OKE Stock Analysis: ONEOK | NYSE
Oil & Gas Midstream | NYSE, USA | Market Cap: 58.921m USD | 12M Return: 19.9% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 305M
EPS Trend: 22.5%
Qual. Beats: 0
Rev. Trend: 94.1%
Qual. Beats: 2
Warnings
Tailwinds
No distinct edge detected
Seasonality 10.5 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
ONEOK, Inc. is a U.S. midstream energy company operating four business segments: Natural Gas Gathering and Processing, Natural Gas Liquids (NGLs), Natural Gas Pipelines, and Refined Products and Crude. Its assets span major production basins including the Mid-Continent, Permian Basin, North Texas, Gulf Coast, and Rocky Mountain regions, covering gathering pipelines, processing plants, fractionation facilities, terminals, storage, and marine export infrastructure. As a midstream operator, the company occupies the middle of the oil and gas value chain, sitting between upstream production (exploration and production companies) and downstream end-markets such as refineries, utilities, petrochemical plants, and exporters.
The company transports refined products such as gasoline, diesel, aviation fuel, kerosene, and heating oil, while its NGL segment handles the gathering, distribution, fractionation, and storage of liquids like ethane, propane, butane, and natural gasoline. ONEOK also operates regulated interstate and intrastate natural gas transmission pipelines and storage facilities, and conducts commodity-related activities including liquids blending and marketing. Revenue in this industry is largely fee-based or volume-based, tied to the throughput of customer hydrocarbons rather than commodity prices.
ONEOK serves a broad customer base that includes integrated and independent exploration and production companies, utilities, industrial users, municipalities, ethanol producers, petrochemical and refining companies, propane distributors, and diluent users and exporters. In addition to its energy assets, the company owns a parking garage in downtown Tulsa, Oklahoma, and leases various properties and equipment including pipeline capacity, rail cars, and IT equipment. Founded in 1906 and headquartered in Tulsa, the company is listed on the NYSE under the ticker OKE and is classified within the Energy sector under the Oil & Gas Storage & Transportation sub-industry.
- NGL export demand supports volumes and frac spreads
- Permian processing volumes lift gathering segment margins
- Debt reduction limits buybacks after Magellan Midstream acquisition
| Net Income: 3.53b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.03 > 0.02 and ΔFCF/TA -1.47 > 1.0 |
| NWC/Revenue: -6.44% < 20% (prev -8.28%; Δ 1.84% < -1%) |
| CFO/TA 0.08 > 3% & CFO 5.63b > Net Income 3.53b |
| Net Debt (33.6b) to EBITDA (7.85b): 4.28 < 3 |
| Current Ratio: 0.71 > 1.5 & < 3 |
| Outstanding Shares: last quarter (631.6m) vs 12m ago 3.12% < -2% |
| Gross Margin: 23.95% > 18% (prev 23.93%; Δ 0.01% > 0.5%) |
| Asset Turnover: 53.15% > 50% (prev 38.84%; Δ 14.31% > 0%) |
| Interest Coverage Ratio: 3.56 > 6 (EBIT TTM 6.34b / Interest Expense TTM 1.78b) |
| A: -0.03 (Total Current Assets 5.54b - Total Current Liabilities 7.81b) / Total Assets 68.2b |
| B: 0.04 (Retained Earnings 2.47b / Total Assets 68.2b) |
| C: 0.10 (EBIT TTM 6.34b / Avg Total Assets 66.2b) |
| D: 0.49 (Book Value of Equity 22.4b / Total Liabilities 45.8b) |
| Altman-Z'' = 1.06 = BB |
| DSRI: 0.98 (Receivables 3.67b/2.65b, Revenue 35.2b/25.0b) |
| GMI: 1.00 (GM 23.93% / 23.95%) |
| AQI: 0.97 (AQ_t 0.21 / AQ_t-1 0.22) |
| SGI: 1.41 (Revenue 35.2b / 25.0b) |
| TATA: -0.03 (NI 3.53b - CFO 5.63b) / TA 68.2b) |
| Beneish M = -2.77 (Cap -4..+1) = A |
As of July 27, 2026, the stock is trading at USD 93.16 with a total of 3,585,893 shares traded. Over the past week, the price has changed by -0.38%, over one month by +6.70%, over three months by +7.74% and over the past year by +19.85%.
Current recommended Stop Loss: 89.80 (which is 3.6% or 1.5 ATR below the current price).
