ONEOK has been demonstrating strong performance in the bio-tech market with its share price up by 4.6% over the past week. The company has been investing heavily in its infrastructure with a focus on pipelines, leading to increased revenue and earning estimates for Q3 2024. The high overall yield of its stocks has made it an appealing option for institutional investors, providing impressive long-term growth. Notable business moves by ONEOK include the acquisition of the remaining common units in EnLink Midstream in a tax-free transaction and closing the acquisition of Medallion Midstream. The company also announced $7.0 billion notes offering and the declaration of quarterly dividends. Wells Fargo, however, has downgraded ONEOK. Despite a few shortfalls in its Q3 earnings, ONEOK maintains a positive outlook, having increased their 2024 financial guidance. It has also expanded its NGL Infrastructure, boosting its fractionation capacity beyond 1M BPD.
Furthermore, ONEOK has also issued its Annual Corporate Sustainability Report, emphasizing its commitment to sustainable practices. The company has confirmed plans to acquire the remaining EnLink stock for $4.3B and has agreed to sell three interstate natural gas pipeline systems for $1.2B, further strengthening its position in the pipeline business.
Oneok OKE News Analytics from Wed, 17 Jan 2024 08:00:00 GMT to Sat, 28 Dec 2024 05:14:31 GMT - Rating 8 - Innovation 5 - Information 8 - Rumor -2
