Outperform Reiterated On Oneok Partners

Oppenheimer has published a research report on Oneok Partners

after the company reported 3Q earnings and hosted a conference call. In the report, Oppenheimer writes "Both EBITDA and DCF were roughly in line with expectations after removing the gain on sale related to Overland Pass Pipeline. Strong volumes on the NGL pipeline system were somewhat offset by weaker volumes in the Gathering & Processing segment. Volumes were especially weak in the dry gas-focused Powder River Basin of Wyoming. Our thesis on OKS is still intact. Investment in the partnership is a vote of confidence in its ability to accretively develop infrastructure in the Bakken shale. We believe purchase of OKS units here represents a compelling total return opportunity, given its strong current yield and attractive growth prospects." Oppenheimer reiterates its Outperform rating and $85 price target. Oneok Partners closed yesterday at $79.47.