ONEOK is getting a boost from one financial website. Insider Monkey calls the Oklahoma-based publicly-traded firm “one of the Best Low Cost Stocks to Buy According to Analysts.”
Why? Insider says it’s because of ONEOK’s recent announcement made along with WhiteWater, MPLX and Enbridge to build a new natural gas pipeline called the Eiger Express.
We’re not advocating one way or the other whether to invest in ONEOK but found it interesting the company is getting such a boost from the Finance website.
The pipeline is expected to transport gas from the Permian Basin in West Texas to the Houston area and Corpus Christi markets in Texas. It is about 450 miles long and 42 inches in diameter, and can carry up to 2.5 billion cubic feet of natural gas per day.
What Insider Monkey said about ONEOK:
Management noted that the pipeline will source gas from processing plants operated by ONEOK and MPLX, connecting the Midland and Delaware basins. The joint venture for this project is owned 70% by the Matterhorn joint venture, 15% by ONEOK, Inc. (NYSE:OKE), and 15% by MPLX, with ONEOK’s total stake being 25.5%. Moreover, WhiteWater will build and operate the pipeline.
ONEOK, Inc. (NYSE:OKE) is a midstream energy company that provides services including gathering, processing, transportation, storage, and export of natural gas and liquids.
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