Energy fundamentals in the U.S. improved throughout the second quarter as the industry as a whole set new records for daily field production, domestic demand and exports, Jefferies said in an industrywide report.
Jefferies’ Christopher Sighinolfi last week made the following changes:
ONEOK, Inc. (NYSE: OKE) was downgraded from Buy to Hold with a price target lifted from $67 to $77.
Williams Companies Inc (NYSE: WMB) will replace Oneok as the “JEF Franchise Pick.”
Sunoco LP (NYSE: SUN) was upgraded from Sell to Hold with an unchanged $22 price target.
Williams Companies A Top Pick
Oneok’s stock has outperformed the S&P 500 index by nearly 25 percent since March, which implies potential future gains are less attractive relative to some peers, Sighinolfi said in the research report. (See the analyst’s track record here.)
Jefferies is replacing Oneok with Williams Companies as its “JEF Franchise Pick,” as the stock boasts similar characteristics to Oneok,…