Oneok upgraded to Buy from Neutral at Seaport Research

Seaport Research analyst Sunil Sibal upgraded Oneok to Buy from Neutral with a $76 price target. The firm views management’s announcement of a 2024 dividend increase, $2B stock buyback program and longer-term dividend growth and shareholder return strategy “positively,” says the analyst, who also points to Oneok making good progress on leverage reduction, as demonstrated by its “opportunistic” purchase of outstanding notes in Q4.