RBC boosts ONEOK shares target, sees upside in volume trends and capital returns By Investing.com

On Thursday, RBC Capital Markets adjusted its price target on ONEOK Inc (NYSE: NYSE:) shares, increasing it to $89.00 from the previous $84.00. The firm kept the stock’s rating at Sector Perform following the evaluation of the company’s second-quarter financial performance and recent regulatory filings.

ONEOK’s second-quarter results for 2024 surpassed analyst expectations, prompting RBC Capital Markets to revise their estimates. The company has also reaffirmed its full-year outlook for 2024, which RBC suggests may be conservative considering ONEOK’s current volume trends.

The firm anticipates that ONEOK will enhance shareholder returns following the maturity of its debt in September. This expectation is based on the company’s consistent execution of its strategic plans.

RBC Capital Markets has adjusted its estimates for ONEOK to align with the upper end of the company’s guidance range. This adjustment is reflected in the newly set price target of $89.00.

The analyst from RBC Capital Markets noted the company’s strong performance and potential for increased capital returns as key factors in the revised target.

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