Jefferies cuts ONEOK to 'hold' on muted Bakken outlook

ONEOK (Oklahoma)

17/07/2026 11:25

** Jefferies downgrades U.S. pipeline operator ONEOK OKE.N to "hold" from "buy"
** It also cut price target to $95 from $100, representing an upside of 2.2% to the stock's last close on Thursday
** Says downgrade is driven by fading confidence in a meaningful acceleration in Bakken growth despite the recent oil-price rally, as producers continue to prioritize capital discipline, returns and flat production in the maturing basin
** Bakken is one of the largest oil-producing regions in the U.S., and a key market for ONEOK's midstream business
** "Separately, Waha has inflected positive, likely capping marketing upside through rest of year; thus we see less likelihood of further guidance raises" - Jefferies
** Adds that potential fee pressure in the Bakken and OKE's premium valuation leave limited room for gains, given its modest growth outlook
** 12 out of 22 brokerages rate the stock "buy" or higher and 10 "hold"; their median PT is $95 - data compiled by LSEG
** As of last close, OKE up 26.5% YTD 

 (Reporting by Sumit Saha in Bengaluru)
 ((Sumit.Saha@thomsonreuters.com;))