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ONEOK (OKE) has an average rating of overweight and mean price target of $95.80, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)
ONEOK (OKE) has an average rating of overweight and mean price target of $96.15, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $94.79, Change: $+1.56, Percent Change: +1.67%
Commodity prices, export demand and new infrastructure should drive strong second-quarter US midstream earnings across the sector, RBC Capital Markets said in a Tuesday note.Waha basis spreads, spot export cargoes, expanding natural gas and power demand continue to provide favorable operating conditions for the sector, RBC said.RBC expects the Iran conflict and additional Permian pipeline capacity to strengthen long-term demand for US hydrocarbons, support new export infrastructure and restore previously curtailed production as takeaway constraints ease.RBC highlighted Kinetik Holdings (KNTK) and Targa Resources (TRGP) as its preferred picks, expecting both companies to post solid second-quarter results.The firm expects Kinetik to enter the second half of 2026 and 2027 with positive momentum, while Targa should benefit from supportive commodity prices and rising gas volumes as new takeaway capacity comes online.Kinder Morgan (KMI) could transfer projects from its shadow backlog into its formal project backlog during the quarter, while Williams (WMB) may provide updates on its Power Innovation financing platform, new power projects and Momentum Midstream, RBC said.RBC's second-quarter EBITDA forecasts remain within 2% of consensus across most of its coverage. It projects Venture Global (VG) about 4.4% above consensus after incorporating recent cargo and fee disclosures.RBC also expects Targa to outperform consensus on stronger-than-expected volume growth. Kinetik's margins should offset curtailed production, while the Kings Landing 2 final investment decision supports higher future output.Waha natural gas prices averaged negative $3.10 per million British thermal units during Q2 and briefly fell to about negative $8/MMBtu before recovering as additional pipeline capacity eased transportation constraints.The 570 million cubic feet per day Gulf Coast Express pipeline expansion entered service late in the quarter, helping restore some curtailed volumes. Energy Transfer (ET) also expects the first 1.5 billion cubic feet per day phase of the Hugh Brinson Pipeline to start in Q4, with some flows possible in Q3.RBC expects 5.27 Bcf/d of new Permian takeaway capacity to enter service between mid-2026 and Q1 of 2027, creating favorable conditions for higher regional production.The Iran conflict has increased spot exports of liquefied petroleum gas, crude oil and liquefied natural gas while reinforcing the need for diversified energy supplies, supporting long-term demand for US hydrocarbons and export infrastructure, RBC said.RBC identified Energy Transfer, Enterprise Products Partners, Targa Resources, ONEOK (OKE), Cheniere Energy (LNG) and Venture Global among the companies positioned to benefit from stronger export demand and future infrastructure investment.The firm also expects natural gas demand to remain a long-term growth driver as US liquefied natural gas export capacity nearly doubles by 2030 and electricity demand rises from reshoring, electrification, artificial intelligence and data center expansion, benefiting Williams and Kinder Morgan.Price: $50.47, Change: $-0.64, Percent Change: -1.25%
ONEOK (OKE) has an average rating of overweight and mean price target of $96.15, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)
ONEOK (OKE) has an average rating of overweight and mean price target of $95.85, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)
ONEOK (OKE) should remain within its 2026 forecast as seasonal gains, export demand, AI-linked power projects and new growth investments support results, while lower pipeline volumes and commodity conditions remain key factors, UBS said in a note Thursday.UBS expects Q2 earnings before interest, taxes, depreciation, and amortization to rise to $2.06 billion from $2 billion in Q1, helped by stronger seasonal results across most business units, while earnings are expected to improve from gathering and processing, refined products and crude operations, partly offset by weaker natural gas pipeline results and slightly lower natural gas liquids earnings.Higher demand for US natural gas liquids could support ONEOK's planned Texas City export terminal, where customer interest in capacity remains strong and UBS also sees possible growth from talks with large technology companies about gas supply for AI-related power projects, including facilities with about 5 gigawatts of capacity.Investors will likely focus on economic conditions, commodity prices, project progress, spending plans, capital allocation and possible acquisitions during the earnings call, the investment firm said.UBS kept its buy rating and $108 price target for ONEOK.Price: $90.60, Change: $-0.56, Percent Change: -0.61%
