ONEOK (OKE) expands ownership in midstream sector through acquisition, price target reduced by analyst.

From Yahoo Finance: 2025-06-24 13:05:00

ONEOK, Inc. (OKE) is listed as one of the 10 most undervalued oil stocks by analysts. Scotiabank analyst Brandon Bingham maintained an Outperform rating on OKE but reduced the price target from $96 to $93 on June 5.

Scotiabank has extended its target valuation year to 2027 and released forecasts for 2028 for U.S. Midstream sector equities. Despite few triggers in sight, Scotiabank expects units to remain range-bound.

NGP XI Midstream Holdings sold its remaining 49.9% stake in the Delaware Basin joint venture to ONEOK, Inc. for $940 million on June 4. This deal makes ONEOK the sole owner of the joint venture.

With a vast 60,000-mile pipeline network, ONEOK, Inc. plays a crucial role in transporting crude oil, natural gas, natural gas liquids, and refined products to meet energy demands.

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Read more: ONEOK (OKE) Expands Midstream Ownership as Scotiabank Adjusts Forecasts