01:40 PM EDT, 05/01/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

Our 12-month target price remains $83, a 10.8x multiple of enterprise value to projected 2025 EBITDA, in line with OKE's historical forward average. We cut our 2024 EPS estimate by $0.16 to $4.88, but keep 2025's at $5.51. Q1 EPS of $1.09 vs. $2.34 missed the consensus view by $0.06. OKE has boosted its 2024 adjusted EBITDA guidance to $6.175B, an implied increase of 18% over 2023 levels. Q1 2024 NGL volumes dropped sequentially by 9.2%, hurt by winter-weather-related delays, but 2024 guidance implies a range of -2% to +5% versus 2023, and we think volume recovery is likely. OKE has two key NGL growth projects expected to come to fruition in Q1 2025 - the Elk Creek Pipeline Expansion and the MB-6 Fractionator; in our view, NGL pricing should improve through 2025. We also note a rising gas-to-oil ratio and reduced flaring in the Rockies, which ties in well with OKE's capabilities there. Shares yield 5.4%.