Effective closure of the Strait of Hormuz resulted in forced shut-ins of about 11 million barrels per day of production at the peak of the conflict, forcing major importers to redraw supply chains, Wood Mackenzie said in note on a Thursday.The shut-ins and force majeure reshaped global crude and fuel markets, the research firm said, citing satellite-based production monitor estimated. Iraq's output dropped from 4.5 mmbbl/d to 820,000 b/d, while Kuwait lost more than 70% of production.The two countries were the worst hit by the closure of the crucial waterways for the lack of any alternate route to export oil and gas, according to multiple reports.WoodMac's satellite data showed producers first drained storage before output declined. Iran's Kharg Island had about nine days of usable storage on May 1, while Kuwait and Iraq continued loading cargoes before inventories climbed, Wood Mackenzie said.Western Canada quickly filled part of the supply gap as the Trans Mountain Expansion pipeline moved a record 832,000 b/d in April at 93.5% utilization. Westridge terminal loaded 500,000 b/d, with 87% heading to Asia-Pacific.South Korea committed to import 33 million barrels of Canadian crude in May under the Canada-Korea Free Trade Agreement, sharply higher than about 4.5 mmbbls during all of 2025, the note said.Wood Mackenzie expects Canadian oil sands production to reach 3.61 mmbbl/d in 2026 and 3.82 mmbbl/d in 2027. Planned pipeline expansions could add 90,000 b/d in 2027, 150,000 b/d in 2028 and 250,000 b/d in 2029, according to the note.California entered the disruption with refinery closures already removing about 167,000 b/d of gasoline production. State-wide output totaled 682,000 b/d against demand of 857,000 b/d, creating a 175,000-barrel deficit, Wood Mackenzie said.Regional demand from Las Vegas and Reno in Nevada, and Phoenix and Tucson in Arizona lifted California's effective gasoline shortfall to about 329,000 b/d. Higher imports kept supplies flowing as freight from Asia climbed to about $14 per barrel.Three pipeline projects, backed by HF Sinclair (DINO), ONEOK (OKE), Phillips 66 (PSX), and Kinder Morgan (KMI) are competing to reduce California's fuel transport costs, but Wood Mackenzie said each must compete with shipping costs that could ease toward $5 per barrel after the Strait of Hormuz reopens.California consumes 857,000 b/d of gasoline, while Japan uses 720,000 b/d despite having 123 million people and 78.7 million registered vehicles. Both markets now compete for supplies from South Korea, China, India and Washington State, the note said.Europe entered the crisis with about 1.8 mmbbl/d of refinery maintenance already offline. Refineries increased utilization and maximized jet fuel output, but inventories still lagged seasonal norms, Wood Mackenzie said.Wood Mackenzie said weaker Indian gas oil exports, down 42%, alongside Russian refinery outages near 1.8 million b/d, could complicate Europe's winter diesel and jet fuel stock rebuild if disruptions persist beyond August.Asia-Pacific crude imports dropped 23% from pre-conflict levels in April. China's Middle East arrivals fell 77%, Japan's imports declined 76%, Korean refinery utilization dropped from 94% to 72%, while China's and India's gas oil exports fell 73% and 42%, respectively.Japan holds about 200 days of strategic petroleum reserve coverage, while India's commercial and government reserves cover roughly 74 days.Australia also pursued regional energy supply agreements with Singapore, Malaysia and Indonesia, Wood Mackenzie said.The US extended its Jones Act waiver through Aug. 16, allowing nearly 4 mmbbls of refined products to reach California. Meanwhile, Venezuela resumed shipping 550,000 b/d to Houston and Pascagoula, while Cushing inventories fell to 21-week lows.Wood Mackenzie said production cuts, inventory movements and freight costs revealed supply tightness before prices reflected the full impact. The report said physical market data consistently moved ahead of headline announcements across regions.
