RBC Capital Markets Boosts Price Target on ONEOK Inc Shares to $89.00, Maintains Sector Perform Rating
In a recent report, RBC Capital Markets increased its price target on ONEOK Inc (NYSE: NYSE:) shares from $84.00 to $89.00. Despite the adjustment, the firm maintained the stock's rating at Sector Perform after evaluating the company's strong second-quarter financial performance and recent regulatory filings.
ONEOK exceeded analyst expectations for the second quarter of 2024, leading RBC Capital Markets to revise its estimates. The company has also reaffirmed its full-year outlook, which the firm believes could be conservative given its current volume trends.
Anticipating enhanced shareholder returns after the maturity of its debt in September, RBC Capital Markets expects ONEOK to deliver on its strategic plans. The firm has adjusted its estimates to align with the upper end of the company's guidance range, reflected in the new price target.
The analyst from RBC Capital Markets highlighted ONEOK's strong performance and potential for increased capital returns as key reasons for the revised target.
Analysis:
This report highlights RBC Capital Markets' positive outlook on ONEOK Inc, with an increased price target indicating confidence in the company's performance. Investors may view this as a potential opportunity for growth and returns, considering the firm's assessment of ONEOK's strategic plans and financial outlook. It is important for investors to conduct their own research and consult with financial advisors before making any investment decisions based on this information.