ONEOK, Inc. (OKE) Stock Price & Analysis
ONEOK, Inc. (OKE) closed at USD 93.9 on Thursday, October 22, 2026, up 0.84% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 93.12; the Oct 22, 2026 session ranged USD 91.1–94.38 on volume of 3,579,993 shares. Market capitalization is $59.20B, with a 52-week range of USD 64.02–99.85 (NYQ). Source: Nexqual, retrieved October 23, 2026 at 09:47 UTC.
Also available as compact Markdown for AI agents: nexqual.com/OKE.md
Key facts (OKE)
- Last four reported quarters (through Jun 30, 2026): revenue $39.4B, net income $3.66B (9.3% margin), free cash flow $2.91B (SEC filings).
- Valuation: P/E 16.2x (avg 15.3x at the last 3 fiscal year-ends), EV/EBITDA 11.8x, net debt $31.4B.
- Analysts: Hold (mean 2.50 on a 1–5 scale) (22 analysts), mean target USD 101.1 (range 91–112).
- Total return with dividends: 1Y +41.9% vs S&P 500 +14.9%; 5Y +89.8% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD 1.5, revenue estimate $10.4B.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (OKE)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $16.5B | $22.4B | $17.7B | $21.7B | $33.6B | $39.4B |
| Gross profit | $4.28B | $4.48B | $5.75B | $8.39B | $10.3B | — |
| Operating income | $2.60B | $2.81B | $4.07B | $4.99B | $5.74B | $6.11B |
| Net income | $1.50B | $1.72B | $2.66B | $3.04B | $3.39B | $3.66B |
| EPS (diluted) | $3.35 | $3.84 | $5.48 | $5.17 | $5.42 | — |
| Free cash flow | $1.85B | $1.70B | $2.83B | $2.87B | $2.45B | $2.91B |
| Gross margin | 25.9% | 20.0% | 32.5% | 38.7% | 30.5% | — |
| Operating margin | 15.7% | 12.5% | 23.0% | 23.0% | 17.1% | 15.5% |
| Net margin | 9.1% | 7.7% | 15.0% | 14.0% | 10.1% | 9.3% |
| Revenue growth | +93.6% | +35.3% | -21.0% | +22.7% | +55.0% | — |
| Cash + short-term investments | $146M | $220M | $338M | $733M | $78.0M | — |
| Total debt | $13.6B | $13.6B | $21.7B | $32.1B | $32.0B | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (OKE)
P/E 16.2x · P/S 1.5x · EV/EBITDA 11.8x · EV/Sales 2.3x · P/FCF 20.4x · P/B 2.6x · FCF yield 4.91% · Earnings yield 6.18% · Dividend yield (paid, TTM) 4.47% · Net debt $31.4B · EV $90.6B
P/E at fiscal year-ends: Dec 2025 13.6x, Dec 2024 19.4x, Dec 2023 12.8x.
Analysts (OKE)
Consensus Hold (mean 2.50 on a 1–5 scale), 22 analysts; mean target USD 101.1 (low 91, high 112).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | RBC Capital | Target raised | Sector Perform | $90 → $96 |
| 2026-10-06 | JP Morgan | Target lowered | Neutral | $106 → $100 |
| 2026-09-11 | TD Cowen | Target raised | Hold | $90 → $93 |
| 2026-09-09 | Morgan Stanley | Target raised | Equal-Weight | $105 → $112 |
| 2026-09-03 | Citigroup | Target raised | Buy | $97 → $108 |
| 2026-09-02 | Jefferies | Target raised | Hold | $95 → $105 |
| 2026-09-02 | Truist Securities | Target raised | Hold | $93 → $104 |
| 2026-09-02 | Wells Fargo | Target raised | Overweight | $98 → $106 |
| 2026-09-01 | Scotiabank | Target raised | Sector Perform | $89 → $95 |
| 2026-09-01 | JP Morgan | Target raised | Neutral | $95 → $106 |
| 2026-08-18 | Morgan Stanley | Target raised | Equal-Weight | $103 → $105 |
| 2026-07-29 | Morgan Stanley | Downgrade | Overweight → Equal-Weight | $113 → $103 |
Total return (dividends reinvested) (OKE)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | +41.9% | +89.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +42.1% | +13.6% |
| Volatility (annualized) | 27.3% | 29.8% |
| Max drawdown | -12.6% (Sep 2026→Sep 2026) | -40.7% (Nov 2024→Oct 2025) |
OKE revenue by business segment (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Refined Products and Crude Oil | $7.13B | 59.2% | +145.3% |
| Natural Gas Liquids | $4.59B | 38.1% | +18.7% |
| Natural Gas Gathering and Processing | $1.88B | 15.6% | +1.6% |
| Natural Gas Pipelines | $449.0M | 3.7% | +10.9% |
| Total revenue | $12.05B | 100% | — |