BP's midstream benchmark fell 1.6% over the week ended June 11, but still delivered a 16.4% gain so far this year, outperforming the S&P 500's 8.0% advance, RBC Capital Markets said Friday.The sector also outperformed utilities by 1,314 basis points and real estate investment trusts by 160 basis points this year, although it lagged oilfield services by 3,319 basis points and exploration and production companies by 1,306 basis points, RBC said.Commodity prices weakened during the week, with front-month West Texas Intermediate crude dropping about 6% to roughly $88 per barrel and Henry Hub natural gas falling about 7.5% to $3.09 per million British thermal units, according to RBC.Archrock (AROC) led performance among RBC-covered companies with a 3.7% gain, supported by continued strength in the compression market, while Sunoco (SUN) fell 4.4% as investors likely locked in profits, the firm said.C-corporations gained 0.1%, outperforming master limited partnerships, which declined 1.6%.RBC estimates its coverage universe trades at an average 2027 enterprise value-to-adjusted EBITDA multiple of 10.0x and expects midstream stocks to remain sensitive to Iran-related developments that influence commodity prices.The firm said companies with greater perceived commodity exposure, including Targa Resources (TRGP), ONEOK (OKE), and Kinetik Holdings (KNTK), as well as liquefied natural gas-focused names such as Venture Global (VG) and Cheniere Energy (LNG), could react most sharply to geopolitical headlines.Kinder Morgan will kick off the second-quarter earnings season for RBC's coverage universe on July 22. RBC expects management to discuss geopolitical and macroeconomic conditions, stronger export activity, commodity-price support, and growth opportunities across its project pipeline.Among its preferred investments, RBC highlighted Cheniere Energy, citing 95% contracted cash flows through 2035, a $10 billion share repurchase program, and a target to increase dividends by 10% annually through 2030.RBC said Sunoco can build on operational momentum through 2027, benefiting from stronger refining margins at Burnaby, synergies from the Parkland acquisition, and an additional $500 million bolt-on acquisition strategy.The firm also favors Targa Resources, citing customer-backed expansion projects, exposure to leading Permian Basin acreage, and rising gas-to-oil ratios that could support natural gas growth even if crude production levels off.For Williams Companies (WMB), RBC sees growing electricity demand and natural gas consumption creating opportunities for high-return projects tied to Transco expansions and power-related infrastructure through 2030 and beyond.Williams is targeting adjusted EBITDA compound annual growth of more than 10% through 2030, including roughly 9% growth from Haynesville-related projects, while maintaining a balance sheet capable of supporting further expansion, RBC said.Price: $36.67, Change: $+0.59, Percent Change: +1.65%
The Standard & Poor's 500 index rose 1.4% this week, marking its ninth consecutive weekly increase and ending the trading month with a 5.15% climb to a record closing high.The S&P 500 ended the week at 7,580.06, its highest close ever. The index also posted a record intraday high on Friday at 7,599.38.The last time the S&P 500 had a weekly winning streak this long was in late 2023. It is now up 11% this year.Friday marked the final trading day of May, a month of consistent weekly gains that followed a 10% jump in April as investors' worries about the war in Iran waned. On Friday, hopes for a peace deal increased as President Donald Trump said on Truth Social that he was meeting in the Situation Room to make a final determination on a memorandum of understanding between the US and Iran.Economic data this week showed the US economy expanded at a slower rate in the first quarter than previously estimated as consumer spending growth decelerated, according to the second estimate by the Bureau of Economic Analysis. Real gross domestic product increased at a 1.6% annualized rate in the March quarter, the report said, down from a 2% increase reported in the initial estimate.The advance this week wasn't broad; only four of the S&P 500's 11 sectors rose, led heavily by a 4.6% jump in the technology sector. The consumer discretionary rose 1.5%, materials added 1.2% and industrials edged up 0.8%.Dell Technologies (DELL) was the best performer in the technology sector, with its stock soaring 43% on the week as the company reported record fiscal first-quarter results that surpassed Wall Street's estimates amid a surge