Zacks Investment Research upgraded shares of Oneok Inc. (OKE) from UNDERPERFORM to NEUTRAL on March 08, 2013, with a target price of $48.00.
We have upgraded our recommendation on ONEOK Inc. to Neutral from Underperform primarily based on its strong results in both fourth-quarter and full-year 2012. The improvement in performance was primarily driven by higher natural gas and natural gas liquids (NGL) volumes, and lower operating costs. We remain impressed with the company's steady progress in its Stateline II natural gas processing plant and Bakken NGL pipeline projects. Moreover, we believe that ONEOK's consistent dividend hikes and strong yield offer a good opportunity for income-oriented investors to maximize their wealth. However, weak NGL pricing and volatile commodity prices might weigh on the positives.
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