ONEOK: Acquisitions Drive Integrated Midstream Growth and Support Buy Rating Despite Modest 2026 EBITDA Guidance

Morgan Stanley analyst Robert Kad maintained a Buy rating on Oneok today and set a price target of $104.00.

Robert Kad’s rating is based on the view that Oneok’s recent acquisitions, notably EnLink and Medallion, are already enhancing performance across its key segments and strengthening its integrated midstream footprint. He notes that the NGL, Natural Gas G&P, Natural Gas Pipeline, and Refined Products and Crude segments are seeing volume growth, cost efficiencies, and commercial upside that together support solid earnings power despite some headwinds.

While the newly issued 2026 EBITDA guidance is modestly below market expectations, Kad believes the company’s scale, diversified asset base, and improving throughput trends justify a positive stance on the stock. In his assessment, the cash flow outlook, combined with operational synergies from the acquired systems and a constructive demand backdrop for NGLs and natural gas, provides an attractive risk‑reward profile that underpins his Buy recommendation on Oneok.

According to TipRanks, Kad is a 4-star analyst with an average return of 10.3% and a 63.94% success rate. Kad covers the Energy sector, focusing on stocks such as Energy Transfer, Enterprise Products Partners, and MPLX.

In another report released yesterday, Bank of America Securities also maintained a Buy rating on the stock with a $94.00 price target.