Oneok (OKE) AI Stock Analysis

• Market Cap: $41.70B
• Dividend Yield: 6.05%
• Average Volume (3M): 4.07M
• Price to Earnings (P/E): 12.2
• Beta (1Y): 0.85
• Revenue Growth: 58.76%
• EPS Growth: 13.74%
• Country: US
• Employees: 5,177
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Midstream
• EPS (TTM): 1.49
• Shares Outstanding: 629,231,570
• 10 Day Avg. Volume: 4,912,089
• 30 Day Avg. Volume: 4,068,081
• PEG Ratio: -3.55
• Price to Book (P/B): 3.46
• Price to Sales (P/S): 2.72
• P/FCF Ratio: 20.54
• Enterprise Value/Market Cap: 1.89
• Enterprise Value/Revenue: 2.49
• Enterprise Value/Gross Profit: 11.73
• Enterprise Value/Ebitda: 10.07
• 1Y Price Target: $86.07
• Price Target Upside: 26.35% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 14
• EPS Forecast (FY): 5.37
• Revenue Forecast (FY): $33.77B

• Rating: 74 Outperform
• Price Target: $75.00 ▲(10.10% Upside)

Oneok's overall stock score reflects strong financial performance and positive earnings call outcomes, which are slightly offset by bearish technical indicators. The company's attractive valuation and robust dividend yield further support the score, though vigilance is needed regarding debt levels and operational efficiency.

Positive Factors

Revenue Growth

Robust revenue growth indicates strong demand in the midstream sector, supporting long-term business expansion and market presence.

Cash Flow Generation

Improved cash generation enhances financial flexibility, enabling strategic investments and debt reduction, supporting sustainable growth.

Synergy Realization

Effective synergy realization from acquisitions boosts profitability and operational efficiency, strengthening competitive advantage.

Negative Factors

Debt Levels

High debt levels may limit financial flexibility and increase vulnerability to market fluctuations, impacting long-term stability.

Operational Efficiency

Decreasing margins suggest pressure on operational efficiency, which could affect profitability if not addressed.

Operational Challenges

Operational disruptions can impact service reliability and financial performance, highlighting the need for risk management.

Oneok Business Overview & Revenue Model

Company Description

Oneok, Inc. (NYSE: OKE) is a leading midstream service provider in the United States, focusing on the transportation, storage, and distribution of natural gas, natural gas liquids (NGLs), and crude oil. Operating primarily in the central and western regions of the U.S., Oneok's core services include gathering and processing natural gas, transporting NGLs through extensive pipelines, and providing storage solutions. The company plays a vital role in the energy supply chain, ensuring the efficient movement of hydrocarbons from production sites to end-users.

How the Company Makes Money

Oneok generates revenue primarily through fee-based contracts for its midstream services, including gathering, processing, and transportation of natural gas and NGLs. The company operates a network of pipelines and processing facilities that allow it to collect fees for transporting and storing hydrocarbons. Key revenue streams include gathering and processing fees from producers, transportation fees from shippers, and NGL sales. Additionally, Oneok benefits from long-term contracts with producers, which provide stable cash flows. Significant partnerships with exploration and production companies further enhance its revenue potential by ensuring consistent demand for its services.

Oneok Financial Statement Overview

Summary

Oneok demonstrates strong financial performance with significant revenue and cash flow growth, supported by effective cost management and improved leverage. However, the company must remain vigilant about its debt levels and operational efficiency to sustain its growth trajectory.

Income Statement

Oneok's income statement shows strong revenue growth with a 12.92% increase in TTM, indicating robust demand in the oil & gas midstream sector. The gross profit margin is healthy at 22.41%, and the net profit margin is solid at 11.07%, reflecting efficient cost management. However, the EBIT and EBITDA margins have slightly decreased compared to the previous year, suggesting some pressure on operational efficiency.

Balance Sheet

The balance sheet reveals a moderate debt-to-equity ratio of 1.49, which is an improvement from previous years, indicating better leverage management. The return on equity is strong at 16.04%, showcasing effective use of equity capital. The equity ratio is stable, reflecting a balanced asset structure. However, the company still carries significant debt, which could pose risks if market conditions change.

Cash Flow

Oneok's cash flow statement highlights a substantial free cash flow growth of 76.97% in TTM, indicating improved cash generation capabilities. The operating cash flow to net income ratio is 0.80, suggesting that operating cash flows are well-aligned with reported earnings. The free cash flow to net income ratio is 0.54, demonstrating a solid conversion of earnings into cash. Despite these strengths, maintaining such growth rates could be challenging.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	31.56B	21.64B	17.68B	22.87B	17.27B	8.46B
Gross Profit	6.71B	5.05B	5.75B	3.12B	3.02B	2.03B
EBITDA	7.81B	6.59B	5.11B	3.52B	3.30B	2.00B
Net Income	3.34B	3.04B	2.66B	1.72B	1.50B	612.81M
Balance Sheet
Total Assets	66.62B	64.07B	44.27B	24.38B	23.62B	23.08B
Cash, Cash Equivalents and Short-Term Investments	1.20B	733.00M	338.00M	220.00M	146.39M	524.50M
Total Debt	33.73B	32.29B	21.76B	13.70B	13.73B	14.34B
Total Liabilities	44.46B	41.94B	27.78B	17.89B	17.61B	17.04B
Stockholders Equity	22.08B	17.04B	16.48B	6.49B	6.02B	6.04B
Cash Flow
Free Cash Flow	5.10B	2.87B	2.83B	1.70B	1.85B	-296.31M
Operating Cash Flow	5.66B	4.89B	4.42B	2.91B	2.55B	1.90B
Investing Cash Flow	-7.42B	-6.61B	-6.40B	-1.14B	-665.29M	-2.27B
Financing Cash Flow	-3.51B	2.12B	2.10B	-1.69B	-2.26B	875.00M

Oneok Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 68.12
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: 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 68.12 is above the 20-day moving average (MA) of 67.21, below the 50-day MA of 69.92, and below the 200-day MA of 80.10, indicating a neutral trend. The MACD of -1.00 indicates Negative momentum. The RSI at 50.24 is Neutral, neither overbought nor oversold. The STOCH value of 52.90 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for OKE.

