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ONEOK Inc

ONEOK Inc

OKE
$96.62USD↑+0.94%+0.90 today

MARKET CAP

60.9B

P/E (TTM)

17.2x

FWD P/E

—

DAY RANGE

$95 – $97

52W RANGE

$64
$100

AI Summary

Stalk
Buy NowMedium

OKE remains in a Stage 2 advancing regime with bullish trends across multiple timeframes. While the Bullish Exhaustion pattern warns of near-term momentum weakness and the market is moderately overbought, the recent shallow pullback into the rising 9/20 EMAs—coupled with a sub-overbought RSI and eased Options Score—offers a favorable entry for continuation participation.

  • ↑Net income rose 12% to $3.39B in FY25, reflecting robust operations.
  • ↑Adjusted EBITDA climbed 18% YoY to $8.02B, driven by asset integrations.
  • ↓Commodity volatility may cut $200M EBITDA and weigh on 2026 guidance.
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The case for & against

Bull & Bear analysis

Bullish

ONEOK, Inc. (NYSE: OKE) is a leading midstream energy company focusing on the transportation, processing, and storage of natural gas and natural gas liquids across the United States. It operates a diversified portfolio of assets, including pipelines and gas processing plants, strategically positioned to capture growing domestic and export demand for energy resources. The company is poised to benefit from the ongoing recovery in energy prices and the increasing need for infrastructure as global demand for U.S. energy resources continues to rise.

Bull says

  • ↑Net income rose 12% to $3.39B in FY25, reflecting robust operations.
  • ↑Adjusted EBITDA climbed 18% YoY to $8.02B, driven by asset integrations.
  • ↑CapEx of $2.7–3.2B focuses on processing expansions to boost throughput.
  • ↑NGL throughput surged 15% YoY in the Permian Basin on strong demand.
  • ↑Dividend yield ~5.6% underlines commitment to returning capital.
  • ↑Positive earnings revisions and high oil sensitivity signal upside in rising prices.

Bear says

  • ↓Commodity volatility may cut $200M EBITDA and weigh on 2026 guidance.
  • ↓Weak profitability factors raise doubts about consistent margin generation.
  • ↓Negative growth indicators suggest challenges in sustaining revenue growth.
  • ↓High leverage heightens financial risk if interest costs rise.
  • ↓Low liquidity could restrict cash flow flexibility during market downturns.
  • ↓Post-acquisition integration issues and regulatory shifts may pressure operations.

Investment themes with OKE

Integrated Oil & Gas↑ +1.03%

Full-cycle oil exploration, refining, and distribution

XOM · CVX · SHEL.L
High Dividend Yield↓ -0.51%

Companies paying above-average dividends

AVGO · JPM · XOM

Earnings Call · Q2 2025 · Mgmt. Guidance

Updated 09-01-2026bullish

Transcript signals

Bull points

  • We experienced strong sequential quarter growth coming out of the first quarter with higher natural gas processing volumes and double-digit NGL growth across all regions.
  • total NGL raw feed throughput volumes increased 18% compared with the first quarter.
  • Rocky Mountain region volumes averaged nearly 470,000 barrels per day, a record for the region, driven by increased ethane recovery and higher propane plus volume compared with the first quarter of 2025.

Bear points

  • we experienced lower fractionation utilization due to maintenance, which resulted in a $13 million impact in the second quarter from unfractionated NGLs and inventory.
  • Given current market conditions, we believe our 2026 outlook for adjusted EBITDA should be adjusted downward by approximately 2% or $200 million to reflect current commodity prices and resulting spread differentials.
  • We are tempering our previous outlook based on a cautious macro environment.
Read full transcript analysis ›