Oneok (OKE) AI Stock Analysis

• Market Cap: $46.63B
• Dividend Yield: 5.51%
• Average Volume (3M): 3.40M
• Price to Earnings (P/E): 14.4
• Beta (1Y): 0.82
• Revenue Growth: 47.00%
• EPS Growth: 11.86%
• Country: US
• Employees: 5,177
• Sector: Energy
• Sector Strength: 45
• Industry: Oil & Gas Midstream
• EPS (TTM): 1.34
• Shares Outstanding: 629,756,000
• 10 Day Avg. Volume: 4,211,786
• 30 Day Avg. Volume: 3,401,441
• PEG Ratio: -3.55
• Price to Book (P/B): 3.46
• Price to Sales (P/S): 2.71
• P/FCF Ratio: 20.54
• Enterprise Value/Market Cap: 1.80
• Enterprise Value/Revenue: 2.99
• Enterprise Value/Gross Profit: 11.27
• Enterprise Value/Ebitda: 11.53
• 1Y Price Target: $95.17
• Price Target Upside: 28.52% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 12

• Rating: 73 Outperform
• Price Target: $83.00 ▲(12.09% Upside)

Oneok's overall score is driven by strong financial performance and strategic corporate events, which are offset by bearish technical indicators. The company's valuation is attractive, and the earnings call provided positive insights, though future projections face some challenges.

Positive Factors

Acquisitions and integration

Recent acquisitions have transformed OKE into a more integrated and diversified company better positioned to capture market share.

Expansion and growth

OKE is expanding its Del processing capacity from 0.3bcf/d a year ago to 1.1bcf/d by 2027.

Financial performance

OKE maintains its 2025 financial guidance including EBITDA of $8.0-8.45B.

Negative Factors

Guidance and expectations

OKE lowered 2026 guidance by $200mm, and it may decrease further if crude prices soften.

Infrastructure growth limitations

There is limited industry need for NGL infrastructure growth beyond what has been announced, limiting growth opportunities.

Market competition

Investors may wait to ascribe full credit given prevailing competition and the perception incumbents are willing to sacrifice margin for market share.

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 revenue growth and profitability, though there are pressures on margins. The balance sheet shows high leverage, which could pose risks if not managed carefully. Cash flow generation remains solid, supporting the company's financial stability.

Income Statement

Oneok's income statement shows strong revenue growth with a TTM increase of 11.99%. The company maintains solid profitability with a gross profit margin of 26.58% and a net profit margin of 11.07%. However, there is a slight decline in margins compared to the previous year, indicating some pressure on profitability.

Balance Sheet

The balance sheet reflects a high debt-to-equity ratio of 1.49, indicating significant leverage. However, the company has improved its equity position, and the return on equity remains robust at 16.04%, showcasing effective use of equity to generate profits.

Cash Flow

Cash flow analysis reveals a decrease in free cash flow growth by 6.20% TTM, but the company maintains a healthy operating cash flow to net income ratio of 0.79. The free cash flow to net income ratio of 0.54 suggests adequate cash generation relative to net income.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	27.95B	21.70B	17.68B	22.39B	16.54B	8.54B
Gross Profit	7.43B	7.25B	4.98B	3.85B	3.66B	2.85B
EBITDA	7.26B	6.59B	5.11B	3.52B	3.30B	2.55B
Net Income	3.09B	3.04B	2.66B	1.72B	1.50B	612.81M
Balance Sheet
Total Assets	64.52B	64.07B	44.27B	24.38B	23.62B	23.08B
Cash, Cash Equivalents and Short-Term Investments	97.00M	733.00M	338.00M	220.00M	146.39M	524.50M
Total Debt	32.47B	32.08B	21.76B	13.70B	13.73B	14.34B
Total Liabilities	42.62B	41.94B	27.78B	17.89B	17.61B	17.04B
Stockholders Equity	21.83B	17.04B	16.48B	6.49B	6.02B	6.04B
Cash Flow
Free Cash Flow	2.87B	2.87B	2.83B	1.70B	1.85B	-296.31M
Operating Cash Flow	5.28B	4.89B	4.42B	2.91B	2.55B	1.90B
Investing Cash Flow	-6.79B	-6.61B	-6.40B	-1.14B	-665.29M	-2.27B
Financing Cash Flow	1.56B	2.12B	2.10B	-1.69B	-2.26B	875.00M

Oneok Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 74.05
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For OKE, the sentiment is Negative. The current price of 74.05 is below the 20-day moving average (MA) of 78.74, below the 50-day MA of 79.78, and below the 200-day MA of 90.40, indicating a bearish trend. The MACD of -1.61 indicates Positive momentum. The RSI at 33.82 is Neutral, neither overbought nor oversold. The STOCH value of 4.72 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for OKE.

