ONEOK, Inc.
- Open
- 96.52
- Day high
- 96.90
- Day low
- 95.47
- Prev close
- 96.01
- Volume
- 152K
- Mkt cap
- $60.6B
- P/E (TTM)
- 16.6
- EPS (TTM)
- $5.81
- P/B
- 2.6
- P/S
- 1.5
- Yield
- 4.41%
- Per share
- $4.24
ONEOK, Inc. (OKE) is a Energy company listed on NYSE. The stock is up 30% over the past year. Drillr has 1 published research article covering OKE.
ONEOK, Inc. (OKE) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 9 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
OKE earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 4, 2026 | $1.46 | $1.53 | +4.8% | $12.0B | +34.6% |
| Apr 29, 2026 | $1.30 | $1.23 | -5.4% | $9.6B | +16.8% |
| Feb 23, 2026 | $1.50 | $1.55 | +3.3% | $9.1B | +3.6% |
| Oct 31, 2023 | $1.05 | $0.99 | -5.7% | $4.2B | -27.2% |
| May 2, 2023 | $2.07 | $2.34 | +13.0% | $4.5B | -18.4% |
| Feb 27, 2023 | $1.02 | $1.08 | +5.9% | $5.0B | -14.7% |
| Nov 1, 2022 | $0.96 | $1.03 | +7.3% | $5.9B | -4.7% |
| May 3, 2022 | $0.89 | $0.87 | -2.2% | $5.4B | +9.0% |
| Feb 28, 2022 | $0.89 | $0.85 | -4.5% | $5.4B | +25.0% |
| Nov 2, 2021 | $0.82 | $0.88 | +7.3% | $4.5B | +28.9% |
| Feb 22, 2021 | $0.73 | $0.69 | -5.5% | $2.6B | -5.2% |
| Jul 28, 2020 | $0.51 | $0.32 | -37.3% | $1.7B | -37.3% |
OKE insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 22, 2026 | EDWARDS JULIE Hdirector | Grant | 1,845 | $92.15 |
| May 22, 2026 | HELDERMAN MARK Wdirector | Grant | 3,039 | $92.15 |
| May 22, 2026 | Smith Wayne Thomasdirector | Grant | 1,845 | — |
| May 22, 2026 | MCCOLLUM MARK Adirector | Grant | 1,845 | $92.15 |
| May 22, 2026 | LARSON RANDALL Jdirector | Grant | 1,845 | — |
| May 22, 2026 | Owodunni Precious Wdirector | Grant | 1,845 | $92.15 |
| May 22, 2026 | RODRIGUEZ EDUARDO Adirector | Grant | 369 | — |
| May 22, 2026 | RODRIGUEZ EDUARDO Adirector | Grant | 1,476 | $92.15 |
| May 22, 2026 | Gobillot Loridirector | Grant | 1,845 | — |
| May 22, 2026 | DERKSEN BRIAN Ldirector | Grant | 1,845 | — |
| Feb 24, 2026 | Taylor Lyndon Cofficer: See Remarks | Option | 8,539 | — |
| Feb 24, 2026 | HULSE WALTER S IIIofficer: See Remarks | Tax | 3,454 | $87.33 |
| Feb 24, 2026 | BURDICK KEVIN Lofficer: See Remarks | Option | 5,629 | — |
| Feb 24, 2026 | SPEARS MARY Mofficer: See Remarks | Option | 2,286 | — |
| Feb 24, 2026 | HULSE WALTER S IIIofficer: See Remarks | Option | 7,739 | — |
Source: OKE SEC Form 4 filings, latest May 22, 2026. For informational purposes only — not investment advice.
See the full OKE insider & 13F page →ONEOK, Inc. company profile
Overview
ONEOK, Inc. (NYSE:OKE) is a major American midstream energy company founded in 1906 and headquartered in Tulsa, Oklahoma. The company has evolved from its origins as a natural gas utility into one of the largest midstream energy infrastructure operators in the United States. ONEOK operates an extensive network of approximately 60,000 miles of pipelines across key energy-producing regions, focusing on the gathering, processing, transportation, and storage of natural gas and natural gas liquids. The company has grown significantly through strategic acquisitions, including the transformative acquisition of Magellan Midstream Partners in 2023 and more recent acquisitions of EnLink Midstream and Medallion Midstream in 2024, positioning it as a dominant player in North American energy infrastructure.
