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Oneok
(NYSE:OKE)
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Rating:73Outperform
Price Target:
$94.00
â–²(12.56% Upside)
Action:Reiterated
Date:05/22/26
The score is driven by a positive outlook from the latest earnings call (raised 2026 guidance, strong Q1 performance, and visible project-driven growth) and supportive technical trend strength (price above major moving averages with positive MACD). These are tempered by mid-level financial risk from leverage and weaker cash conversion/declining free cash flow, while valuation is supported by an above-average dividend yield but only moderate earnings multiple.
Positive Factors
Near-term Capacity Expansion
ONEOK's pipeline, processing and fractionation projects (Permian relocations, Delaware expansions, Powder River and Rockies plants, Medford fractionator) expand throughput and connectivity. These capacity additions are largely fee-oriented or contracted, supporting durable volume growth, stable fee revenues and improved long-term cash generation as projects fully ramp by 2026–27.
Negative Factors
Meaningful Financial Leverage
ONEOK's elevated leverage is typical for capital-intensive midstream assets but increases interest and refinancing risk. Large absolute debt limits the company's ability to pursue opportunistic investments or aggressive shareholder returns without sustained cash generation, and rising rates or an operational setback would constrain deleveraging timelines.
Read all positive and negative factors
Positive Factors
Negative Factors
Near-term Capacity Expansion
ONEOK's pipeline, processing and fractionation projects (Permian relocations, Delaware expansions, Powder River and Rockies plants, Medford fractionator) expand throughput and connectivity. These capacity additions are largely fee-oriented or contracted, supporting durable volume growth, stable fee revenues and improved long-term cash generation as projects fully ramp by 2026–27.
Read all positive factors
Oneok Key Performance Indicators (KPIs)
Oneok (OKE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$55.34B
Dividend Yield5.61%
Average Volume (3M)3.90M
Price to Earnings (P/E)15.6
Beta (1Y)0.47
Revenue Growth41.04%
EPS Growth9.18%
CountryUS
Employees6,326
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)5.62
Shares Outstanding630,032,840
10 Day Avg. Volume3,728,821
30 Day Avg. Volume3,898,948
Financial Highlights & Ratios
PEG Ratio2.93
Price to Book (P/B)2.06
Price to Sales (P/S)1.38
P/FCF Ratio18.92
Enterprise Value/Market Cap1.58
Enterprise Value/Revenue2.48
Enterprise Value/Gross Profit10.37
Enterprise Value/Ebitda11.13
Forecast
1Y Price Target
$97.06Price Target Upside16.22% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering17
EPS Forecast (FY)5.71
Revenue Forecast (FY)$37.26B
Oneok Business Overview & Revenue Model
Company Description
ONEOK, Inc., along with its subsidiaries, functions as a leading energy infrastructure company within the United States. Its primary focus is the comprehensive management of natural gas, encompassing gathering, processing, storage, and transportat...
How the Company Makes Money
ONEOK primarily makes money by charging fees for midstream services and by earning margins on certain commodity-related activities tied to its natural gas and NGL value chain. Key revenue streams include: (1) Fee-based transportation and storage: ...
Oneok Earnings Call Summary
Earnings Call Date:Apr 28, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 10, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive tone: management reported strong Q1 results (net income +12%, adjusted EBITDA +13%), raised full‑year 2026 financial guidance, and highlighted broad-based volume growth and multiple near-term capacity projects coming online. Balance sheet actions (note redemption and a $1.2B term loan) and accelerating export demand further supported optimism. Offsetting factors included a $60M impairment, the impact of aggressive early hedging on realized prices in Q1, margin headwinds from regional basis differentials, and the expectation that some differential benefits will normalize in H2. Management emphasized operational execution, project timelines and that most major free cash flow benefits will materialize as projects complete by mid‑2027.Positive Updates
Increased 2026 Financial Guidance
ONEOK raised 2026 guidance: net income midpoint ~ $3.5 billion, diluted EPS midpoint $5.53, and adjusted EBITDA midpoint $8.25 billion; total 2026 capital expenditures unchanged at $2.7–$3.2 billion.
Negative Updates
Noncash Impairment on Powder Springs JV
Recorded a $60 million noncash impairment (approx. $0.07 per diluted share after tax) related to the Powder Springs logistics joint venture in the refined products and crude segment.
Read all updates
Q1-2026 Updates
Positive
Negative
Increased 2026 Financial Guidance
ONEOK raised 2026 guidance: net income midpoint ~ $3.5 billion, diluted EPS midpoint $5.53, and adjusted EBITDA midpoint $8.25 billion; total 2026 capital expenditures unchanged at $2.7–$3.2 billion.
