The document provides an investment recommendation to buy ONEOK Partners 10-year bonds. The rationale includes the belief that the market is undervaluing OKS due to oil price drops and NGL leverage, despite limited downside for NGL prices and increased fee-based contracts. OKS reported a decrease in EBITDA and increased interest expenses, but reaffirmed its full-year EBITDA guidance. The recommendation is supported by fee-based cash flow and commodity hedging, with an expectation of financial strategy balance to maintain investment grade ratings.
documents/EFTA01378315.pdf
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