Jefferies upgrades ONEOK stock rating on crude risk premium outlook

try{ var _=i o; . if(!_||_&&typeof _==="object"&&_.expiry Gold prices rebound but head for deep weekly loss as Iran war dents rate cut bets Stocks end lower in choppy session after Netanyahu says Iran can’t enrich uranium Gold slides on bets for higher interest rates for longer amid raging Iran war Ed Yardeni sees risk to his bullish gold target as prices lag expectations (South Africa Philippines Nigeria) Jefferies upgrades ONEOK stock rating on crude risk premium outlook By Analyst Ratings Published 03/20/2026, 05:05 AM Jefferies upgrades ONEOK stock rating on crude risk premium outlook 0 OKE 2.55% Investing.com - Jefferies upgraded ONEOK Inc (NYSE:OKE) to Buy from Hold and raised its price target to $98 from $85. With the stock currently trading at $88.39, this represents an 11% upside potential. According to InvestingPro analysis, ONEOK appears undervalued at current levels, with a Fair Value estimate suggesting additional room for appreciation. The firm said the stock appears complacent on upside risk as Iran-related developments increase the likelihood of a higher structural crude risk premium. ONEOK has potential upside through butane blending, location spreads and possible Bakken leverage in fiscal 2027 and beyond. Jefferies said expectations are based on a conservative $55 to $60 crude budget, making the risk-reward profile attractive. The firm views the $8.1 billion midpoint fiscal 2026 guidance as a floor for future earnings. The firm said ONEOK has traded as if Iran disruptions are temporary despite escalating targeting of energy infrastructure and rhetoric around Hormuz and Kharg. A longer disruption could prompt the market to reassess structural crude dynamics and support a more constructive outlook for the Bakken. Bakken crude stabilization alone could lift confidence in the medium-term earnings floor for ONEOK, particularly when combined with commodity uplift potential that investors have largely overlooked in recent years, Jefferies said. The compan...