Jefferies upgrades ONEOK to 'buy' on potential Bakken boost

Shares of U.S. pipeline operator ONEOK OKE.N rise ~2% to $90.09 premarket

Jefferies upgrades to "buy" from "hold" rating; raises PT to $98 from $85, representing 10.8% upside to stock's last close

Brokerage says even if near-term volumes stay soft, OKE still has upside from butane blending, location-based spreads and potential boost from Bakken region (one of the largest shale regions in U.S.) starting in FY27 and beyond

12 of 22 brokerages rate stock "buy" or higher, 10 "hold"; their median PT is $90.5 - data compiled by LSEG

As of last close, stock up 20.25% YTD