Oneok Boosts Target

Shares rise.
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Oneok

(OKE) - Get Report

on Tuesday increased its 2006 earnings guidance and provided preliminary 2007 earnings outlook.

The Tulsa, Okla.-based gas company now expects earnings of $2.60 to $2.70 a share in the year 2006, compared with its earlier guidance of $2.50 to $2.60 a share. The forecast includes one-time gain of $52 million, or 28 cents a share related to the company's stake in a sale of

Oneok Partners'

sale of a 20% interest in Northern Border pipeline. Full year 2007 earnings are expected to be $2.35 to $2.75 a share. Analysts polled by Thomson First Call expect earnings of $2.41 a share in 2006 and $2.57 a share in the year 2007.

"In 2007, ONEOK will benefit from the recently settled rate case in Kansas, which will increase annual rates by $52 million and contribute approximately $45 million in additional operating income," the company said.

Shares of Oneok were trading up 71 cents, or 1.7%, to $42.20 Tuesday.

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