ONEOK Inc

OKE: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$73.00	Mqppq	Pmrnndnk

Oneok Earnings: Magellan Synergies Are Quickly Exceeding Expectations

Stephen Ellis

Feb 27, 2024

Oneok’s fourth-quarter and full-year results generally met our expectations. 2024 guidance was solidly above our expectations at a midpoint of $6.1 billion, and we expect to increase our fair value estimate by about 10%-15% from $62 per share. Our narrow moat rating remains unchanged. The upside strength is driven primarily by higher volume growth than our forecasts, as well connects in the Rockies and Mid-continent are trending well above expectations, and also better-than-expected synergies.

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