showing for stocks; the ALPS Alerian MLP ETF (AMLP +0.6%) - which includes EPD, Magellan Midstream (MMP +1.3%), Energy Transfer Partners (ETP +3.7%), Plains All American (PAA +4.9%), Williams Partners (WPZ +2.4%), Buckeye Partners (BPL -0.5%), ONEOK Partners (OKS +0.3%), Enbridge Energy Partners (EEP +3.4%), Sunoco Logistics (SXL +0.6%) and Targa Resources Partners (NGLS -3%) - edges higher for its best level since late November.
    | Mon, Jan. 4, 3:48 PM | 9 Comments
  • 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. 30, 2015, 12:46 PM
    • Hit hard two days ago as oil fell below $37/barrel, oil/gas industry names are seeing more pain today after the EIA reported U.S. crude inventories rose by 2.6M barrels last week - expectations were for a decline. The report comes shortly after the API estimated U.S. crude inventories rose by 2.9M barrels during the most recent weekly period.
    • After rising yesterday, WTI crude is down 3.1% to $36.71/barrel. Brent crude is down 2.9% to $36.69/barrel. Nymex natural gas is down 7.3% to $2.20/MMBtu.
    • The biggest decliners include Chesapeake Energy (CHK -4.1%), Petrobras (PBR -4.1%), Linn Energy (LINE -7.5%), Gulfport Energy (GPOR -5.2%), SeaDrill (SDRL -5.5%), MV Oil Trust (MVO -4.5%), EV Energy Partners (EVEP -6.7%), and Southwestern Energy (SWN -5.7%).
    • Other notable decliners include Hercules Offshore (HERO -5.2%), Marathon Oil (MRO -4%), Devon Energy (DVN -4.4%), Encana (ECA -4.1%), Range Resources (RRC -4.7%), Sandridge Mississippian Trust (SDR -4%), Newfield Exploration (NFX -3.8%), BP Prudhoe Bay Royalty Trust (BPT -3.1%), Enerplus (ERF -3.9%), and ONEOK Partners (OKS -2.5%).
    | Dec. 30, 2015, 12:46 PM | 68 Comments
  • 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
  • Dec. 9, 2015, 2:39 PM
    • Janney analyst Nathan Judge says distribution cuts are not likely for most MLPs, but names Plains All American Pipeline (PAA +8.3%), Azure Midstream Partners (AZUR -0.3%), JP Energy Partners (JPEP +2.1%) and ONEOK Partners (OKS +5.2%) as MLPs with "high leverage and poor coverage" that could follow Kinder Morgan's footsteps.
    • The analyst also includes Vanguard Natural Resources (VNR -3.6%), a different case, saying that "while its current coverage and debt position is better than Kinder Morgan’s, the partnership potentially faces much lower EBITDA and cash flow in 2017 as hedges roll off."
    • Judge emphasizes that he is not actually predicting cuts, only naming companies that might be in the same sort of circumstances as KMI, as most of the midstream/downstream space is "seeing continued strong performance from assets and are able to comfortably cover distribution and likely grow them."
    | Dec. 9, 2015, 2:39 PM | 30 Comments
  • Dec. 8, 2015, 5:58 PM
    • Just because Kinder Morgan (NYSE:KMI) has cut its dividend, it does not mean all MLPs will - though some could, "because it is prudent that companies evaluate what is their best use of capital" - Tortoise Investment Management portfolio manager Brian Kessens tells Barron's.
    • KMI's leverage at 5.8x EBITDA is significantly higher than peers and others’ equity needs are not as great, Kessens says, adding that many pipeline MLPs have a parent company or sponsors that will be supportive in times of capital market dislocation.
    • Kessens also thinks fears of production cuts are overblown, as are concerns that capital markets are closed to MLPs, which he says are finding ways to finance growth through private transactions.
    • MLPs are suffering from "a fundamental negative feedback loop," Kessens says: The fear is that lower prices will hurt production volumes, driving a concern that is resulting in a higher cost of capital for the sector, raising worries about whether the sector will be able to finance growth in an accretive manner.
    • Today, at least, saw a pause in the negative feedback loop: EPD +3.6%, MMP +0.6%, BPL +0.5%, ETP +5%, PAA +9.4%, MPLX +10.4%, EEP +0.9%, SXL -0.7%, OKS -0.1%, WPZ +5.2%.
    | Dec. 8, 2015, 5:58 PM | 102 Comments
  • Dec. 8, 2015, 11:54 AM
    • Noting "irrational pricing" as the selloff accelerates, Baird says now's the time to get quality entry points using a basket approach.
    • A check of the ten worst days for MLPs on record finds the stocks have always been higher a year later, says the team. Their picks: PAA, SXL, OKS, NGLS, ENLK, ETP, GPP.
    | Dec. 8, 2015, 11:54 AM | 23 Comments
  • Nov. 3, 2015, 4:46 PM
    • Oneok Partners (NYSE:OKS): Q3 EPS of $0.45 in-line.
    • Revenue of $1.9B (-39.1% Y/Y) misses by $750M.
    | Nov. 3, 2015, 4:46 PM | 3 Comments
Company Description
ONEOK Partners LP is engaged in the gathering, processing, storage and transportation of natural gas in the United States.