ONEOK has received a consensus analysts rating of 4.11. Therefore, it is recommended to buy OKE.
- StrongBuy: 8
- Buy: 5
- Hold: 6
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 95.8 | 2.8% |
P/E Trailing = 16.6702
P/E Forward = 16.3934
P/S = 1.6737
P/B = 2.6354
P/EG = 2.2063
Revenue TTM = 35.2b USD
EBIT TTM = 6.34b USD
EBITDA TTM = 7.85b USD
Long Term Debt = 30.8b USD (from longTermDebt, last quarter)
Short Term Debt = 2.89b USD (from shortTermDebt, last quarter)
Debt = 33.7b USD (from shortLongTermDebtTotal, last quarter) + Leases 97.0m
Net Debt = 33.6b USD (calculated: Debt 33.7b - CCE 172.0m)
Enterprise Value = 92.5b USD (58.9b + Debt 33.7b - CCE 172.0m)
Interest Coverage Ratio = 3.56 (Ebit TTM 6.34b / Interest Expense TTM 1.78b)
EV/FCF = 41.26x (Enterprise Value 92.5b / FCF TTM 2.24b)
FCF Yield = 2.42% (FCF TTM 2.24b / Enterprise Value 92.5b)
FCF Margin = 6.37% (FCF TTM 2.24b / Revenue TTM 35.2b)
Net Margin = 10.04% (Net Income TTM 3.53b / Revenue TTM 35.2b)
Gross Margin = 23.95% ((Revenue TTM 35.2b - Cost of Revenue TTM 26.8b) / Revenue TTM)
Gross Margin QoQ = 26.67% (prev 29.44%)
Tobins Q-Ratio = 1.36 (Enterprise Value 92.5b / Total Assets 68.2b)
Interest Expense / Debt = 5.27% (Interest Expense 1.78b / Debt 33.7b)
Taxrate = 23.27% (1.08b / 4.62b)
NOPAT = 4.86b (EBIT 6.34b * (1 - 23.27%))
Current Ratio = 0.71 (Total Current Assets 5.54b / Total Current Liabilities 7.81b)
Debt / Equity = 1.51 (Debt 33.7b / totalStockholderEquity, last quarter 22.4b)
Debt / EBITDA = 4.28 (Net Debt 33.6b / EBITDA 7.85b)
Debt / FCF = 14.98 (Net Debt 33.6b / FCF TTM 2.24b)
Total Stockholder Equity = 22.2b (last 4 quarters mean from totalStockholderEquity)
RoA = 5.33% (Net Income 3.53b / Total Assets 68.2b)
RoE = 15.92% (Net Income TTM 3.53b / Total Stockholder Equity 22.2b)
RoCE = 11.97% (EBIT 6.34b / Capital Employed (Equity 22.2b + L.T.Debt 30.8b))
RoIC = 7.71% (NOPAT 4.86b / Invested Capital 63.1b)
WACC = 6.04% (E(58.9b)/V(92.7b) * Re(7.18%) + D(33.7b)/V(92.7b) * Rd(5.27%) * (1-Tc(0.23)))
Discount Rate = 7.18% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 91.91 | Cagr: 3.43%
[DCF] Terminal Value 73.10% ; FCFF base≈2.57b ; Y1≈2.25b ; Y5≈1.82b
[DCF] Fair Price = N/A (negative equity: EV 29.2b - Net Debt 33.6b = -4.37b; debt exceeds intrinsic value)
EPS Correlation: 22.45 | EPS CAGR: 2.09% | SUE: -0.68 | # QB: 0
Revenue Correlation: 94.12 | Revenue CAGR: 32.22% | SUE: 1.62 | # QB: 2
EPS current Quarter (2026-06-30): EPS=1.47 | Chg30d=+0.33% | Revisions=+40% | Analysts=12
EPS next Quarter (2026-09-30): EPS=1.47 | Chg30d=+0.63% | Revisions=+40% | Analysts=12
EPS current Year (2026-12-31): EPS=5.71 | Chg30d=-0.04% | Revisions=+0% | GrowthEPS=+5.4% | GrowthRev=+13.7%
EPS next Year (2027-12-31): EPS=6.11 | Chg30d=-0.78% | Revisions=+40% | GrowthEPS=+6.9% | GrowthRev=-1.6%
[Analyst] Revisions Ratio: +55% (up=7, down=1)