Oneok Inc (OKE)
NYSE:OKE
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Oneok
(NYSE:OKE)
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Rating:72Outperform
Price Target:
$100.00
â–²(19.75% Upside)
Action:Reiterated
Date:04/29/26
OKE scores well on valuation and technical trend support, plus a constructive earnings update with raised 2026 guidance. The score is held back primarily by financial profile risks—meaningful leverage and mixed cash-flow conversion/free-cash-flow trend—despite solid profitability.
Positive Factors
Integrated, diversified midstream platform
ONEOK's integrated, regionally diversified network—spanning gathering, processing, fractionation, pipelines and terminals—provides durable competitive advantage by linking production basins to Gulf Coast export and petrochemical markets. That connectivity supports fee-based revenue, lowers single-basin exposure, and sustains volume capture across cycles as demand for U.S. gas, NGLs and exports grows.
Negative Factors
Meaningful leverage
ONEOK's elevated TTM debt-to-equity (~1.46) leaves limited balance-sheet flexibility in a capital-intensive industry. High absolute debt increases interest and refinancing sensitivity, constraining optionality for opportunistic M&A or accelerated buybacks and making the company more vulnerable to rate moves or cash-flow volatility over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Integrated, diversified midstream platform
ONEOK's integrated, regionally diversified network—spanning gathering, processing, fractionation, pipelines and terminals—provides durable competitive advantage by linking production basins to Gulf Coast export and petrochemical markets. That connectivity supports fee-based revenue, lowers single-basin exposure, and sustains volume capture across cycles as demand for U.S. gas, NGLs and exports grows.
Read all positive factors
Oneok Key Performance Indicators (KPIs)
Oneok (OKE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$58.06B
Dividend Yield5.61%
Average Volume (3M)4.22M
Price to Earnings (P/E)18.4
Beta (1Y)0.56
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. Volume4,054,553
30 Day Avg. Volume4,219,806
Financial Highlights & Ratios
PEG Ratio2.95
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/Revenue2.60
Enterprise Value/Gross Profit10.86
Enterprise Value/Ebitda11.66
Forecast
1Y Price Target
$93.27Price Target Upside11.68% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering18
EPS Forecast (FY)5.7
Revenue Forecast (FY)$37.03B
Oneok Business Overview & Revenue Model
Company Description
ONEOK, Inc., together with its subsidiaries, engages in gathering, processing, storage, and transportation of natural gas in the United States. It operates through Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipeline...
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
87.59
Positive
82.89
Positive
76.15
Positive
Market Momentum
1.71
Negative
58.43
Neutral
87.35
Negative
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 89.19, below the 50-day MA of 87.59, and above the 200-day MA of 76.15, indicating a bullish trend. The MACD of 1.71 indicates Negative momentum. The RSI at 58.43 is Neutral, neither overbought nor oversold. The STOCH value of 87.35 is Negative, 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 | $74.73B | 19.11 | 10.69% | 4.27% | 12.38% | 28.17% | |
73 Outperform | $85.22B | 13.95 | 20.04% | 6.72% | -9.49% | 1.01% | |
73 Outperform | $56.26B | 15.91 | 33.27% | 7.31% | 3.18% | 6.43% | |
72 Outperform | $58.06B | 18.41 | 15.92% | 5.61% | 41.04% | 9.18% | |
71 Outperform | $58.10B | 28.10 | 73.92% | 2.03% | -1.23% | 80.28% | |
70 Outperform | $95.25B | 24.40 | 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
92.15
14.59
18.82%
EPD
Enterprise Products Partners
39.39
9.61
32.29%
KMI
Kinder Morgan
33.59
7.21
27.34%
TRGP
Targa Resources
270.69
113.90
72.65%
WMB
Williams Co
77.88
21.79
38.84%
MPLX
MPLX
55.44
8.62
18.41%
Oneok Corporate Events
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...
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
ONEOK Posts Strong 2025 Results and 2026 Outlook
Positive
Feb 23, 2026
On Feb. 23, 2026, ONEOK reported that full-year 2025 net income attributable to the company rose 12% to $3.39 billion and adjusted EBITDA climbed 18% to $8.02 billion, driven by higher NGL and natural gas processing volumes and contributions from ...
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.