Goldman Sachs Upgrades ONEOK Partners (OKS) to Neutral

Goldman Sachs upgraded ONEOK Partners (NYSE: OKS) from Sell to Neutral with a price target of $66.00 (from $54.00).

Their Neutral view is supported by: (1) OKS's large suite of fee-based organic growth projects at attractive returns in the MidContinent and Bakken, (2) above average 2-year distribution CAGR of 8%, offset by (1) our expectation of a compression in the Conway-Mt Belvieu NGL price spread, (2) financing overhang, with significant capital spending and Debt/EBITDA levels above 4x over the next few years, and (3) high cost of capital due to its growing "GP burden".

For an analyst ratings summary and ratings history on ONEOK Partners click here. For more ratings news on ONEOK Partners click here.

Shares of ONEOK Partners closed at $60.12 yesterday.

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