in demand for artificial intelligence-optimized servers. Dell also boosted its fiscal 2027 outlook.Super Micro Computer's (SMCI) stock also boosted the technology sector, with its stock surging 30% as the company said it is collaborating with Taiwanese authorities to prevent illicit diversion of its servers into the restricted Chinese market.AppLovin (APP) was also strong, with its stock jumping 27% as the company reported Q1 earnings per share and revenue above year-earlier results and analysts' mean estimates. AppLovin also forecast Q2 revenue above the Street view.In addition, NetApp (NTAP) shares climbed 25% as the company posted fiscal Q4 adjusted earnings per share and revenue above year-earlier results and analysts' expectations. NetApp also issued fiscal 2027 guidance above Street consensus views.Best Buy (BBY) led the week's gains in consumer discretionary, with its stock leaping 26%. The electronics retailer's fiscal first-quarter results came in stronger than expected and Chief Financial Officer Matt Bilunas said its comparable sales "have started strong in May, with month-to-date growth up high single digits." It has been years since Best Buy generated a high-single-digit increase in comparable sales even for a couple-week period, Truist Securities said in a note.On the downside, the energy sector fell 5.4% on the week, followed by a 3.2% drop in consumer staples, a 2.1% decline in utilities and a 1.4% slip in real estate. Financials, health care and communication services also edged lower.The energy sector's drop came as crude oil futures also fell on the week amid chatter about the US and Iran nearing a peace deal. Hardest-hit stocks included shares of ONEOK (OKE), down 11%, and Williams (WMB), down 9%.Next week, earnings reports are expected from companies including Palo Alto Networks (PANW), Broadcom (AVGO), CrowdStrike Holdings (CRWD) and Medtronic (MDT).In economic data, all eyes will be on the government's May employment report due Friday. Other reports expected next week include April construction spending and factory orders.
ONEOK (OKE) has an average rating of overweight and mean price target of $95.25, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $89.27, Change: $+1.06, Percent Change: +1.20%
Demand for North America's liquefied petroleum gas will remain "solid" both in the near- and long term, driven by restocking and building of strategic reserves, even if flow of Middle Eastern LPG through the Strait of Hormuz returns, RBC Capital Markets said Tuesday.Attacks linked to the US-Iran war have damaged LPG-related infrastructure in the Middle East, cutting LPG production and making it difficult to immediately return to pre-war supply levels even if the Strait fully reopens.Infrastructure damage in Qatar, Oman, and Iran has curbed LPG output by around 170,000 barrels per day, with further curtailment likely from reported attacks on eight other LPG sites, according to the International Energy Agency, as cited by RBC.Middle Eastern LPG is primarily exported to Asia, where "normal" demand growth is expected as buyers restock and seek to maintain larger strategic reserves, the research firm said.Cooking is a key LPG demand driver in the region, according to the IEA, with about 80% of Indian households and 90% of Indonesian homes using the fuel for this purpose.RBC noted that terminal operators in North America are "well-positioned" to benefit in the near term from elevated restocking demand, "and especially over the longer term if global LPG buyers enhance their supply diversity by looking to North America."The investment bank expects AltaGas can capture most upside, given the company's LPG growth projects and exposure to the spot market.RBC believes that the greatest upside for AltaGas is "if it can secure new long-term tolling contracts to underpin further expansions of its Ridley Island Energy Export Facility." The company operates two joint venture terminals in Prince Rupert, British Columbia and owns an LPG export facility in Ferndale, Washington.For US Gulf Coast LPG export terminal operators, including Energy Transfer (ET), Enterprise Product Partners (EPD), ONEOK (OKE), and Targa (TRGP), RBC sees "clearer" prospects for additional long-term contracts at higher rates. Additional upside could also materialize if there is demand for capacity expansion, it said.RBC highlighted that alleviation of oversupply concerns prior to the US-Iran war will have a "positive" impact on stocks of LPG companies on the US Gulf Coast, where the LPG market is expansive and where buyers will most likely turn for supplies.