Business
ONEOK operates in the midstream energy sector, which serves as the critical link between upstream oil and gas production and downstream refining and distribution. The company functions as an energy infrastructure provider, owning and operating the pipelines, processing plants, and storage facilities that move energy products from wellheads to end markets. The company operates through four primary business segments: 1. Natural Gas Liquids (NGL) Segment (~40-45% of revenue): This segment gathers, treats, fractionates, transports, and markets natural gas liquids such as ethane, propane, butane, and natural gasoline. NGLs are valuable byproducts extracted from natural gas that serve as feedstocks for petrochemicals, heating fuel, and gasoline blending. ONEOK operates extensive NGL pipeline networks across Oklahoma, Kansas, Texas, New Mexico, Montana, North Dakota, Wyoming, and Colorado, along with fractionation facilities that separate mixed NGLs into individual products. 2. Refined Products and Crude Segment (~35-40% of revenue): Following the Magellan acquisition, this segment transports refined petroleum products like gasoline, diesel, and jet fuel through pipeline systems primarily serving the central United States. The segment also handles crude oil gathering and transportation, particularly in the Permian Basin. This business benefits from consistent demand for transportation services regardless of commodity price fluctuations. 3. Natural Gas Gathering and Processing Segment (~15-20% of revenue): This segment operates gathering pipelines that collect raw natural gas from wellheads and processing plants that remove NGLs and impurities from the gas stream. The company operates processing facilities across the Mid-Continent, Rocky Mountain, and Permian Basin regions, with total processing capacity exceeding 3 billion cubic feet per day. 4. Natural Gas Pipelines Segment (~5-10% of revenue): This segment operates FERC-regulated interstate and state-regulated intrastate natural gas transmission pipelines, along with underground storage facilities. These assets provide essential transportation and storage services to utilities, industrial customers, and other energy companies, benefiting from long-term contracts and regulated returns.
Revenue model
ONEOK generates revenue primarily through fee-based services rather than commodity speculation, providing relatively stable cash flows. The company's business model centers on charging fees for transporting, processing, and storing energy products through its infrastructure network. Revenue streams include: Transportation fees charged per barrel or cubic foot moved through pipelines; processing fees for separating NGLs from raw natural gas; fractionation fees for splitting mixed NGLs into individual products; storage fees for underground storage services; and commodity margins from marketing activities and optimization of pipeline operations. The company also benefits from keep-whole processing contracts where it retains a percentage of NGLs extracted from natural gas streams. ONEOK's customers include integrated and independent oil and gas producers, petrochemical companies, refiners, propane distributors, utilities, and industrial users. The fee-based nature of most contracts provides predictable revenue streams, though some exposure to commodity prices exists through NGL marketing activities and percentage-of-proceeds contracts. Factors that enhance margins include: increased production activity in key basins like the Permian and Bakken, which drives higher volumes through existing infrastructure; ethane recovery economics, where wider spreads between ethane and natural gas prices incentivize extraction; growing demand from petrochemical facilities and LNG export terminals; and successful realization of acquisition synergies through operational optimization and commercial bundling. Margin pressures can arise from: declining production in mature basins; compressed commodity spreads that reduce NGL extraction economics; increased competition from other midstream operators; regulatory changes affecting pipeline operations; and macroeconomic factors that reduce industrial demand for energy products. The company's geographic diversification across multiple producing regions and balanced contract portfolio help mitigate these risks.
