In a report published Wednesday, Jefferies analyst Christopher Sighinolfi initiated coverage on ONEOK OKE with a Hold rating and $56.00 price target.
In the report, Jefferies noted, “Following the planned spin-off of its gas distribution operations into ONE Gas, OKE will offer unfettered leverage to OKS IDRs & peer-leading dividend growth. However, shares are up ~20% since the announced restructuring, swiftly capturing the value inherent in the transaction. Despite a projected ~15% 5-year dividend CAGR (2012-17), at current levels we believe OKE offers a balanced risk/reward. Hence, we are initiating with a Hold.”
ONEOK closed on Tuesday at $51.44.
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