ONEOK (OKE) has an average rating of overweight and mean price target of $94.85, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $85.95, Change: $-4.08, Percent Change: -4.53%
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Our 12-month target price of $96, raised $7, reflects a combination of relative valuation and DCF model analyses. On a relative basis, we apply a 10.5x multiple of enterprise value to projected '27 EBITDA, in line with OKE's historical forward average, which yields an $89 value. Meanwhile, our DCF model, using medium-term free cash flow growth of 3.5% and terminal growth of 2.0%, discounted at a WACC of 5.4%, yields a value of $103 per share. We lift our '26 EPS estimate by $0.09 to $5.78, but cut '27's by $0.06 to $6.08. OKE noted that its U.S. Gulf Coast Permian NGL volumes rose 31% in Q1, which we think is at least partly due to the disruption in the Middle East and overseas buyers looking for alternative sourcing. We estimate that the combination of growth capex and dividend outlays will chew up about 83% of operating cash flow in 2026, implying a modest degree of safety, but only slightly better than peers. Shares yield 4.6%.
Midstream energy firms are set for a busy earnings week after a strong run in the sector, with rising oil prices and robust volumes underpinning investor optimism, RBC Capital Markets strategists said in a note on Friday.RBC said the Alerian Midstream Index climbed 4.3% in the week ended Apr. 30, outperforming the broader S&P 500, which rose 1.4%. Year-to-date, the AMZ is up 19.5%, significantly ahead of the S&P 500's 5.3% gain.Though the sector has also outpaced defensive segments such as utilities, RBC said it continues to lag upstream oilfield services and exploration and production companies.Crude prices provided a tailwind, with front-month West Texas Intermediate futures rising about 10% during the week to around $105 per barrel, while US natural gas benchmark Henry Hub gained about 6% to $2.77 per MMBtu.Targa Resources led weekly gains, climbing 8.4% as investors responded to higher crude prices and improving dynamics in the Permian Basin.Rising gas-oil ratios in the region, highlighted in Enterprise Products Partners LP's earnings, are boosting demand for processing and takeaway capacity, RBC said.The bank said additional capital spending by ConocoPhillips (COP) in the Delaware Basin has also reinforced expectations for incremental activity, supporting Targa's growth outlook.Valuations remain elevated but supported by earnings visibility. RBC estimates the midstream universe is trading at about 10.2 times enterprise value to 2027 EBITDA, suggesting investors are willing to pay a premium for stable cash flows and exposure to rising US hydrocarbon exports.Meanwhile, RBC said recent earnings have reinforced that narrative. Enterprise Products Partners (EPD) beat expectations on stronger volumes and gains in natural gas marketing, while Oneok (OKE) raised its 2026 adjusted EBITDA guidance following a Q1 beat and a more constructive outlook for volumes.RBC analysts say export demand, partly driven by disruptions in the Middle East, could provide an additional tailwind for companies with Gulf Coast exposure, including Targa and Energy Transfer.Price: $123.80, Change: $-1.98, Percent Change: -1.57%
ONEOK (OKE) has an average rating of overweight and mean price target of $94.65, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $91.97, Change: $+2.65, Percent Change: +2.96%
ONEOK (OKE) has an average rating of overweight and mean price target of $94.65, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $91.95, Change: $+2.63, Percent Change: +2.94%
ONEOK (OKE) has an average rating of overweight and mean price target of $94.65, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $91.95, Change: $+2.63, Percent Change: +2.94%
ONEOK (OKE) has an average rating of overweight and mean price target of $94.65, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $91.91, Change: $+2.59, Percent Change: +2.90%
ONEOK (OKE) has an average rating of overweight and mean price target of $94.65, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $91.76, Change: $+2.44, Percent Change: +2.73%
ONEOK (OKE) has an average rating of overweight and mean price target of $94.65, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $91.87, Change: $+2.55, Percent Change: +2.85%
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