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ONEOK Inc (OKE)

Fair Value
EnergyOil & Gas MidstreamUnited States

Fundamental

61

Price

$95.83

Market Cap

$58.70B

Part 1 · What the company is worth

Overview

ONEOK, Inc. operates as a midstream service provider of gathering, processing, fractionation, transportation, storage, and marine export services in the United States. It operates in four segments: Natural Gas Gathering and Processing; Natural Gas Liquids; Natural Gas Pipelines; and Refined Products and Crude. The company owns natural gas gathering pipelines and processing plants in the Mid-Continent, Permian Basin, North Texas, Gulf Coast region, and Rocky Mountain regions; and provides midstream services to producers of NGLs. It also owns NGL gathering and distribution pipelines, fractionation, terminal and storage facilities; and transports refined products, including gasoline, diesel fuel, aviation fuel, kerosene, and heating oil. In addition, the company transports and stores natural gas through regulated interstate and intrastate natural gas transmission pipelines, and natural gas storage facilities; it owns and operates a parking garage in downtown Tulsa, Oklahoma; and leases buildings, warehouses, office space, land, and equipment, including pipeline equipment, pipeline capacity, rail cars, and information technology equipment. Further, the company transports, stores, and distributes refined products, purity NGLs, and crude oil, as well as conducts commodity-related activities, including liquids blending and marketing activities. It serves integrated and independent exploration and production companies; other NGL and natural gas gathering and processing companies; crude oil and natural gas production companies; utilities; industrial companies; natural gasoline distributors; propane distributors; municipalities; ethanol producers; petrochemical, refining, and marketing companies; and diluent users, refineries, and exporters. ONEOK, Inc. was founded in 1906 and is headquartered in Tulsa, Oklahoma.

No editorial profile for this company yet

Direct competitors

Who this company fights with for the same customers

Compare

Generated with artificial intelligence on September 19, 2026, shared with all users

P/E: 28.9Score: 76Market cap: $63.39B

Targa runs the same integrated chain as ONEOK — wellhead gathering and processing in the Permian and Mid-Continent feeding NGL pipelines and Mont Belvieu fractionation — and bids against it for the same producers' gas and the same mixed-NGL barrels.

P/E: 28.6Score: 73Market cap: $89.05B

Williams competes with ONEOK for gathering and processing volumes in the Rocky Mountain, Mid-Continent and Permian basins and for interstate natural gas transportation and storage capacity sold to the same shippers.

P/E: 22.1Score: 70Market cap: $75.64B

Kinder Morgan sells the same fee-based interstate gas transportation, storage and refined-products pipeline and terminal capacity that ONEOK offers after the Magellan acquisition, to utilities, refiners and marketers in overlapping markets.

Energy Transfer LPET

Energy Transfer moves NGLs from the same Permian and Mid-Continent basins to the same Gulf Coast fractionation and export outlets, competing directly for producer dedications and for transport and fractionation fees.

Enterprise Products Partners L.P.EPD

Enterprise is the largest NGL pipeline, fractionation and export system in the United States and competes with ONEOK's natural gas liquids segment for the same mixed-NGL supply and the same petrochemical and export customers.

Western Midstream Partners, LPWES

Western Midstream gathers and processes natural gas in the Delaware Basin, Powder River Basin and DJ Basin, chasing dedications from the same producers ONEOK connects in those areas.

Balance Sheet & Liquidity

Revenue

$39.37B

Trailing 12 months (through 6/30/2026)

Net Income

$3.66B

Trailing 12 months (through 6/30/2026)

Free Cash Flow

$2.45B

Total Equity

$22.48B

Total Liabilities

$44.07B

Current Ratio

0.74

Interest Coverage

3.44

Debt/EBITDA

4.55

Earnings Per Share

Revenue & Net Income

Free Cash Flow

Income Breakdown

Historical statement

Margins over time

Debt over time

How heavy the debt is

Growth grid

Growth — Revenue

Fair Value Estimation

CyclicalFairly Valued

Fair Value

$87.29

Current Price

$95.83

Margin of Safety

-9.8%

Fair Value Range

$65.85 - $108.73

Spread across the valuation methods used, not a statistically calibrated confidence interval.

