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Stifel Nicolaus is out with its report today on ONEOK Partners
OKS, downgrading OKS from Buy to Hold.
In its report, Stifel Nicolaus writes, "We are lowering our rating on OKS to Hold from Buy based on valuation. ONEOK Partners reported what we view as very strong 3Q11 results. The increase is being driven by continued strength in its natural gas liquids (
NGL) business, including the benefit from its ability to arbitrage the pricing spread for NGL's between the Conway, KS and Mont Belvieu, TX hubs. We believe valuation reflects the strong distribution growth outlook for OKS."
At the time of posting, shares of OKS were trading at $49.74, up 0.44% from Tuesday's close.
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