Oneok Reports Good 4Q and Strong Guidance in 2019-20
Oneok reported a good fourth quarter and issued strong guidance for 2019-20. We don't expect a material change to our $66 fair value estimate or narrow moat rating. Overall, we think Oneok is executing extremely well on an aggressive project plan, but it is clearly taking advantage of a very well-positioned asset base as natural gas liquids volumes in the United States continue to surge.2018 adjusted EBITDA of $2.4 billion and 2019 guidance of a midpoint of $2.6 billion met our expectations, wh...
Oneok is a midstream service provider. The company's segments include: Natural Gas Gathering and Processing, which provides midstream services to producers in North Dakota, Montana, Wyoming, Kansas and Oklahoma; natural gas liquids (NGLs), which owns and operates facilities that gather, fractionate, treat and distribute NGLs and store NGL products, primarily in Oklahoma, Kansas, Texas, New Mexico and the Rocky Mountain region; and Natural Gas Pipelines, which provides transportation and storage services to end users through its wholly owned assets and its ownership interests in Northern Border Pipeline Company and Roadrunner Gas Transmission, LLC.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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