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Analyzing ONEOK’s Short-Term Indicators after Its 2Q17 Results

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Part 5
Analyzing ONEOK’s Short-Term Indicators after Its 2Q17 Results PART 5 OF 5

What Wall Street Analysts’ Price Targets for ONEOK Indicate

Analysts’ recommendations

Of the analysts surveyed by Reuters, 60% rated ONEOK (OKE) as a “hold.” Nearly 33% rated OKE as a “buy,” and the remaining 7% rated OKE as a “sell.” The consensus price target for OKE is $58.00. OKE is currently trading at $52.21.

If the stock attains its price target in a year, it would mean an 11% upside from its current levels. The 8% drop in OKE’s price since August 1, 2017, contributed to OKE’s upside potential, which was minuscule prior to the drop. The chart below shows changes in analysts’ recommendations for OKE over the last one-year period.

What Wall Street Analysts’ Price Targets for ONEOK Indicate

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As for OKE’s peers, 97% of analysts covering Enterprise Products Partners (EPD) rated it as a “buy” and 7% rated it as a “hold.” Nearly 64% of the analysts surveyed by Reuters rated Kinder Morgan (KMI) as a “buy.”

Outlook

Increased drilling activity in ONEOK’s footprint, higher fee-based earnings in its Natural Gas Gathering and Processing segment, and presence in the prolific STACK and SCOOP plays place ONEOK well for future growth. ONEOK’s simplified structure after ONEOK Partners’ acquisition also benefits ONEOK. The company is expected to have attractive dividend growth over the next couple of years.

ONEOK’s adjusted EBITDA1 for 2Q17 rose 11% to $461 million, compared to $415 million in 2Q16. You can learn more about ONEOK’s 2Q17 performance in ONEOK Announces Strong 2Q17 Results, Updates 2017 Guidance.

You can learn how Enterprise Products Partners fared in 2Q17 in Enterprise Products Partners’ Earnings Rose Marginally in 2Q17.

  1. earnings before interest, tax, depreciation, and amortization
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