JP Morgan Thinks Soft Macroeconomic Conditions Could Affect Natural Gas Player ONEOK (OKE)

Core Viewpoint - ONEOK Inc. is currently viewed as one of the best cheap stocks to buy, despite recent target price adjustments by several firms due to soft macroeconomic fundamentals and oil price concerns [1][2]. Target Price Adjustments - Jeremy Tonet at JPMorgan reduced the target price for ONEOK from $87 to $84 and downgraded the rating to "Neutral" from "Overweight" [1]. - Robert Kad of Morgan Stanley lowered the target price from $107 to $104 while maintaining an "Overweight" rating [1]. - UBS also cut its target price from $114 to $103 but kept a "Buy" rating [1]. Dividend Announcement - ONEOK announced a quarterly dividend increase of approximately 4%, raising it from $1.03 to $1.07 per share, resulting in an annual dividend of $4.28 per share and a dividend yield of 4.81% [2]. Analyst Ratings - Despite the target price cuts, analysts remain generally favorable towards ONEOK, with 14 out of 24 analysts (approximately 58%) giving a "Buy" rating and 10 (around 42%) a "Hold" rating [2]. - The median target price is set at $83, with a high estimate of $108, indicating an upside potential of 4.81% (41.14% if considering the highest estimate) [2]. Company Overview - ONEOK Inc. is a natural gas company based in Tulsa, Oklahoma, involved in gathering, processing, transporting, and storing natural gas across several states including North Dakota, Montana, Wyoming, Kansas, Oklahoma, Texas, and New Mexico [2].