Estimation Methods

Analyst price target:$101.10
Discounted cash flow (DCF):Not applicable to this type of company
Earnings multiple (P/E):$86.88
Graham growth formula:Not applicable to this type of company
Earnings power value (EPV):$47.22
Justified P/B:Not applicable to this type of company
Dividend discount (Gordon):Not applicable to this type of company
P/FFO, funds from operations:Not applicable to this type of company
Mid-cycle earnings:$99.12
Revenue multiple:Not applicable to this type of company
Last Earnings Surprise:+3.93%

Valuation Metrics

P/E Ratio

16.52

ROE

15.1%

P/B Ratio

2.63

P/FCF

20.79

Gross Margin

27.2%

ROIC

7.9%

Profitability Radar

Value Creation (Economic Moat)

ROIC

7.9%

WACC

7.2%

ROIC − WACC

+0.7 pp

ROIC is roughly in line with the cost of capital — the company is barely covering its capital cost.

Fundamental Analysis Criteria

Passed (14)

  • EPS shows upward trend
  • ROIC 7.9%
  • P/FCF 20.79
  • P/B ratio 2.63
  • Debt/equity ratio
  • Operating margin 15.5%
  • Positive free cash flow
  • Interest coverage
  • Debt/EBITDA
  • Return on tangible assets
  • ROE 16.3%
  • PEG ratio 0.52
  • Earnings quality (operating cash flow / net income) 1.68
  • Piotroski F-Score 5/9

Failed (12)

  • EPS CAGR 3.76%
  • Price CAGR 4.83%
  • Gross margin 27.2%
  • CapEx intensity
  • Current ratio
  • Low reliance on intangibles
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • Revenue growth 5Y 4.4%
  • Earnings surprise, average 1.8%
  • Share dilution 6.6%
  • Net margin trend 9.3% vs 11.1%

Unavailable (1)

  • Dividend payout –

Piotroski F-Score

5/9

Mixed signals: some areas need attention

ROA > 0
Operating cash flow > 0
ΔROA > 0
Cash flow > net income
Leverage ↓
Current ratio ↑
No dilution
Gross margin ↑
Asset turnover ↑

Earnings Quality

1.68

High quality: earnings backed by cash

Share Dilution

6.6%

Issuing new shares, diluting ownership

Institutional Holdings

Governance

Executive Team

NameTitleAge
Mr. Pierce H. Norton IIPresident, CEO & Director65
Mr. Walter S. Hulse IIICFO, Treasurer and Executive VP of Investor Relations & Corporate Development61
Mr. Randy N. LentzExecutive VP & COO60
Mr. Lyndon C. Taylor J.D.Executive VP, Chief Legal Officer & Assistant Secretary66
Mr. Sheridan C. SwordsExecutive VP & Chief Commercial Officer56
Ms. Mary M. SpearsExecutive VP, Chief Enterprise Services Officer and Principal Accounting Officer45
Mr. J. Darren WallisSenior Vice President of Communications & Community Relations-
Mr. Brent D. StrehlowSenior VP & Chief Human Resources Officer-
Mr. Kevin L. BurdickExecutive VP & Chief Enterprise Services Officer60
Mr. Scott D. SchingenSenior VP of Eng., and Op. - Natural Gas Liquids, Natural Gas Pipelines and Corporate Measurement-

Audit Risk

6

Board Risk

2

Compensation Risk

2

Shareholder Rights Risk

8

Income History

via SEC EDGAR

Part 2 · The price and its context

This part shows how the price has behaved, not whether the company is worth owning. Inside: technical analysis, potential, historical drawdowns, gamma exposure.

Market Reaction Profile

How much OKE moves, measured on its daily prices.

VolatilityLow

More volatile than 22% of the tracked stocks (90-day volatility).

