OKE|Earnings Snapshot
EPS
| Qtr | Est | Actual | +/− |
|---|---|---|---|
| Q3'26 | $1.68 | - | - |
| Q2'26 | $1.48 | $1.53 | +3.7% |
| Q1'26 | $1.31 | $1.30 | -0.7% |
| Q4'25 | $1.49 | $1.55 | +3.8% |
| Q3'25 | $1.45 | $1.49 | +2.5% |
| Q2'25 | $1.33 | $1.34 | +0.9% |
Revenue
| Qtr | Est | Actual | +/− |
|---|---|---|---|
| Q3'26 | $9.6B | - | - |
| Q2'26 | $9.0B | $12.0B | +33.3% |
| Q1'26 | $8.2B | $9.6B | +16.8% |
| Q4'25 | $8.7B | $9.1B | +3.6% |
| Q3'25 | - | $8.6B | - |
| Q2'25 | - | $7.9B | - |
Market Data
OKE Stock Snapshot
OKE is currently trading at $86.42, giving ONEOK, Inc. a market cap of 55.28B and a P/E ratio of 15.7. Today's range spans $86.20–$88.23, with shares opening at $86.87 and moving up $0.00 (0.0%) from the prior close. DailyIQ's technical score sits at 41/100 (HOLD) with a news sentiment reading of 79/100.
Over the past year OKE has traded between $64.02 and $96.07 - the current price is +35.0% off the 52-week low and -10.0% from the high. 31 analysts cover the stock with a Hold consensus and a mean 12-month target of $96.29 (range $88.00–$108.00), implying upside of +11.4%.
ONEOK, Inc. (OKE) is a large-cap in Energy with 55.28B in market cap, currently sitting on a HOLD signal at 41/100. Price: $86.42 (in the upper portion of its 52-week range). Sentiment: bullish at 79/100. The current P/E ratio stands at 15.7. The 52-week range of $64.02–$96.07 is the structural anchor, and the current neutral phase is the market's way of asking for more information before committing to a direction.
The 52-week range of $64.02–$96.07 for OKE provides the structural reference that options traders, systematic funds, and discretionary managers all anchor to — and at $86.42 (in the upper portion of its 52-week range), the stock sits in a zone where the next 5–10% move will likely define which crowd was right. A HOLD signal at 41/100 and bullish news backdrop (79/100) don't break the tie yet, but they narrow the probability distribution toward the upside.
Company Insights: ONEOK, Inc. (OKE)
ONEOK, Inc. (OKE) is a significant player in the U.S. midstream energy sector, providing critical infrastructure for natural gas and natural gas liquids (NGLs). The company's operations span gathering, processing, transportation, and storage across vital production basins, connecting producers with diverse end-users. This integrated approach ensures the efficient movement of essential energy products, supporting industries from refining to utilities. ONEOK's extensive network and service offerings solidify its foundational role within the broader energy value chain.
Recent financial performance indicates a mixed but generally positive trend, with revenue showing substantial growth, particularly in Q4 2025. While earnings per share (EPS) have experienced some quarterly fluctuations, including a miss in Q1 2025, ONEOK has demonstrated a capacity to surpass analyst expectations in several recent periods. This suggests underlying operational strength, though specific EPS outcomes require ongoing scrutiny.
The company's strategic direction is evolving, with recent news highlighting a potential pivot towards becoming a multi-commodity infrastructure provider, possibly serving emerging sectors like AI data centers. This forward-looking strategy aims to diversify revenue streams beyond traditional energy products. Investors are keenly observing ONEOK's execution of this pivot and its ability to generate tangible growth beyond the projected transitional year of 2026.
Despite some recent underperformance relative to the S&P 500 over the past year, ONEOK has shown positive momentum in the last three months. Analysts maintain a favorable outlook with a 'Buy' rating, though price targets have been adjusted. This reflects an acknowledgment of strong core gathering and processing revenues alongside cautious projections for 2026, which is characterized as a period of transition.
Midstream Infrastructure
ONEOK operates extensive pipeline networks and processing facilities across key U.S. energy production regions.
The company connects natural gas and NGL producers with end-users, facilitating essential energy product movement.
Its services support exploration and production companies, utilities, and refiners within the energy value chain.
Revenue Growth
ONEOK has demonstrated significant revenue increases, with Q4 2025 revenue reaching $9.07 billion.
Despite some EPS variability, the company has a history of beating analyst estimates in multiple recent quarters.
This revenue trajectory suggests a generally positive operational performance and market demand for its services.
Strategic Pivot
ONEOK is exploring a strategic shift towards multi-commodity infrastructure provision.
This diversification may include serving emerging sectors such as AI data centers.
The pivot aims to unlock new growth avenues beyond traditional midstream operations.
Valuation & Outlook
The company's P/E ratio stands at 15.96, suggesting a moderate valuation.
Analysts maintain a 'Buy' rating, indicating confidence in the company's prospects.
2026 guidance is viewed as cautious, marking a transitional period for growth initiatives.
