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Bruce Jefferson

Jefferies Downgrades ONEOK On Valuation, But Says It's A Favorite US Midstream Pick

Given the fundamental improvements in energy stocks in the second quarter, Jefferies has made ratings changes to master limited partnerships in its coverage universe based on updated models and recent stock price moves.

Analyst Christopher Sighinolfi downgraded shares of both ONEOK, Inc.  and Magellan Midstream Partners, L.P.  from Buy to Hold. The price target for ONEOK was increased from $67 to $77 and Magellan's was hiked from $68 to $70.

The analyst upgraded shares of MPLX LP  from Hold to Buy and increased the price target from $36 to $38. Sunoco LP  was upgraded from Underperform to Hold with a $22 price target.

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