Oneok Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MPLX	81 Outperform	$50.80B	11.83	31.38%	7.68%	4.67%	2.07%
EPD	79 Outperform	$67.43B	11.63	20.43%	6.83%	-0.55%	2.14%
ET	75 Outperform	$59.69B	13.42	13.73%	7.50%	-3.65%	9.69%
OKE	73 Outperform	$46.63B	14.44	16.05%	5.51%	47.00%	11.86%
KMI	70 Outperform	$59.02B	21.79	8.86%	4.37%	3.95%	11.32%
WMB	68 Neutral	$70.90B	29.29	19.64%	3.38%	10.57%	-14.22%
Sector *	66 Neutral	$14.82B	8.14	6.06%	5.50%	4.59%	-64.35%

Oneok Corporate Events

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 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.

Oneok Declares Quarterly Dividend of $1.03 Per Share

On July 16, 2025, ONEOK, Inc. announced that its board of directors declared a quarterly dividend of $1.03 per share of common stock, maintaining the previous quarter’s rate and resulting in an annualized dividend of $4.12 per share. The dividend is set to be paid on August 14, 2025, to shareholders recorded by the close of business on August 1, 2025, reflecting the company’s stable financial strategy and commitment to shareholder returns.

The most recent analyst rating on (OKE) stock is a Buy with a $90.00 price target. To see the full list of analyst forecasts on Oneok stock, see the OKE Stock Forecast page.

ONEOK Announces Q2 2025 Earnings Release Date

ONEOK, Inc. announced on June 30, 2025, that it will release its second quarter 2025 earnings after the market closes on August 4, 2025. A conference call and webcast with the management team will follow on August 5, 2025, at 11 a.m. Eastern Time. This announcement is part of ONEOK’s ongoing efforts to provide transparency and engage with stakeholders, reflecting its commitment to maintaining strong communication with investors and the market.

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 Completes Acquisition of Delaware G&P Stake

On June 3, 2025, ONEOK announced the acquisition of the remaining 49.9% interest in Delaware G&P LLC from NGP XI Midstream Holdings for $940 million, making ONEOK the sole owner of the Delaware Basin JV. This acquisition, completed on May 28, 2025, enhances ONEOK’s growth strategy in the Permian Basin, strengthening its position in the natural gas gathering and processing sector with facilities capable of processing over 700 million cubic feet per day.

The most recent analyst rating on (OKE) stock is a Buy with a $90.00 price target. To see the full list of analyst forecasts on Oneok stock, see the OKE Stock Forecast page.

ONEOK Announces Participation in Investor Conference

On May 27, 2025, ONEOK, Inc. announced its participation in an investor conference and a fireside chat session scheduled for May 28. The session will be webcast live on the company’s website, with a replay available, providing stakeholders with insights into ONEOK’s operations and strategic positioning in the energy market.

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 Approves 2025 Equity Incentive and Stock Award Plans

On May 21, 2025, ONEOK, Inc. held its Annual Meeting of Shareholders where the 2025 Equity Incentive Plan (EIP) and the 2025 Employee Stock Award Program (ESAP) were approved. The 2025 EIP, replacing the 2018 EIP, allows for the issuance of up to 16,870,000 shares of common stock plus additional shares from the previous plan, and provides various awards to non-employee directors, officers, and employees. The 2025 ESAP, succeeding the previous stock award program, offers eligible employees one share of common stock for no monetary consideration when certain share price benchmarks are met. Both plans are set to terminate ten years from the effective date unless ended earlier. Additionally, the shareholders elected directors and ratified the selection of PricewaterhouseCoopers LLP as the independent registered public accounting firm for 2025.

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.