Positioning OKE
ONEOK's stock presents an opportunity for investors seeking exposure to essential midstream infrastructure with potential for future diversification. Adding to positions may be warranted on positive developments regarding the multi-commodity infrastructure pivot and clearer 2026 growth catalysts. Reducing exposure could be considered if execution on strategic initiatives falters or if broader energy market headwinds intensify.
Key Metrics for OKE
ONEOK's performance hinges on its ability to efficiently move energy products and expand its infrastructure. Investors should monitor metrics reflecting operational throughput and financial health.
Distributable Cash Flow: Measures the cash generated by ONEOK after operating expenses and debt payments, available for dividends and reinvestment. Stronger DCF growth indicates financial flexibility; declining DCF raises concerns about dividend sustainability. This is crucial for ONEOK as it directly impacts its ability to return capital to shareholders and fund growth projects.
Gathering & Processing Volumes: Tracks the volume of natural gas and NGLs processed through ONEOK's facilities. Increasing volumes signal higher utilization and revenue potential; declining volumes suggest weaker producer activity or competitive pressures. This metric is vital for ONEOK as it reflects the demand for its core midstream services and operational efficiency.
Fee-Based Revenue: Represents revenue earned from services where ONEOK charges a fee, rather than taking direct commodity price exposure. A higher percentage of fee-based revenue indicates greater stability and predictability for ONEOK's earnings. This is important for ONEOK's stock as it reduces earnings volatility and supports a more consistent valuation multiple.
Capital Expenditures: Measures the investment in new infrastructure and maintenance. Higher capex can signal growth initiatives but also increased debt; lower capex might indicate maturity or reduced growth prospects for ONEOK. Monitoring capex helps investors assess ONEOK's future growth potential and its impact on free cash flow.
Debt-to-EBITDA Ratio: Indicates ONEOK's leverage by comparing its total debt to its earnings before interest, taxes, depreciation, and amortization. A lower ratio suggests a healthier balance sheet and lower financial risk; a rising ratio can signal increased financial strain. This metric is critical for ONEOK as high leverage can limit financial flexibility and increase the risk profile for investors.
Analyst Price Targets for OKE
Here's where sell-side analysts stand on OKE right now, based on the latest ratings DailyIQ has tracked.
Reflects the most recently tracked analyst ratings for OKE and may lag real-time updates. Not a recommendation to buy or sell.
OKE Recent Earnings History
- Q4 2025
EPS: $1.55 actual vs $1.49 estimate (beat) · Revenue: $9,065M actual vs $8,747M estimate
- Q3 2025
EPS: $1.49 actual vs $1.45 estimate (beat) · Revenue: $8,634M actual
- Q2 2025
EPS: $1.34 actual vs $1.33 estimate (beat) · Revenue: $7,887M actual
- Q1 2025
EPS: $1.04 actual vs $1.23 estimate (miss) · Revenue: $8,043M actual
- Q4 2024
EPS: $1.57 actual vs $1.54 estimate (beat) · Revenue: $7,000M actual
Risk Factors
ONEOK's risks are primarily tied to the volatile energy markets and the execution of its strategic infrastructure projects. Investors should monitor commodity price fluctuations and regulatory changes impacting midstream operations.
- Commodity Prices
ONEOK's profitability is indirectly linked to the price of natural gas and NGLs. Lower commodity prices can reduce drilling activity, impacting the volume of resources flowing through its pipelines. This could lead to lower fee-based revenues and reduced earnings potential.
- Regulatory Changes
As a midstream operator, ONEOK is subject to evolving environmental and safety regulations. Stricter rules could increase operating costs for compliance or necessitate significant capital expenditures. Unexpected regulatory shifts could also impact the feasibility of new projects or existing operations.
- Project Execution
The company's growth strategy relies on the successful and timely completion of large-scale infrastructure projects. Delays or cost overruns in constructing new pipelines or processing facilities could negatively impact financial performance and investor confidence. Failure to secure necessary permits could also halt projects.
- Customer Concentration
ONEOK serves a diverse client base, but a significant portion of its revenue may depend on a few large exploration and production companies. The financial distress or contract termination by a major customer could materially affect ONEOK's cash flows and profitability. This risk is heightened during industry downturns.
- Interest Rate Sensitivity
ONEOK, like many capital-intensive companies, utilizes debt financing. Rising interest rates increase the cost of servicing its debt, potentially reducing net income. Higher borrowing costs could also make new projects less economically viable, hindering future growth.
What Moves OKE Stock?
ONEOK, Inc. (OKE) is primarily driven by the demand for natural gas and natural gas liquids (NGLs) infrastructure and services. Its performance is closely tied to energy production volumes and the company's ability to efficiently transport and process these commodities.
NGLs & Gas Volumes
ONEOK's core business involves gathering, processing, and transporting natural gas and NGLs from key U.S. production basins. The volume of these commodities flowing through its extensive pipeline network and processing facilities directly impacts its fee-based revenues.
Higher production volumes lead to increased throughput and processing activity, driving revenue growth and supporting profitability. Conversely, a slowdown in drilling or production can reduce volumes, negatively impacting the company's financial performance and stock price.