OKE revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Commodity sales | $10.81B | 89.8% | +60.8% |
| Liquids commodity sales | $1.43B | 11.9% | +30.3% |
| Services and other | $1.24B | 10.2% | +6.4% |
| Exchange services and natural gas gathering and processing revenue | $269.0M | 2.2% | -7.2% |
| Residue natural gas sales | $171.0M | 1.4% | -61.9% |
| Other revenue | $5.0M | 0.0% | -44.4% |
| Total revenue | $12.05B | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
OKE suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Oklahoma | “While we have flexibility in establishing natural gas transportation rates with customers, there is a maximum rate that we can charge our customers in Oklahoma and Kansas and for the services regulated by the FERC.” |
| Customer | Kansas | “While we have flexibility in establishing natural gas transportation rates with customers, there is a maximum rate that we can charge our customers in Oklahoma and Kansas and for the services regulated by the FERC.” |
| Partner | MPLX LP and Enbridge | “In 2025, we, WhiteWater, MPLX LP and Enbridge Inc., through the existing Matterhorn joint venture, announced the new approximately 450-mile, 48-inch Eiger Express Pipeline, designed to transport up to approximately 3.7 Bcf/d of natural gas from the Permian Basin to Katy, Texas.” |
Quoted from the company's 10-K filed Feb 24, 2026.
OKE customer concentration
In the period ended Dec 31, 2025, a single direct customer accounted for 12% of revenue, per the company's 10-K filed Feb 24, 2026. The company does not name it.
OKE company outlook (results filed Apr 28, 2026)
- “(NYSE: OKE) today announced higher first- quarter 2026 results and increased 2026 financial guidance.”
- “ONEOK increased 2026 net income guidance to a range of $3.21 billion to $3.79 billion.”
- “Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) guidance increased to a range of $8.0 billion to $8.5 billion.”
- “Total 2026 capital expenditure guidance remains unchanged at approximately $2.7 billion to $3.2 billion. "ONEOK's first-quarter performance reflects year-over-year volume growth and continued operational execution across our integrated asset portfolio," said Pierce H.”
Quoted word-for-word from the SEC 8-K results press release.
OKE analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $1.50 | $1.47 | +2.0% | $10.39B | 14 |
| Next quarter (ends Dec 2026) | $1.49 | $1.52 | -2.0% | $10.84B | 13 |
| Current fiscal year (ends Dec 2026) | $5.84 | $5.71 | +2.3% | $43.58B | 14 |
| Next fiscal year (ends Dec 2027) | $6.19 | $6.16 | +0.4% | $43.11B | 14 |
Key Statistics (as of October 23, 2026 at 09:47 UTC)
| Price | USD 93.9 |
|---|---|
| Change | ▲ 0.84% (up) |
| Previous Close | USD 93.12 |
| Open | USD 93.88 |
| Day Range | USD 91.1 – 94.38 |
| 52-Week Range | USD 64.02 – 99.85 |
| Volume | 3,579,993 shares |
| Market Cap | $59.20B |
| Exchange | NYQ |
Technical Analysis (OKE)
Nexqual's technical model rates OKE "BUY" based on 5 bullish and 1 bearish signals across 127 daily candles, as of October 23, 2026 at 09:47 UTC.
| Overall Signal | BUY |
|---|---|
| RSI (14) | 55.93 (neutral) |
| vs SMA50 | Above (USD 92.73) |
| MACD | 0.43 (positive) |
Analyst Ratings (OKE)
Wall Street analysts rate OKE "Hold" based on 22 analysts, with a mean price target of USD 101.1 (range USD 91–112), per Nexqual as of October 23, 2026 at 09:47 UTC.
| Consensus Rating | Hold |
|---|---|
| Analyst Count | 22 |
| Mean Target | USD 101.1 |
| High Target | USD 112 |
| Low Target | USD 91 |
| Buy / Hold / Sell | 9 / 13 / 0 |
Earnings (OKE)
| Next Earnings Date | 2026-10-27 |
|---|---|
| EPS Estimate | USD 1.57 |
| Revenue Estimate | $10.39B |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 1.53 vs est 1.46 ▲ beat |
| 2026-03-31 | USD 1.23 vs est 1.3 ▼ miss |
| 2025-12-31 | USD 1.55 vs est 1.49 ▲ beat |
| 2025-09-30 | USD 1.49 vs est 1.45 ▲ beat |
Source: Nexqual, October 23, 2026 at 09:47 UTC.
