Jefferies upgrades ONEOK to 'buy' on potential Bakken boost

ONEOK (Oklahoma)

20/03/2026 10:11

** Shares of U.S. pipeline operator ONEOK OKE.N rise ~2% to $90.09 premarket

** Jefferies upgrades to "buy" from "hold" rating; raises PT to $98 from $85, representing 10.8% upside to stock's last close

** Brokerage says even if near-term volumes stay soft, OKE still has upside from butane blending, location-based spreads and potential boost from Bakken region (one of the largest shale regions in U.S.) starting in FY27 and beyond

** 12 of 22 brokerages rate stock "buy" or higher, 10 "hold"; their median PT is $90.5 - data compiled by LSEG

** As of last close, stock up 20.25% YTD

 (Reporting by Kanishka Ajmera in Bengaluru)

 ((mail to: Kanishka.Ajmera@thomsonreuters.com))