$OKE ONEOK (OKE +2.1%) is upgraded to Buy from Hold with a $67 price target, up from $56, at Jefferies, which is confident in OKE's ability to hit target returns on $4.2B of its current projects following a recent meeting with management.

OKE has added $4.2B in natural gas liquids expansion in the Bakken and Midcontinent since mid-2017 while also placing more than $1.6B in equity capital, the firm notes.

Jefferies sees upside to OKE forecasts, as pipeline integrity concerns may necessitate Bakken ethane recovery sooner than economics alone would suggest, and the re-emergence of location pricing spreads could present an incremental source of cash flow.