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BUZZ-ONEOK rises as BofA upgrades to "buy" from "neutral"

Reuters · 12/04/2023 12:15

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BUZZ-ONEOK rises as BofA upgrades to "buy" from ""

** Shares of ONEOK Inc OKE.N rise ~0.8% to $70.44 premarket

** Bank of America raises PT to $83 from $72, upgrades to "buy" from ""

** BofA says market "underappreciating the synergies and FCF step-up from the merger with MMP (Magellan Midstream Partners)"

** "OKE can reach its target leverage ratio of 3.5x in '24 (2 years ahead of expectations), increase its dividend by 5% per year immediately and generate $5 bln of cumulative FCF after dividends (FCFaD) through ’27"

** 7 out of 19 analysts rate OKE "buy" and above, 8 rate "hold", median PT $77 - LSEG data

** Up to last session's close, OKE stock up ~6.4% YTD

(Reporting by Seher Dareen in Bengaluru)

((Seher.Dareen@thomsonreuters.com;))

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