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Oneok
(NYSE:OKE)
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Rating:72Outperform
Price Target:
$107.00
â–²(16.68% Upside)
Action:Reiterated
Date:10/28/26
OKE scores well on momentum and management outlook: technicals show a clear uptrend above major moving averages, and the latest earnings call was strongly positive with raised 2026 guidance and concrete balance-sheet improvements. The main offset is financial quality risk, driven by meaningful leverage and weaker recent cash conversion versus earnings, while valuation is supportive with a moderate P/E and a ~4.4% dividend yield.
Positive Factors
Contracted Midstream Infrastructure
ONEOK’s fee-based, throughput-driven model spans NGL and natural gas infrastructure, linking production basins with petrochemical, refining and end-use markets. This connected network can support recurring revenue, customer integration and durable utilization as volumes move through multiple parts of the value chain.
Negative Factors
Meaningful Leverage
Although leverage has improved from earlier peaks, absolute debt remains high relative to equity, leaving ONEOK more debt-reliant than conservatively financed peers. This can constrain capital allocation, increase sensitivity to financing costs and make sustained deleveraging important for long-term resilience.
Read all positive and negative factors
Positive Factors
Negative Factors
Contracted Midstream Infrastructure
ONEOK’s fee-based, throughput-driven model spans NGL and natural gas infrastructure, linking production basins with petrochemical, refining and end-use markets. This connected network can support recurring revenue, customer integration and durable utilization as volumes move through multiple parts of the value chain.
Read all positive factors
Oneok Key Performance Indicators (KPIs)
Any
Revenue by Segment
Shows how much revenue comes from each business unit (for example NGL systems, pipelines, and midstream services). Reveals which parts of Oneok drive sales, how diversified the company is, and which segments are most exposed to commodity prices or volume swings.
Shows how much revenue comes from each business unit (for example NGL systems, pipelines, and midstream services). Reveals which parts of Oneok drive sales, how diversified the company is, and which segments are most exposed to commodity prices or volume swings.
Data provided by:
The Fly
The FlyOneok (OKE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$60.53B
Dividend Yield4.42%
Average Volume (3M)3.44M
Price to Earnings (P/E)16.5
Beta (1Y)0.36
Revenue Growth41.83%
EPS Growth12.74%
CountryUS
Employees6,326
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)5.81
Shares Outstanding630,409,200
10 Day Avg. Volume2,755,942
30 Day Avg. Volume3,440,586
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 Cap1.45
Enterprise Value/Revenue2.23
Enterprise Value/Gross Profit10.23
Enterprise Value/Ebitda11.12
Forecast
1Y Price Target
$101.18Price Target Upside10.33% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering17
EPS Forecast (FY)5.76
Revenue Forecast (FY)$42.78B
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 across natural gas liquids (NGL) and natural gas value chains. Its core revenue model is based on contracted, throughput-driven services where customers (producers, processors, ma...
Oneok Earnings Call Summary
Earnings Call Date:Oct 27, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Mar 01, 2027
Earnings Call Sentiment Positive
The call was strongly positive overall. ONEOK reported 6% adjusted EBITDA growth, raised 2026 guidance for the third time, strengthened its balance sheet through a $9 billion minority equity investment and nearly $5.5 billion of debt extinguishment, and described Brazos volumes and assets as exceeding expectations. Growth is supported by strong activity across the Permian, Bakken, Mid-Continent, and Powder River Basin, multiple projects entering service, and new power-generation demand contracts. The main challenges were higher capital expenditures, one-time benefits embedded in reported results, temporary fractionation constraints, expected moderation of the Waha-to-Katy opportunity, and the absence of formal 2027 guidance.Positive Updates
Strong Third-Quarter Financial Results
Third-quarter net income attributable to ONEOK totaled $1.35 billion, or $2.13 per diluted share. Adjusted EBITDA totaled $2.24 billion, a 6% increase compared with the third quarter of 2025.
Negative Updates
One-Time Benefits in Reported Results
Third-quarter net income and earnings per share included a $336 million one-time noncash income tax benefit related to the corporate reorganization connected with the minority equity transaction. Adjusted EBITDA included a $53 million net benefit from the transactions, primarily related to gains on debt extinguishment.
Read all updates
Q3-2026 Updates
Positive
Negative
Strong Third-Quarter Financial Results
Third-quarter net income attributable to ONEOK totaled $1.35 billion, or $2.13 per diluted share. Adjusted EBITDA totaled $2.24 billion, a 6% increase compared with the third quarter of 2025.
