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Oneok
(NYSE:OKE)
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Rating:74Outperform
Price Target:
$109.00
â–²(18.87% Upside)
Action:Reiterated
Date:09/16/26
OKE scores well primarily on a strongly positive earnings outlook (raised 2026 guidance, record volumes, and extended cash-tax benefits that support free cash flow) and constructive price momentum (trading above key moving averages with healthy momentum indicators). The score is moderated by financial profile risks—meaningful leverage and weaker recent cash conversion despite positive free cash flow—and only moderately attractive valuation (P/E ~16.7) despite a strong dividend yield (~4.37%).
Positive Factors
Integrated, fee-based infrastructure
ONEOK’s connected NGL and natural-gas infrastructure supports recurring fee revenue across several stages of the value chain. Linking supply basins with major demand and export markets can improve asset utilization, deepen customer relationships, and create durable operating advantages as volumes expand.
Negative Factors
Meaningful leverage remains
Although leverage has improved from prior peaks, the company still carries a large absolute debt load relative to equity. This reduces financial flexibility, leaves more cash flow committed to financing obligations, and makes execution of acquisitions and capital projects more dependent on continued operating strength.
Read all positive and negative factors
Positive Factors
Negative Factors
Integrated, fee-based infrastructure
ONEOK’s connected NGL and natural-gas infrastructure supports recurring fee revenue across several stages of the value chain. Linking supply basins with major demand and export markets can improve asset utilization, deepen customer relationships, and create durable operating advantages as volumes expand.
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
$56.61B
Dividend Yield4.72%
Average Volume (3M)3.64M
Price to Earnings (P/E)15.5
Beta (1Y)0.39
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. Volume3,646,274
30 Day Avg. Volume3,637,534
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 Cap1.55
Enterprise Value/Revenue2.23
Enterprise Value/Gross Profit10.23
Enterprise Value/Ebitda11.12
Forecast
1Y Price Target
$100.35Price Target Upside9.44% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering17
EPS Forecast (FY)5.71
Revenue Forecast (FY)$42.71B
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:Aug 03, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 03, 2026
Earnings Call Sentiment Positive
The call presented a strongly positive operational and financial picture: record and broad-based volume growth, raised 2026 guidance (higher net income and adjusted EBITDA midpoints), meaningful project progress and service commencements (Denver expansion, Permian processing upsizes, fractionation capacity), and improved cash tax benefits that materially enhance free cash flow. The main near-term concerns are modest NGL margin pressure from an ethane/C3+ mix shift, expected Q3–Q4 pipeline earnings normalization as Permian takeaway narrows differentials, and longer commercialization timelines for some large customers. Overall the positives (guidance raise, volume and export contracting momentum, project execution, and tax/FCF tailwinds) materially outweigh the limited headwinds.Positive Updates
Raised 2026 Financial Guidance
ONEOK raised 2026 guidance for the second time this year: net income midpoint $3.6 billion, diluted EPS midpoint $5.68, and adjusted EBITDA midpoint $8.35 billion. This reflects increases versus original February guidance of +$150 million net income and +$250 million adjusted EBITDA.
Negative Updates
NGL Margin Pressure from Mix Shift
Overall NGL margins softened modestly due to a mix shift toward higher ethane recovery (lower T&F economics vs C3+). Increased discretionary ethane volumes—particularly in Mid-Continent and Bakken—reduced blended margins despite higher volumes (+7% YoY).
Read all updates
Q2-2026 Updates
Positive
Negative
Raised 2026 Financial Guidance
ONEOK raised 2026 guidance for the second time this year: net income midpoint $3.6 billion, diluted EPS midpoint $5.68, and adjusted EBITDA midpoint $8.35 billion. This reflects increases versus original February guidance of +$150 million net income and +$250 million adjusted EBITDA.
Read all positive updates
Company Guidance
ONEOK said it raised 2026 guidance for the second time, now targeting a 2026 net income midpoint of $3.6 billion, diluted EPS midpoint of $5.68 and adjusted EBITDA midpoint of $8.35 billion (up $150 million and $250 million, respectively, versus February guidance). In Q2 the company reported net income of $967 million ($1.53 per diluted share), a 13% YoY increase, and adjusted EBITDA of $2.12 billion, up 7% YoY; management said earnings should follow the normal seasonal cadence. 2026 capital expenditure guidance remains $2.7–$3.2 billion (with spending accelerating into H2 toward the upper end), while longer-term run-rate CapEx is expected to moderate to roughly $2.0–$2.5 billion. ONEOK also raised its expected cumulative cash tax benefits to about $2.6 billion (vs. ~$1.5 billion prior), which it says will defer cash tax payments until ~2031 (extending its cash tax runway by ~2 years), and it reiterated a long-term aim of mid- to high-single-digit adjusted EBITDA growth over 5–7 years and a leverage target of ~3.5x debt/EBITDA.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
92.08
Negative
90.22
Negative
85.85
Positive
Market Momentum
-1.19
Negative
47.41
Neutral
77.08
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 91.7 is above the 20-day moving average (MA) of 90.25, below the 50-day MA of 92.08, and above the 200-day MA of 85.85, indicating a neutral trend. The MACD of -1.19 indicates Negative momentum. The RSI at 47.41 is Neutral, neither overbought nor oversold. The STOCH value of 77.08 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 |
|---|---|---|---|---|---|---|---|
80 Outperform | $57.08B | 12.06 | 33.42% | 7.65% | 4.79% | 10.20% | |
76 Outperform | $61.48B | 27.31 | 72.08% | 1.57% | -0.83% | 49.90% | |
75 Outperform | $77.91B | 12.59 | 21.21% | 6.11% | 7.38% | 7.45% | |
74 Outperform | $56.61B | 15.46 | 16.28% | 4.72% | 41.83% | 12.74% | |
73 Outperform | $70.28B | 12.87 | 16.77% | 6.59% | 33.27% | 12.55% | |
69 Neutral | $88.89B | 28.84 | 23.86% | 2.86% | 8.70% | 26.28% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% |
* Energy Sector Average
OKE
Oneok
89.80
23.81
36.09%
ET
Energy Transfer
20.41
5.04
32.80%
EPD
Enterprise Products Partners
36.08
7.03
24.21%
TRGP
Targa Resources
286.70
138.13
92.97%
WMB
Williams Co
72.67
11.84
19.47%
MPLX
MPLX
56.30
11.32
25.17%
Oneok Corporate Events
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.