New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
February 25, 2013
16:24 EDTOKEONEOK lowers FY13 net income view to $350M-$400M from $405M-$455M
ONEOK (OKE) reduced its 2013 net income guidance range to $350M-$400M, compared with the previous guidance range of $405M-$455M announced on Sept. 24, 2012. The updated guidance reflects lower expected earnings in the ONEOK Partners (OKS) segment. Half of the reduction in 2013 operating income and equity earnings guidance is due to lower expected natural gas liquids volumes as a result of widespread and prolonged ethane rejection. Narrower expected NGL location price differentials and lower expected NGL prices, particularly ethane and propane, also are expected to affect the partnership's 2013 earnings. "We do not expect prolonged ethane rejection to continue into 2014, although there may be intermittent periods when ethane will be left in the natural gas stream," said Gibson. ONEOK now expects net income guidance to increase by an average of 15%-20% annually over a three-year period, comparing 2012 results with 2015. Previously, ONEOK estimated a three-year average annual growth rate of 20%-25%, comparing 2012 guidance provided on Sept. 24, 2012, with 2015. The revision to the three-year growth forecast is due primarily to lower than expected NGL exchange margins in the Rocky Mountain region and lower expected NGL and natural gas prices in the ONEOK Partners segment in 2014 and 2015. The projected dividend increase for July 2013 has been revised to 2c per share, subject to ONEOK board approval, compared with its previous guidance announced on Sept. 24, 2012, of a 3c-per-share dividend increase. In January 2013, ONEOK increased its dividend by 3c per share to 36c per share, a 9% increase. "If industry conditions improve, we will re-evaluate our 2013 earnings guidance and dividend increase," said Gibson. "Although our 2013 earnings guidance has decreased, we remain confident in our ability to increase dividends over the next three years," said Gibson. ONEOK also revised its expectation to increase dividends by approximately 55%-65% between 2012 and 2015, subject to ONEOK board approval, compared with its previous guidance of a 65%-70% dividend increase. The company affirmed its long-term dividend target payout of 60%-70% of recurring earnings. The reduced 2013 earnings guidance and three-year growth forecast are not expected to affect current or projected timelines, or project costs in ONEOK Partners' announced $4.7B-$5.3B capital-growth program. Capital expenditures for 2013 are expected to be approximately $3B, comprised of approximately $2.64B at ONEOK Partners and $316M on a stand-alone basis. These estimates have been updated to reflect the January 2013 announcement of new growth projects in the ONEOK Partners segment.
News For OKE From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
February 9, 2016
09:15 EDTOKEONEOK 4.5M share Block Trade priced at $22.50
The deal priced at the bottom of the $22.50-$22.75 range. Morgan Stanley acted as sole book running manager for the offering.
February 8, 2016
10:37 EDTOKEEnergy Transfer leads MLP rout after CFO change
The shares of Energy Transfer Equity (ETE) are plunging after the company disclosed, via a regulatory filing after Friday's close, that it was making a change to the Chief Financial Officer of its general partner. Meanwhile, the shares of the Master Limited Partnership, or MLP, and a number of peers were downgraded by research firm Robert W. Baird. Master Limited Partnerships are publicly traded partnerships that receive tax benefits and often own oil assets. WHAT'S NEW: Energy Transfer Equity announced that its CFO, Jamie Welch, would step down from the post. According to the company, Welch's departure was not caused by any disagreements between him and the MLP over accounting issues or financial matters. Welch will be replaced by Thomas Long, who is currently CFO of Energy Transfer Partners, L.L.C., which owns the general partner of Energy Transfer Partners, L.P. (ETP), another MLP. STREET RESEARCH: This morning, Baird analyst Ethan Bellamy downgraded nine MLP stocks, including both Energy Transfer names. The analyst said he would remain bearish on the sector until oil prices and high yield bottom. Bellamy expects the sector to be pressured by a number of related factors, including the bankruptcy of exploration and production companies, fund outflows, and macro economic conditions. In addition to ETE and ETP, the analyst downgraded EnLink Midstream (ENLC), ONEOK Partners (OKS), Plains All American (PAA) and Plains GP Holdings (PAGP) to Underperform and cut Antero Midstream (AM), ONEOK (OKE) and Tallgrass Energy GP (TEGP) to Neutral. Addressing the departure of Energy Transfer Equity's CFO, Wells Fargo said it does not think that the CFO's departure indicates any change to the MLP's pending merger with The Williams Company (WMB). The firm added that it has no knowledge of any accounting issues that prompted the CFO to leave. It continues to believe that Energy Transfer Equity will rise over the longer term and it kept an Outperform rating on that stock. It maintained a Market Perform rating on Williams. PRICE ACTION: In early trading, Energy Transfer Equity sank 26% to $5.20, Williams tumbled 24% to $13.03, Oneok dropped 13.5% to $22.10, Plains All American retreated 9.8% to $18.46 and Tallgrass sank 20% to $11.59.
