Zacks Investment Research downgraded shares of ONEOK Partners L.P. (NBP) from NEUTRAL to UNDERPERFORM on November 17, 2014, with a target price of $44.00.
We have downgraded our recommendation on ONEOK Partners, L.P. to Underperform from Neutral on the prevailing volatility in natural gas prices and the possibility of lower consumption of natural gas and natural gas liquids (NGL) this winter. The declining price movement is expected to adversely impact the partnership's net realized prices of the commodities. In addition, stringent regulations and operational risks might dent the partnership's future growth. In the third quarter of 2014, ONEOK Partners' earnings per unit surpassed the Zacks Consensus Estimate while revenues missed. On a year-over-year basis, the bottom line decreased on higher total operating expenses and units outstanding, and a decline in commodity sales.
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