Read all positive updates
Company Guidance
ONEOK raised its 2026 financial guidance, pushing net income to a midpoint of roughly $3.5 billion, diluted EPS to a midpoint of $5.53 and adjusted EBITDA to a midpoint of $8.25 billion, while keeping 2026 capital expenditures unchanged at $2.7–$3.2 billion; Q1 results were net income $776 million ($1.23/diluted share, +12% y/y) and adjusted EBITDA ≈ $2.0 billion (+13% y/y) (Q1 expected to be the lowest EBITDA quarter), including a $60 million noncash impairment ($0.07/share after tax); the company redeemed ≈ $500 million of July‑2026 notes and arranged a $1.2 billion term loan, noted it is typically ~75% hedged into a year (≈25% unhedged) with opportunistic hedges into 2027, expects most large CapEx complete by mid‑2027 with free cash flow ramping thereafter, and outlined a run‑rate capital framework of ~ $600M maintenance, ~$1B routine growth and ~$500–$600M unallocated capacity.Oneok Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
63
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 35.20B | 33.63B | 21.64B | 17.68B | 22.87B | 17.27B |
| Gross Profit | 8.43B | 7.22B | 5.05B | 5.75B | 3.12B | 3.02B |
| EBITDA | 7.85B | 7.79B | 6.59B | 5.11B | 3.52B | 3.30B |
| Net Income | 3.53B | 3.40B | 3.04B | 2.66B | 1.72B | 1.50B |
Balance Sheet | ||||||
| Total Assets | 68.20B | 66.64B | 64.07B | 44.27B | 24.38B | 23.62B |
| Cash, Cash Equivalents and Short-Term Investments | 172.00M | 78.00M | 733.00M | 338.00M | 220.00M | 146.39M |
| Total Debt | 33.65B | 32.82B | 32.29B | 21.76B | 13.70B | 13.73B |
| Total Liabilities | 45.76B | 44.07B | 41.94B | 27.78B | 17.89B | 17.61B |
| Stockholders Equity | 22.36B | 22.48B | 17.04B | 16.48B | 6.49B | 6.02B |
Cash Flow | ||||||
| Free Cash Flow | 2.24B | 2.45B | 2.87B | 2.83B | 1.70B | 1.85B |
| Operating Cash Flow | 5.63B | 5.60B | 4.89B | 4.42B | 2.91B | 2.55B |
| Investing Cash Flow | -4.06B | -3.75B | -6.61B | -6.40B | -1.14B | -665.29M |
| Financing Cash Flow | -1.53B | -2.50B | 2.12B | 2.10B | -1.69B | -2.26B |
Oneok Technical Analysis
Positive
83.51
Price Trends
88.42
Negative
86.98
Positive
78.60
Positive
Market Momentum
-0.25
Positive
49.91
Neutral
48.63
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For OKE, the sentiment is Positive. The current price of 83.51 is below the 20-day moving average (MA) of 87.87, below the 50-day MA of 88.42, and above the 200-day MA of 78.60, indicating a neutral trend. The MACD of -0.25 indicates Positive momentum. The RSI at 49.91 is Neutral, neither overbought nor oversold. The STOCH value of 48.63 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for OKE.
Oneok Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $55.57B | 26.26 | 73.92% | 2.03% | -1.23% | 80.28% | |
73 Outperform | $55.34B | 15.63 | 15.92% | 5.61% | 41.04% | 9.18% | |
73 Outperform | $58.00B | 12.35 | 33.27% | 7.31% | 3.18% | 6.43% | |
72 Outperform | $71.33B | 21.52 | 10.69% | 4.27% | 12.38% | 28.17% | |
71 Outperform | $79.51B | 13.61 | 20.04% | 6.72% | -9.49% | 1.01% | |
68 Neutral | $89.45B | 31.94 | 22.37% | 3.35% | 9.99% | 22.02% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% |
* Energy Sector Average
OKE
Oneok
87.83
9.98
12.82%
EPD
Enterprise Products Partners
36.75
7.24
24.52%
KMI
Kinder Morgan
32.06
4.78
17.52%
TRGP
Targa Resources
258.88
89.24
52.60%
WMB
Williams Co
73.14
16.30
28.68%
MPLX
MPLX
57.16
9.98
21.15%
Oneok Corporate Events
Executive/Board ChangesShareholder Meetings
ONEOK Shareholders Back Directors, Auditor and Compensation Plan
Positive
May 21, 2026
At its annual shareholders’ meeting on May 20, 2026, ONEOK, Inc. investors elected all nominated directors to one-year terms ending with the 2027 meeting, reinforcing continuity in board leadership through broad support for the existing slat...
Business Operations and StrategyDividendsFinancial Disclosures
ONEOK boosts 2026 outlook after strong first quarter
Positive
Apr 28, 2026
On April 28, 2026, ONEOK reported that first-quarter 2026 net income rose 12% year over year to $776 million, or $1.23 per diluted share, while adjusted EBITDA climbed 13% to about $2.0 billion, driven by higher NGL, natural gas processing, refine...
Executive/Board ChangesShareholder Meetings
ONEOK Announces Planned Retirement of Long-Serving Board Directors
Neutral
Mar 25, 2026
ONEOK announced on March 25, 2026, that long-serving directors Gerald B. Smith and Pattye L. Moore will retire from its board at the end of their current terms on May 20, 2026, coinciding with the company’s 2026 annual meeting of shareholder...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.