Infrastructure Expansion
The company's strategic investments in expanding and upgrading its midstream infrastructure are crucial for long-term growth. This includes building new pipelines, enhancing processing capacity, and potentially diversifying into new commodity streams.
Successful project execution and expansion can unlock new revenue streams and increase market reach, leading to potential stock appreciation. Delays or cost overruns in these capital projects, however, can create investor concerns and pressure the stock.
Energy Transition Strategy
ONEOK is exploring opportunities to leverage its infrastructure for the energy transition, including potential services for carbon capture and storage (CCS) or hydrogen. This strategic pivot aims to adapt to evolving energy markets.
Investor reaction to this diversification strategy will depend on the clarity of its execution and the perceived long-term viability of these new ventures. Positive developments could attract new investors, while uncertainty or execution challenges might lead to caution.
Key insight: ONEOK's stock performance hinges on its ability to capitalize on robust natural gas and NGL volumes while strategically expanding its infrastructure. Investor focus will be on the successful execution of its energy transition initiatives and their contribution to future growth.
OKE Competitive Positioning
ONEOK, Inc. (OKE) is tracked alongside these names in Oil & Gas Midstream on DailyIQ.
Frequently Asked Questions About OKE
Is ONEOK, Inc. (OKE) stock a good investment?
ONEOK, Inc. (OKE) operates as a crucial midstream energy company, connecting producers and end-users through its extensive pipeline and processing infrastructure. Its investment appeal often hinges on the stability of fee-based contracts, the demand for natural gas and NGLs, and the company's ability to expand its network. Investors should consider the broader energy market trends and ONEOK's strategic initiatives in their assessment.
What drives ONEOK stock price?
The stock price of ONEOK, Inc. (OKE) is primarily influenced by the demand for natural gas and natural gas liquids (NGLs), which drives utilization of its midstream assets. Factors such as commodity prices, producer activity in its operating regions, and the company's growth projects, including potential expansions into new energy sectors, also play a significant role. Additionally, interest rates and the overall economic environment can impact investor sentiment towards infrastructure companies like ONEOK.
Does ONEOK, Inc. (OKE) pay a dividend?
Yes, ONEOK, Inc. (OKE) typically pays a quarterly dividend to its shareholders. As a midstream energy company, it often generates stable cash flows that support consistent dividend payouts. Investors interested in dividend income should review the company's latest financial reports and investor communications for current dividend policy and yield information.
What is ONEOK's (OKE) valuation?
Valuation for ONEOK, Inc. (OKE) is often assessed using metrics such as Price-to-Earnings (P/E) ratio, Enterprise Value to EBITDA (EV/EBITDA), and dividend yield, compared to its peers in the midstream sector. The company's current P/E ratio stands at approximately 15.96, suggesting how much investors are willing to pay per dollar of earnings. Analysts also consider the company's growth prospects and asset base when determining its fair value.
What are the risks of investing in ONEOK (OKE)?
Risks associated with ONEOK, Inc. (OKE) include volatility in natural gas and NGL prices, which can affect producer activity and demand for services. Regulatory changes impacting the energy infrastructure sector, operational risks such as pipeline disruptions, and the company's leverage are also key considerations. Furthermore, shifts in energy policy and the transition to renewable energy sources could present long-term challenges.
What is ONEOK's investment thesis?
The bull case for ONEOK, Inc. (OKE) centers on its extensive and strategically located midstream infrastructure, providing essential services for natural gas and NGLs. The company's fee-based business model offers a degree of revenue stability, and its potential to benefit from increasing U.S. energy production and export growth supports its outlook. Investors may also be attracted to its dividend and potential for growth through strategic expansions and acquisitions.
How is ONEOK's (OKE) earnings performance?
ONEOK, Inc. (OKE) has shown a mixed earnings performance in recent quarters, beating EPS estimates in Q4 2024 and Q2 2025, but missing in Q1 2025. Revenue has generally trended upwards, with Q4 2025 reaching $9.07 billion. While the company has demonstrated operational strengths, investors should monitor its ability to consistently meet earnings expectations and its forward guidance, especially in light of a projected transitional year for 2026.
What is ONEOK's strategy for growth?
ONEOK, Inc. (OKE) is exploring a strategic pivot to become a multi-commodity infrastructure provider, potentially serving emerging sectors like AI data centers. This diversification aims to broaden its revenue streams beyond traditional fossil fuels. Investors will be looking for concrete execution and tangible results from this strategy, alongside continued growth in its core natural gas gathering and processing businesses.
How has ONEOK (OKE) performed against the S&P 500?
Recent performance data indicates that ONEOK, Inc. (OKE) has outperformed the S&P 500 in the past three months, suggesting positive short-term momentum. However, over the last 52 weeks, the stock has underperformed the broader market index. This divergence highlights the importance of looking at both short-term and long-term performance trends when evaluating OKE's stock.
What are ONEOK's (OKE) capital return plans?
ONEOK, Inc. (OKE) typically returns capital to shareholders through dividends and may engage in share repurchase programs. The company's commitment to returning capital is often tied to its stable cash flow generation from its midstream operations. Investors should consult ONEOK's investor relations materials for the most current information on its capital allocation strategy and share buyback activities.
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