Competitive moat
ONEOK possesses a moderately strong economic moat built primarily on its extensive pipeline network and strategic geographic positioning. The company's moat stems from several key factors: Infrastructure Network Effects: ONEOK's 60,000-mile pipeline system creates significant barriers to entry, as building competing infrastructure requires massive capital investment, lengthy permitting processes, and right-of-way acquisition. The company's integrated network allows it to offer comprehensive "wellhead-to-water" services, providing value to customers through operational efficiency and reduced counterparty risk. Geographic Advantages: The company maintains dominant positions in key energy-producing regions including the Permian Basin, Bakken, and Mid-Continent areas. Its pipeline routes connect major production areas with key demand centers and export terminals, creating natural monopolistic characteristics for certain transportation corridors. Switching Costs: Once producers connect their wells to ONEOK's gathering systems, switching to competitors involves significant costs and operational disruption. Long-term contracts (often 10-20 years) with producers and downstream customers provide revenue stability and customer retention. However, the moat faces several challenges: Regulatory risks from environmental and safety regulations that could increase operating costs or limit expansion; technological disruption from renewable energy adoption that could reduce long-term demand for fossil fuel infrastructure; commodity cycle exposure where prolonged low energy prices could reduce producer drilling activity and pipeline utilization; and competitive threats from other large midstream operators and potential new entrants in high-growth regions. The company's recent acquisitions have strengthened its competitive position by creating a more integrated platform and generating operational synergies, but the energy transition presents long-term challenges to the traditional midstream business model.
Risks & safety
ONEOK presents a moderate margin of safety with manageable financial risks but elevated valuation metrics. • Debt and Solvency: Total debt-to-equity ratio of 1.88x indicates moderate leverage. Strong operating cash flows of $4.9 billion annually provide adequate debt service coverage. The company maintains investment-grade credit ratings and has demonstrated ability to reduce leverage following major acquisitions. • Liquidity Position: Current ratio of 0.90x shows tight working capital, though this is typical for pipeline companies with predictable cash flows. Cash position of $733 million provides limited cushion, but the company has access to credit facilities and generates strong free cash flow of $2.9 billion annually. • Valuation Metrics: EV/EBITDA of 13.7x appears elevated for a midstream company, reflecting premium valuations following recent acquisitions. P/E ratio of 19.4x is reasonable given growth prospects but suggests limited downside protection. Price-to-book ratio of 3.5x indicates the stock trades at a significant premium to tangible assets. • Other Considerations: Fee-based business model provides revenue stability, but commodity exposure through NGL marketing creates some earnings volatility. Regulatory and environmental risks could impact long-term asset values. Strong market position and acquisition synergies support current valuations but leave limited room for execution disappointments.
Recent development
ONEOK has undergone significant strategic transformation over the past two years through major acquisitions and organic growth initiatives. The company completed its $18.8 billion acquisition of Magellan Midstream Partners in 2023, which doubled its pipeline network and added refined products transportation capabilities. This was followed by acquisitions of EnLink Midstream and Medallion Midstream in 2024, further expanding its footprint in key producing regions. The company is aggressively pursuing acquisition synergies, targeting $250 million in incremental synergies for 2025 through operational optimization, commercial bundling, and cost reduction initiatives. Key synergy opportunities include batching optimization across the expanded pipeline network, product blending capabilities, and offering comprehensive services to producer customers from wellhead to end markets. Organic growth projects are focused on high-return expansions in core regions. Major initiatives include the West Texas NGL pipeline expansion, Elk Creek pipeline expansion, Denver refined products pipeline project, and the Medford fractionator rebuild. These projects are designed to capture growing production volumes and enhance system connectivity. The company is positioning for emerging opportunities in AI data center power demand, tracking 17 potential power plant projects that could require significant natural gas infrastructure. ONEOK is also exploring LNG export opportunities through its Louisiana assets and announced a joint venture LPG export terminal project with MPLX. Strategic focus has shifted toward creating an integrated midstream platform that can offer comprehensive services to customers while generating multiple revenue streams from the same barrel of product. This "touch the barrel multiple times" strategy aims to maximize returns on existing infrastructure investments while strengthening customer relationships through value-added services.
OKE company profile · for informational purposes only — not investment advice.
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