Tue, Aug. 25, 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
Wed, Aug. 12, 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.
Wed, Aug. 5, 5:42 PM
- ONEOK (OKE, OKS) CEO Terry Spencer says the company is on track to connect more than 700 wells in the Williston shale basin in North Dakota this year and expects to connect more than 600 in 2016.
- Spencer says OKE connected more than 260 new wells in the Williston during Q2, bringing its YTD total to more than 560 new connections.
- "We expect Williston Basin volume in the third quarter to reach ~650M cf/day as we continue to bring on additional field infrastructure," the CEO says.
- Spencer made the comments during a conference call a day after the release of the companies' Q2 earnings (I, II).
Tue, Aug. 4, 4:25 PM
Thu, Jul. 23, 4:45 PM
Mon, Jun. 22, 3:30 PM
- Williams Cos. (WMB +23.8%) must either show its ability to stand on its own merit or accept a better takeout offer, analysts say after the company rejected a $48B buyout bid from Energy Transfer Equity (ETE -3.8%).
- Analysts suggest that given the limited number of potential buyers, ETE stands a good chance of eventual success, perhaps after raising its offer; Raymond James analyst Darren Horowitz, for one, expects a higher offer to come in, since pipelines remain a coveted, high-value infrastructure that is attractive to own even though oil and gas prices have plunged.
- Jefferies' Christopher Sighinolfi says disclosing the bid was a "defensive move" by WMB, and says he is waiting to learn of WMB's timetable for completing its strategic review.
- Argus says WMB management has demonstrated its ability to create shareholder value through both acquisitions and divestitures; the firm believes that the rejection of ETE's all-stock offer is prudent, and that ETE will need to raise its offer if it wishes to pursue the deal (Briefing.com).
- While WMB surges, Williams Partners (WPZ -6.9%) is sharply lower, since ETE's offer was contingent on the termination of WMB's pending absorption of WPZ.
- Analysts say other companies that run big pipelines may be merger candidates, including Oneok (OKE, OKS) and regional specialists such as Targa Resources (TRGP, NGLS).
Mon, May 18, 5:51 PM
- While Deutsche Bank starts coverage of several energy MLPs with Buy ratings, the firm initiates ONEOK (NYSE:OKE) and ONEOK Partners (NYSE:OKS) at Sell with respective $43 and $38 price targets, citing the risk of another guidance cut at the company.
- Deutsche Bank says the commodity downturn has highlighted OKE’s commodity sensitivity, resulting in breaking the track record of 22 consecutive quarterly distribution increases and an outlook of sub-1x coverage for 2015.
- Without an improvement in prices, OKS is positioned to come in at the low end of current guidance of 3%-5% distribution/unit growth, with the risk of a further guidance cut to nominal or no growth going into 2016, the firm says.
Wed, May 6, 5:40 PM
Tue, May 5, 4:31 PM
Thu, Apr. 16, 4:43 PM
Wed, Apr. 1, 4:35 PM
- ONEOK Partners (OKS, OKE) says it is forming a 50-50 joint venture with a subsidiary of Mexico's Fermaca Infrastructure to construct a pipeline that will transport natural gas from the Permian Basin in west Texas to Mexico.
- The first phase of the project for 170MM cf/day of available capacity is scheduled for completion by Q1 2016; final completion is expected by 2019 and will increase available capacity on the pipeline to 640MM cf/day.
- OKS will manage project construction and become operator of the pipeline upon completion; the project is estimated to cost $450M-$500M.
Mon, Feb. 23, 4:13 PM
Sun, Feb. 22, 5:35 PM
Dec. 10, 2014, 12:58 PM
- Energy stocks are slammed across the board as oil prices take another nosedive (I, II), with the losses heaviest on shares of small, U.S.-based oil and gas producers.
- “Financial leverage is being thrown out the window, and everything else is being purged as well,” says Simmons analyst Bill Herbert, who adds that cuts to production budgets in the coming year likely will mean more pain for oil service companies.
- Among the hardest-hit shares: TPLM -15.2%, CRK -12.4%, GDP -11.9%, NOG -9.5%, AREX -8.6%.
- Investors have been less quick to dump shares of integrated oil companies, but today they have been smacked too: XOM -2.8%, CVX -2.9%, COP -2.3%, BP -2%, RDS.A -2.2%, TOT -2.3%.
- Today's worst performers on the S&P 500 include OKE -8.2%, DNR -7.4%, NE -5.6%.
- Service companies also are down: SLB -2.6%, HAL -2.7%, WFT -6.6%, BHI -2%.
- ETFs: XLE, ERX, VDE, OIH, ERY, DIG, DUG, IYE, XES, IEZ, PXI, FENY, PXJ, RYE, FXN, DDG
Dec. 2, 2014, 4:59 PM
- ONEOK (NYSE:OKE) +1% AH after saying it expects 2015 cash flow available for dividends in the range of $580M-$660M, reflecting higher anticipated cash distributions received from its general and limited partner interests in ONEOK Partners (NYSE:OKS).
- Guidance includes a 14% Y/Y increase in shareholder dividends declared; OKE also expects average annual dividend declared increases of 12%-15% between 2014-17.
- Also, ONEOK Partners announces higher 2015 financial guidance, expecting adjusted EBITDA to increase 19% Y/Y to a range of $1.77B-$1.99B and 2015 distributable cash flow to increase 18% to a range of $1.31B-$1.49B.
Nov. 4, 2014, 4:55 PM
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