Oneok Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MPLX	81 Outperform	$52.46B	10.93	34.35%	7.70%	5.19%	11.09%
OKE	74 Outperform	$41.70B	12.19	17.14%	6.05%	58.76%	13.74%
EPD	74 Outperform	$66.41B	11.61	19.98%	6.91%	-6.46%	-0.87%
KMI	68 Neutral	$57.67B	21.25	8.87%	4.39%	8.54%	7.22%
WMB	68 Neutral	$70.27B	29.77	19.00%	3.43%	11.48%	-17.82%
TRGP	66 Neutral	$35.01B	21.81	61.18%	2.21%	7.79%	33.93%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%

Oneok Corporate Events

ONEOK Inc. Reports Strong Q3 Earnings and Positive Outlook

ONEOK Inc. recently held its earnings call, showcasing a robust financial performance and a successful integration of newly acquired assets. The sentiment during the call was overwhelmingly positive, with the company highlighting significant contributions from synergies and increased volumes across various segments. Despite facing operational challenges such as the MB-4 fractionator incident, the overall outlook remains optimistic, driven by strategic projects and enhanced financial flexibility.

ONEOK Inc. Reports Strong Q3 2025 Earnings Growth

ONEOK Inc. is a leading midstream energy company headquartered in Tulsa, Oklahoma, specializing in the gathering, processing, storage, and transportation of natural gas and natural gas liquids (NGLs) across North America. As one of the largest integrated energy infrastructure companies, ONEOK plays a crucial role in meeting domestic and international energy demands.

ONEOK Reports Strong Q3 2025 Earnings Growth

On October 28, 2025, ONEOK, Inc. reported higher earnings for the third quarter of 2025 compared to the same period in 2024, with net income reaching $940 million and adjusted EBITDA at $2.12 billion. The company highlighted a 17% increase in Rocky Mountain region NGL raw feed throughput volumes and a 6% rise in the Mid-Continent region. The results were driven by the successful integration of acquisitions and increased production across its operational basins, positioning ONEOK for long-term value creation for stakeholders.

The most recent analyst rating on (OKE) stock is a Buy with a $82.00 price target. To see the full list of analyst forecasts on Oneok stock, see the OKE Stock Forecast page.

ONEOK Completes $3 Billion Public Offering

On August 12, 2025, ONEOK, Inc. completed a significant public offering of notes totaling $3 billion, with the proceeds intended to repay outstanding commercial paper and senior notes due in September 2025. This strategic financial move is expected to strengthen ONEOK’s financial position and provide flexibility for general corporate purposes, potentially impacting its operations and market positioning positively.

The most recent analyst rating on (OKE) stock is a Hold with a $97.00 price target. To see the full list of analyst forecasts on Oneok stock, see the OKE Stock Forecast page.

ONEOK Announces $3 Billion Senior Notes Offering

On August 6, 2025, ONEOK, Inc. announced the pricing of a $3.0 billion senior notes offering, which includes $750 million of 7-year notes, $1.0 billion of 10-year notes, and $1.25 billion of 30-year notes. The proceeds from this offering are intended to repay outstanding commercial paper and senior notes due September 15, 2025, with any remaining funds allocated for general corporate purposes. This strategic financial move is expected to strengthen ONEOK’s financial position by addressing its debt obligations and potentially enhancing its operational flexibility.

The most recent analyst rating on (OKE) stock is a Hold with a $97.00 price target. To see the full list of analyst forecasts on Oneok stock, see the OKE Stock Forecast page.

ONEOK Inc. Reports Strong Q2 Earnings Growth

ONEOK Inc., a leading midstream service provider in North America, specializes in gathering, processing, fractionation, transportation, storage, and export services for natural gas, natural gas liquids (NGLs), refined products, and crude oil.

Oneok Inc. Reports Strong Q2 Earnings Amid Market Challenges

The recent earnings call for Oneok Inc. presented a generally positive sentiment, highlighting the company’s strong performance in the second quarter. The call emphasized significant net income growth, a boost in adjusted EBITDA, and strategic expansions in the Permian Basin. However, it also acknowledged challenges related to market volatility and adjustments to the 2026 outlook.

ONEOK Reports Strong Q2 2025 Earnings Boost

On August 4, 2025, ONEOK, Inc. reported higher earnings for the second quarter of 2025, with a net income of $841 million and an adjusted EBITDA of $1.98 billion. The results were driven by strategic acquisitions, particularly EnLink and Medallion, which contributed significantly to the company’s performance. The company also repaid nearly $600 million in senior notes and affirmed its full-year 2025 financial guidance ranges. These developments underscore ONEOK’s strong market positioning and its ability to deliver long-term value to stakeholders.

The most recent analyst rating on (OKE) stock is a Hold with a $97.00 price target. To see the full list of analyst forecasts on Oneok stock, see the OKE Stock Forecast page.