10:00 EDTOKEOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: A-Mark Precious Metals (AMRK) downgraded to Neutral from Buy at B. Riley... Antero Midstream (AM) downgraded to Neutral from Outperform at Baird... AstraZeneca (AZN) downgraded to Hold from Buy at HSBC... Baker Hughes (BHI) downgraded to Equal Weight at Morgan Stanley... Brixmor (BRX) downgraded to Neutral from Outperform at Boenning & Scattergood... CBOE Holdings (CBOE) downgraded to Underperform from Outperform at CLSA... Cisco (CSCO) downgraded to Buy from Conviction Buy at Goldman... Citi Trends (CTRN) downgraded to Neutral from Buy at MKM Partners... Commerzbank (CRZBY) downgraded to Underperform from Market Perform at Keefe Bruyette... DexCom (DXCM) downgraded to Neutral from Outperform at Baird... EnLink Midstream (ENLC) downgraded to Underperform from Outperform at Baird... Energy Transfer Equity (ETE) downgraded to Neutral from Outperform at Baird... Energy Transfer Partners (ETP) downgraded to Neutral from Outperform at Baird... Eversource (ES) downgraded to Equal Weight from Overweight at Barclays... Genesis Healthcare (GEN) downgraded to Sell from Neutral at UBS... Givaudan (GVDNY) downgraded to Neutral from Buy at Goldman... HSBC (HSBC) downgraded to Underweight from Equal Weight at Morgan Stanley... Nomura (NMR) downgraded to Hold from Buy at Deutsche Bank... Novo Nordisk (NVO) downgraded to Sell from Neutral at UBS... ONEOK Partners (OKS) downgraded to Underperform from Neutral at Baird... ONEOK (OKE) downgraded to Neutral from Outperform at Baird... PPL Corp. (PPL) downgraded to Hold from Buy at Evercore ISI... Plains All American (PAA) downgraded to Underperform from Outperform at Baird... Plains GP Holdings (PAGP) downgraded to Underperform from Neutral at Baird... Quanta Services (PWR) downgraded to Neutral from Buy at UBS... Ralph Lauren (RL) downgraded to Neutral from Overweight at Atlantic Equities... Sparton (SPA) downgraded to Market Perform from Outperform at Barrington... Tableau (DATA) downgraded to Equal Weight at Morgan Stanley... Tallgrass Energy GP (TEGP) downgraded to Neutral from Outperform at Baird... WisdomTree (WETF) downgraded to Underperform from Market Perform at Keefe Bruyette.
08:15 EDTOKEMLPs downgraded until oil prices and high yield bottom, says Baird
Subscribe for More Information
07:53 EDTOKEONEOK downgraded to Neutral from Outperform at Baird

Sign up for a free trial to see the rest of the stories you've been missing.
I agree to the theflyonthewall.com disclaimer & terms of use