Oneok downgraded to Sector Perform from Outperform at Scotiabank

Scotiabank downgraded Oneok (OKE) to Sector Perform from Outperform with a price target of $89, down from $92, post the Q1 report. The stock’s relative value proposition has decreased relative to other liquids-weighted names, the analyst tells investors in a research note. The firm sees potential for investor sentiment to shift away from Oneok “as the realization sets in that the company does not have outsized earnings torque to higher commodity prices.”