Oneok initiated with a Hold at Jefferies

Jefferies initiated coverage of Oneok (OKE) with a Hold rating and $80 price target The Bakken continues to be Oneok’s most profitable footprint could be a powerful earnings driver, but weaker crude pricing entering FY26 limits near-term visibility into throughput growth, the analyst tells investors. The firm forecasts about 4% Bakken G&P growth through FY30, but acknowledges downside if WTI remains below $60 per barrel as implied by the current strip.