Financials & Fundamentals (OKE)
| Total Revenue | $39.37B |
|---|---|
| Revenue Growth (latest quarter, YoY) | +52.80% |
| Gross Margin | +27.21% |
| Operating Margin | +13.25% |
| Profit Margin | +9.29% |
| ROE | +16.28% |
| Debt / Equity | 1.43 |
| Current Ratio | 0.74 |
| Total Cash | $161.00M |
| Total Debt | $33.02B |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | $2.91B (7.4% of revenue) |
Source: Nexqual, October 23, 2026 at 09:47 UTC.
Financial Health Score (OKE)
Nexqual rates ONEOK, Inc.'s overall financial health "Solid" across five dimensions, as of October 23, 2026 at 09:47 UTC.
| Growth | Strong — Revenue +55% YoY (annual) |
|---|---|
| Profitability | Solid — Gross margin 27%, operating 13% (last 12 months) |
| Balance Sheet | Weak — $161M cash and investments vs $31.5B debt (Jun 2026, SEC) |
| Cash Flow | Solid — FCF $2.91B (last 4 quarters to Jun 2026, SEC), 7% margin |
| Efficiency | Solid — ROE 16%, ROA 5.8% |
Ownership (OKE)
| Insider Ownership | +0.15% |
|---|---|
| Institutional Ownership | +84.21% |
| Shares Outstanding | 630.41M |
| Float | 628.54M |
| Short % of Float | +4.36% |
Source: Nexqual, October 23, 2026 at 09:47 UTC.
Leadership (OKE)
ONEOK, Inc. is led by Pierce H. Norton, President, CEO & Director, per Nexqual as of October 23, 2026 at 09:47 UTC.
| President, CEO & Director | Pierce H. Norton |
|---|---|
| CFO, Treasurer and Executive VP of Investor Relations & Corporate Development | Walter S. Hulse |
| Executive VP & COO | Randy N. Lentz |
| Senior Vice President of Communications & Community Relations | J. Darren Wallis |
From ONEOK, Inc.'s Latest SEC 10-K Filing (filed 2026-02-24)
Key Strengths & Strategy (as disclosed to the SEC)
- Our assets are connected to key supply areas and demand centers, including export markets in Mexico via Roadrunner and supply areas in Canada and the United States via our interstate and intrastate natural gas pipelines, Northern Border and Matterhorn, which enables us to provide essential natural gas transportation and storage services.
- We expect our internally generated cash flows will allow us to fund high-return capital projects in our existing operating regions, grow our dividend, reduce debt and fund our $2.0 billion share repurchase program.
- We continue to actively seek out opportunities that will complement our extensive assets and expertise. •Maximizing total shareholder return - We plan to grow earnings through high-return capital projects that will allow us to increase our dividend and repurchase shares under our $2.0 billion share repurchase program.
- We seek consistent and strong returns on invested capital that will allow us to reward our shareholders and provide the means and opportunity to serve our additional stakeholders, including employees and the communities in which we operate.
Partnerships
- In 2024, our Board of Directors authorized a share repurchase program to buy up to $2.0 billion of our outstanding common stock.
Legal & Regulatory Risks (Item 1A, quoted)
- Compliance with these requirements can be costly and burdensome.
- Failure to comply with all applicable state or federal statutes, rules and regulations and orders could bring substantial penalties and fines.
- The FERC regulates the rates we can charge and the terms and conditions we can offer for interstate transportation service on our pipelines.
- The FERC's ratemaking methodologies may limit our ability to increase rates by amounts sufficient to reflect our actual cost or may delay the use of rates that reflect increased costs.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| LNG | Cheniere Energy, Inc. | USD 287.01 | ▲ 0.98% |
| MPLX | MPLX LP | USD 58.18 | ▼ 0.44% |
| TRGP | Targa Resources, Inc. | USD 289.54 | ▼ 2.05% |
| TRP | TC Energy Corporation | USD 61.98 | ▼ 0.53% |
| KMI | Kinder Morgan, Inc. | USD 33.72 | ▼ 0.74% |
| EPD | Enterprise Products Partners L. | USD 36.52 | ▼ 0.19% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 09:47 UTC. This page is informational and not investment advice.
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