UPDATE: J.P. Morgan Reiterates Overweight Rating, Raises PT on Oneok

In a report published Wednesday, J.P. Morgan & Co. reiterated its Overweight rating on Oneok

, and raised its price target from $49.00 to $54.00. J.P. Morgan noted, “We rate OKE OW and establish a YE13 $54/share price target. Oneok Inc's primary growth drivers are ownership interests in ONEOK Partners (OKS). Through rebundling and expanding pieces of the NGL value chain, OKS has created a premier NGL platform that serves as a one-stop shop spanning from North Dakota to Texas. In addition to capturing fee-based revenue, this extensive asset base provides OKS with unique market knowledge and the ability to capture optimization upside opportunities. Moreover, this integrated NGL system has created multiple attractive expansion opportunities and paved the way for OKS' entry into the crude oil business. Through owning OKS' GP, OKE is leveraged to the double digit distribution growth at the partnership. We believe that increasing GP cash flows will drive 14-18% dividend CAGR through 2014, warranting a peer-leading valuation.” Oneok closed on Tuesday at $47.11.