Morningstar

Morningstar, Inc.

Equity Bottom-Up

Oneok reported a good first quarter amid a healthy increase in volumes across its assets. We plan to maintain our $70 fair value estimate and narrow moat rating. Overall EBITDA increased 12% over 2018 levels to $638 million, primarily benefiting from 8% and 7% increase in natural gas liquids (NGLs) and natural gas volumes, respectively. Key basins driving the increases were the Williston, Permian, STACK, and SCOOP areas, and we expect growth to continue given the strong demand-pull for NGLs to…

<p>Oneok brings several attractive financial elements to its narrative, including no cash taxes through 2021, a lower cost of capital through the elimination of incentive distribution rights, an investment-grade credit rating, and a very attainable 9%-11% dividend growth forecast through 2021. The fundamental Oneok narrative is equally compelling, in our view, built primarily around efforts to benefit from a network of natural gas liquids assets. About 85% of the firm's earnings are fee-based, and…</p>

United States

ONEOK, Inc. is a diversified energy company. The Company is involved in the natural gas and natural gas liquids business across the United States.

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