"Wells Fargo argues the Iran war will produce a durable, structural shift in global energy flows, with U.S. midstream infrastructure positioned as a primary beneficiary. The firm expects Permian gas and NGL supply to accelerate to meet growing demand."
"The geopolitical backdrop is concrete: Iranian strikes on Qatari LNG facilities have significantly increased natural gas prices in Europe and Asia, redirecting demand toward U.S. supply chains that ONEOK's infrastructure serves."
"ONEOK's approximately 90% fee-based earnings structure provides a stable base, and the Iran war thesis adds a commodity-driven upside layer beyond what the fee model captures."
Wells Fargo upgraded ONEOK to Overweight, increasing the price target to $100 from $81. The upgrade is based on expectations that the Iran war will create a structural shift in global energy demand, benefiting ONEOK's midstream network. The firm anticipates accelerated Permian gas and natural gas liquids supply growth. Jefferies also upgraded ONEOK to Buy with a $98 target, citing geopolitical factors affecting natural gas prices. ONEOK's fee-based earnings structure provides stability, while the Iran war thesis offers additional upside potential.
Read at 24/7 Wall St.
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