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Oneok

NYSE: OKE

Stock price

90.29 USD

(+46.5%) 5 years

Oil & Gas Storage & TransportationOil & Gas Midstream

Financial Performance

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5Y price score: 60

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The price score is a basic measure of the stock's performance against the S&P 500 Index over a five-year period.

A score of 100 indicates that the stock did as well as the S&P 500 Index.

A score below 100 means the stock underperformed the index, while a score above 100 means it outperformed the S&P 500.

10Y return: 154%

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64.0

52-week range

99.8

90.29

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FCFF terminal growth rate
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Valuation

Free Cash Flow Yield

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FCF Yield TTM = Trailing Twelve Months free cash flow per share / current market price per shareLearn more

5.1 %

Dividend Yield TTM

4.7 %

Market cap $

$ 56,896

Price / Earnings TTM

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P/E TTM = current market price per share / Trailing Twelve Months diluted earnings per shareLearn more

15.6

Price / Book TTM

2.5

PEG TTM

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Price/Earnings-to-Growth ratio = P/E TTM divided by most recent annual diluted earnings per share growth rateLearn more

3.2

Earnings growth and return

LTM

5YR

10YR

Total return (price & dividends)

30.4 %

77.9 %

154 %

Free cash flow per share growth

84.4 %

664.9 %

550.1 %

Earnings per share growth

14.2 %

281.7 %

367.2 %

Founded: 1,906

Employees: 6,326

Business Summary:ONEOK, Inc., along with its subsidiaries, functions as a leading energy infrastructure company within the United States. Its primary focus is the comprehensive management of natural gas, encompassing gathering, processing, storage, and transportation. These operations are structured into three distinct segments: Natural Gas Gathering and Processing, Natural Gas Liquids (NGL), and Natural Gas Pipelines. The company owns an extensive system of natural gas gathering pipelines and processing plants, predominantly situated in the Mid-Continent and Rocky Mountain regions. Furthermore, ONEOK manages both federally (FERC) and state-regulated interstate and intrastate natural gas transmission pipelines, alongside crucial natural gas storage facilities. A significant component of ONEOK's business is dedicated to Natural Gas Liquids. The company handles the entire NGL value chain, from collecting, treating, and fractionating to transporting, storing, marketing, and distributing these products. Its NGL infrastructure includes a broad network of gathering and distribution pipelines across Oklahoma, Kansas, Texas, New Mexico, Montana, North Dakota, Wyoming, and Colorado. Additionally, NGL terminal and storage assets are maintained in Kansas, Missouri, Nebraska, Iowa, and Illinois. ONEOK also operates pipelines for NGL distribution and refined petroleum products throughout Kansas, Missouri, Nebraska, Iowa, Illinois, and Indiana, supported by integrated truck and rail loading and unloading facilities connected to its NGL fractionation, storage, and pipeline network. The company's substantial physical footprint comprises approximately 17,500 miles of natural gas gathering pipelines, 1,500 miles of FERC-regulated interstate natural gas pipelines, and 5,100 miles of state-regulated intrastate transmission pipelines. The NGL segment benefits from six storage facilities and eight product terminals. Separately, ONEOK also owns and leases a parking garage and excess office space in downtown Tulsa, Oklahoma. ONEOK serves a wide and varied customer base throughout the energy sector. This includes integrated and independent exploration and production (E&P) companies, natural gas and NGL gathering and processing enterprises, crude oil and natural gas producers, propane distributors, municipalities, and ethanol producers. The company also supports petrochemical, refining, and NGL marketing firms, as well as natural gas distribution utilities, electric power generation companies, and various other energy producers, processors, and marketers. Founded in 1906, ONEOK, Inc. is headquartered in Tulsa, Oklahoma.

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Fair Value Reference Estimate

Latest Earnings Call Takeaways

2026 Q2 (Aug 4, 2026)

1) Strategy & Leadership
- ONEOK raised its 2026 financial guidance for the second time, reflecting strong year-to-date performance and momentum.
- The company targets mid- to high single-digit adjusted EBITDA growth over the next 5 to 7 years, driven by completed projects, operating leverage, and a growing pipeline of high-return organic projects.
- The long-term strategy focuses on operational excellence, financial discipline, and value-driven capital allocation.

2) Financial & Segment Results
- Q2 2026 net income was $967 million, or $1.53 per diluted share, a 13% YoY increase.
- Adjusted EBITDA totaled $2.12 billion, up 7% YoY, driven by volume growth and strong segment performance.
- 2026 net income midpoint guidance increased to $3.6 billion and adjusted EBITDA midpoint to $8.35 billion, reflecting increases of $150 million and $250 million, respectively, from earlier guidance.
- Capital expenditure guidance remains unchanged at $2.7 billion to $3.2 billion.

3) Operational Plans & Projects
- Key projects include a Denver area refined products expansion adding 35,000 barrels per day capacity and multiple processing capacity expansions in the Permian Basin.
- The Bighorn plant's capacity increased from 300 million to 400 million cubic feet per day, with completion expected in mid-2027.
- The company is advancing its Medford fractionation project, with Phase 1 expected to add 100,000 barrels per day of capacity by Q4 2026.

4) Market Dynamics & Headwinds
- The NGL segment saw a 7% YoY increase in raw feed throughput volumes, but margins were softer due to increased ethane production.
- The company noted potential lower earnings in the second half of the year as Permian takeaway capacity enters service, impacting price differentials.
- Despite some headwinds, demand fundamentals for U.S. energy infrastructure remain strong, with healthy domestic and international demand across all segments.

5) Guidance & Outlook / Investor Angle
- The company expects continued momentum in the second half of 2026, supported by organic volume growth and favorable market conditions.
- ONEOK is well-positioned to capitalize on the growing demand for U.S. energy supply, particularly in LPG and refined products exports.
- The transcript lacks specific details on the timing of future projects and potential impacts of external market conditions on growth.

Bottom line: ONEOK's robust performance and strategic positioning across multiple energy segments suggest a strong outlook for continued growth, making it an attractive investment for shareholders. The raised guidance and ongoing project developments reinforce confidence in achieving mid- to high single-digit EBITDA growth over the coming years.

Annual Reports, Presentations And IR Contacts

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Annual report links (10K)
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Oneok — Financial Overview, Stock Price, Market Cap

Oneok is a company. Founded in 1906. As of October 9, 2026, the company's market capitalization is $56895972630 with a current stock price of $90.29.