Volatility 30d
25.6%
Volatility 90d
25.8%
Beta vs S&P 500 (1y)
-0.55Correlation -0.26
Max drawdown (12m)
-12.6%
ATR (14d, % of price)
2.49%

Earnings reactions

How OKE moved around its past quarterly results.

Next earnings release

Oct 27, 2026 · In 3 days · After the close

EPS estimate: 1.57Revenue estimate: $10.4B

What usually happens

  • Over the last 12 releases the stock moved a median of 2.6% the next day, up or down.
  • Next-day moves: up 3, down 9 (out of 12).

Release history

DateWhen EPS est.EPS actualSurprise Gap 1 day5 days
Apr 28, 2026After the close1.321.32+0.3% +1.2% -0.5% +0.3%
Feb 23, 2026After the close1.531.55+1.0% -0.4% -5.1% -1.4%
Oct 28, 2025After the close1.461.49+1.9% +1.2% -2.7% -6.9%
Aug 4, 2025After the closen/an/an/a-1.0% -5.2% -7.7%
Apr 29, 2025After the closen/an/an/a-4.1% -6.5% -9.8%
Feb 24, 2025After the closen/an/an/a0.0% -2.4% -1.4%
Oct 29, 2024After the closen/an/an/a+0.1% +0.6% +3.2%
Aug 5, 2024After the closen/an/an/a+0.9% +4.7% +8.3%
Apr 30, 2024After the closen/an/an/a-1.9% -2.8% -0.9%
Feb 26, 2024After the closen/an/an/a+1.3% +2.0% +5.0%
Oct 31, 2023After the closen/an/an/a+0.6% -1.0% -0.8%
Aug 7, 2023After the closen/an/an/a-0.9% -1.6% +1.2%

Release dates from SEC 8-K filings.

Updated 10/24/2026

Historical statistics for educational purposes only. They are not forecasts and not investment advice.

Price reaction to the news

Latest news on OKE and what the price did next.

Return of the stock minus return of SPY over the same days. A news item close to a price move did not necessarily cause it. Historical data for educational purposes only, not investment advice.

Latest News

Recent headlines for OKE.

  • 2/25/2026POSITIVE
    After A Recent Growth Spurt, This 4.9%-Yielding Dividend Stock is Slowing to A Crawl in 2026. Is a Reacceleration Coming?

    Markets Gazette examines Oneok, an energy company boasting a 4.9% dividend yield. Despite projections indicating a slowdown in growth for 2026, the company appears to possess robust fundamentals to continue increasing its generous payout. Investors are prompted to consider whether this deceleration is merely a temporary pause before a potential reacceleration. Oneok's ability to sustain and grow its dividend, even during a period of more modest expansion, stands as a key attractive factor, suggesting prudent financial management and a long-term value proposition for income-focused investors.

  • 2/24/2026NEGATIVE
    Why Oneok Fell Today

    Oneok Inc., the prominent pipeline operator, experienced a notable decline today, despite reporting earnings that surpassed analyst expectations. While the company delivered a strong performance on its latest earnings, this positive news was overshadowed by what investors perceived as "tepid" guidance for 2026. This cautious outlook for future performance has generated significant concern in the market, hinting at a potential slowdown in growth or lower-than-anticipated margins in the coming years. Investors often prioritize future projections over past results, particularly in capital-intensive sectors like energy infrastructure. The negative sentiment underscores how future expectations can outweigh current successes, leading to a downturn in Oneok's stock price.

  • 2/24/2026NEUTRAL
    ONEOK (OKE) Q4 2025 Earnings Call Transcript

    ONEOK (OKE), a prominent player in the energy sector, has scheduled its fourth-quarter 2025 earnings call for February 24, 2026. As of now, specific details regarding the financial results have not been released. Investors and analysts are keenly awaiting this date to assess the company's performance and future outlook, particularly concerning its midstream operations and natural gas distribution. The upcoming conference call will be crucial for understanding ONEOK's growth strategies and capital management within an evolving energy market landscape.