Read all positive updates
Company Guidance
ONEOK increased 2026 guidance to a net income midpoint of $4.18 billion and an adjusted EBITDA midpoint of approximately $8.55 billion, with 2026 capital expenditures expected to total approximately $3.5 billion; refined products volumes are expected to finish the year near the top end of the original guidance range, and full year crude gathering volumes are expected to increase approximately 7%. The company reiterated its mid to high single digit adjusted EBITDA growth target for the next 5 to 7 years from its 2025 base, expects approximately 14 rigs on the Brazos Midland dedicated acreage during 2027, and expects 2027 capital expenditures around that $33 billion ish give or take, then between 2.5 to 3 billion going forward. ONEOK is not providing 2027 guidance today and expects to do so after fourth quarter results in February; its debt-to-EBITDA target going forward is approximately 3.25x or lower, with 3.5x as the upper end of its targeted leverage range, and it expects to go below 3x within the next few years.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 | 39.37B | 33.63B | 21.64B | 17.68B | 22.87B | 17.27B |
| Gross Profit | 8.59B | 7.22B | 5.05B | 5.75B | 3.12B | 3.02B |
| EBITDA | 7.91B | 7.79B | 6.59B | 5.11B | 3.52B | 3.30B |
| Net Income | 3.66B | 3.40B | 3.04B | 2.66B | 1.72B | 1.50B |
Balance Sheet | ||||||
| Total Assets | 68.55B | 66.64B | 64.07B | 44.27B | 24.38B | 23.62B |
| Cash, Cash Equivalents and Short-Term Investments | 161.00M | 78.00M | 733.00M | 338.00M | 220.00M | 146.39M |
| Total Debt | 33.02B | 32.82B | 32.29B | 21.76B | 13.70B | 13.73B |
| Total Liabilities | 45.47B | 44.07B | 41.94B | 27.78B | 17.89B | 17.61B |
| Stockholders Equity | 22.94B | 22.48B | 17.04B | 16.48B | 6.49B | 6.02B |
Cash Flow | ||||||
| Free Cash Flow | 2.91B | 2.45B | 2.87B | 2.83B | 1.70B | 1.85B |
| Operating Cash Flow | 6.16B | 5.60B | 4.89B | 4.42B | 2.91B | 2.55B |
| Investing Cash Flow | -4.03B | -3.75B | -6.61B | -6.40B | -1.14B | -665.29M |
| Financing Cash Flow | -2.06B | -2.50B | 2.12B | 2.10B | -1.69B | -2.26B |
Oneok Technical Analysis
Positive
91.70
Price Trends
92.83
Positive
90.86
Positive
87.24
Positive
Market Momentum
1.11
Negative
62.28
Neutral
83.09
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 91.7 is above the 20-day moving average (MA) of 91.40, below the 50-day MA of 92.83, and above the 200-day MA of 87.24, indicating a bullish trend. The MACD of 1.11 indicates Negative momentum. The RSI at 62.28 is Neutral, neither overbought nor oversold. The STOCH value of 83.09 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 |
|---|---|---|---|---|---|---|---|
80 Outperform | $58.92B | 12.47 | 33.42% | 7.41% | 4.79% | 10.20% | |
76 Outperform | $64.89B | 28.74 | 72.08% | 1.49% | -0.83% | 49.90% | |
75 Outperform | $80.27B | 12.91 | 21.21% | 5.93% | 7.38% | 7.45% | |
73 Outperform | $70.28B | 12.57 | 16.77% | 6.59% | 33.27% | 12.55% | |
72 Outperform | $60.53B | 16.52 | 16.28% | 4.42% | 41.83% | 12.74% | |
69 Neutral | $90.62B | 29.40 | 23.86% | 2.80% | 8.70% | 26.28% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% |
* Energy Sector Average
OKE
Oneok
94.54
30.80
48.32%
ET
Energy Transfer
20.71
4.96
31.48%
EPD
Enterprise Products Partners
38.06
8.83
30.22%
TRGP
Targa Resources
302.61
154.42
104.20%
WMB
Williams Co
74.09
18.80
33.99%
MPLX
MPLX
58.11
11.59
24.90%
Oneok Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
ONEOK Raises 2026 Guidance After Strong Q3 Results
Positive
Oct 27, 2026
On Oct. 27, 2026, ONEOK reported substantially higher results for the third quarter ended Sept. 30, 2026, including net income of $1.38 billion, net income attributable to ONEOK of $1.35 billion, and adjusted EBITDA of $2.24 billion, up 6% year on...
Business Operations and StrategyPrivate Placements and Financing
ONEOK Announces Note Tender Results and Amended Equity Plan
Positive
Sep 15, 2026
On August 4, 2026, legacy ONEOK entered into an equity distribution agreement with BofA Securities and Bank of America that allows the company to issue up to $1 billion of common stock, with ONEOK later assuming these obligations following corpora...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
ONEOK Secures Apollo Investment and Restructures Holding Company
Positive
Aug 31, 2026
On August 18, 2026, ONEOK agreed to acquire Brazos Midland, LLC, which owns Brazos Midstream’s Permian Midland Basin natural gas gathering and processing assets, for $4.425 billion in cash, adding roughly 700 miles of gathering lines and 1.2...
Business Operations and StrategyFinancial Disclosures
ONEOK Boosts 2026 Outlook After Strong Q2 Results
Positive
Aug 3, 2026
On Aug. 3, 2026, ONEOK reported stronger second-quarter 2026 results, with net income rising 13% year on year to $967 million, or $1.53 per diluted share, and adjusted EBITDA up 7% to $2.12 billion. The performance was driven by record NGL volumes...
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.