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ONEOK (OKE)

Market Price (4/6/2026): $88.5 | Market Cap: $55.7 Bil
Sector: Energy | Industry: Oil & Gas Storage & Transportation

ONEOK (OKE)

Market Price (4/6/2026): $88.5
Market Cap: $55.7 Bil
Sector: Energy
Industry: Oil & Gas Storage & Transportation

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 4.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.8%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 55%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, CFO LTM is 5.6 Bil, FCF LTM is 2.4 Bil

Low stock price volatility
Vol 12M is 31%

Megatrend and thematic drivers
Megatrends include US Energy Independence, Hydrogen Economy, and Energy Transition & Decarbonization. Themes include US LNG, Show more.

Weak multi-year price returns
2Y Excs Rtn is -3.6%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 59%

Key risks
OKE key risks include [1] challenges integrating major acquisitions and managing the resulting high debt, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 4.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.8%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 55%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, CFO LTM is 5.6 Bil, FCF LTM is 2.4 Bil
3 Low stock price volatility
Vol 12M is 31%
4 Megatrend and thematic drivers
Megatrends include US Energy Independence, Hydrogen Economy, and Energy Transition & Decarbonization. Themes include US LNG, Show more.
5 Weak multi-year price returns
2Y Excs Rtn is -3.6%
6 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 59%
7 Key risks
OKE key risks include [1] challenges integrating major acquisitions and managing the resulting high debt, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

ONEOK (OKE) stock has gained about 20% since 12/31/2025 because of the following key factors:

1. ONEOK reported stronger-than-expected financial results for the fourth quarter of 2025, exceeding analyst estimates. The company posted an earnings per share (EPS) of $1.55, surpassing the consensus estimate of $1.50 by $0.05. Additionally, quarterly revenue reached $9.07 billion, exceeding the consensus forecast of $8.77 billion.

2. The company demonstrated a commitment to returning capital to shareholders through a dividend increase. On January 21, 2026, ONEOK raised its quarterly dividend by 4% to $1.07 per share, resulting in an annualized dividend of $4.28 per share.

Show more

Stock Movement Drivers

Fundamental Drivers

The 21.8% change in OKE stock from 12/31/2025 to 4/5/2026 was primarily driven by a 19.7% change in the company's P/E Multiple.
(LTM values as of)123120254052026Change
Stock Price ($)72.5188.3021.8%
Change Contribution By: 
Total Revenues ($ Mil)31,56433,6296.5%
Net Income Margin (%)10.6%10.1%-4.6%
P/E Multiple13.716.419.7%
Shares Outstanding (Mil)6316300.1%
Cumulative Contribution21.8%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/5/2026
ReturnCorrelation
OKE21.8% 
Market (SPY)-5.4%-7.9%
Sector (XLE)32.5%67.9%

Fundamental Drivers

The 24.6% change in OKE stock from 9/30/2025 to 4/5/2026 was primarily driven by a 20.3% change in the company's Total Revenues ($ Mil).
(LTM values as of)93020254052026Change
Stock Price ($)70.8888.3024.6%
Change Contribution By: 
Total Revenues ($ Mil)27,95333,62920.3%
Net Income Margin (%)11.1%10.1%-8.8%
P/E Multiple14.416.414.1%
Shares Outstanding (Mil)627630-0.4%
Cumulative Contribution24.6%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/5/2026
ReturnCorrelation
OKE24.6% 
Market (SPY)-2.9%2.8%
Sector (XLE)33.8%69.5%

Fundamental Drivers

The -6.0% change in OKE stock from 3/31/2025 to 4/5/2026 was primarily driven by a -27.9% change in the company's Net Income Margin (%).
(LTM values as of)33120254052026Change
Stock Price ($)93.9888.30-6.0%
Change Contribution By: 
Total Revenues ($ Mil)21,69833,62955.0%
Net Income Margin (%)14.0%10.1%-27.9%
P/E Multiple18.116.4-9.5%
Shares Outstanding (Mil)585630-7.1%
Cumulative Contribution-6.0%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/5/2026
ReturnCorrelation
OKE-6.0% 
Market (SPY)16.3%49.8%
Sector (XLE)30.0%80.2%

Fundamental Drivers

The 62.6% change in OKE stock from 3/31/2023 to 4/5/2026 was primarily driven by a 50.2% change in the company's Total Revenues ($ Mil).
(LTM values as of)33120234052026Change
Stock Price ($)54.3088.3062.6%
Change Contribution By: 
Total Revenues ($ Mil)22,38733,62950.2%
Net Income Margin (%)7.7%10.1%31.2%
P/E Multiple14.116.416.1%
Shares Outstanding (Mil)448630-28.9%
Cumulative Contribution62.6%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2023 to 4/5/2026
ReturnCorrelation
OKE62.6% 
Market (SPY)63.3%44.0%
Sector (XLE)56.7%72.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
OKE Return65%19%13%50%-23%20%209%
Peers Return43%19%8%61%14%21%306%
S&P 500 Return27%-19%24%23%16%-4%75%

Monthly Win Rates [3]
OKE Win Rate75%67%58%67%42%75% 
Peers Win Rate72%60%53%75%58%65% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
OKE Max Drawdown-2%-10%-11%-2%-33%-4% 
Peers Max Drawdown-0%-3%-12%-6%-6%-4% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-7% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: WMB, TRGP, KMI, ENB, TRP. See OKE Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/2/2026 (YTD)

How Low Can It Go

Unique KeyEventOKES&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-31.3%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven45.6%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven514 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-80.2%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven404.4%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven1,448 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-28.9%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven40.6%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven256 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-66.8%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven201.6%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven652 days1,480 days

Compare to WMB, TRGP, KMI, ENB, TRP

In The Past

ONEOK's stock fell -31.3% during the 2022 Inflation Shock from a high on 4/20/2022. A -31.3% loss requires a 45.6% gain to breakeven.

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About ONEOK (OKE)

ONEOK, Inc., together with its subsidiaries, engages in gathering, processing, storage, and transportation of natural gas in the United States. It operates through Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines segments. The company owns natural gas gathering pipelines and processing plants in the Mid-Continent and Rocky Mountain regions. It also gathers, treats, fractionates, and transports natural gas liquids (NGL), as well as stores, markets, and distributes NGL products. The company owns NGL gathering and distribution pipelines in Oklahoma, Kansas, Texas, New Mexico, Montana, North Dakota, Wyoming, and Colorado; terminal and storage facilities in Kansas, Missouri, Nebraska, Iowa, and Illinois; and NGL distribution and refined petroleum products pipelines in Kansas, Missouri, Nebraska, Iowa, Illinois, and Indiana, as well as owns and operates truck- and rail-loading, and -unloading facilities connected to NGL fractionation, storage, and pipeline assets. In addition, it operates regulated interstate and intrastate natural gas transmission pipelines and natural gas storage facilities. Further, the company owns and operates a parking garage in downtown Tulsa, Oklahoma; and leases excess office space. It operates 17,500 miles of natural gas gathering pipelines; 1,500 miles of FERC-regulated interstate natural gas pipelines; 5,100 miles of state-regulated intrastate transmission pipeline; six NGL storage facilities; and eight NGL product terminals. It serves integrated and independent exploration and production companies; NGL and natural gas gathering and processing companies; crude oil and natural gas production companies; propane distributors; municipalities; ethanol producers; and petrochemical, refining, and NGL marketing companies, as well as natural gas distribution and electric generation companies, producers, processors, and marketing companies. The company was founded in 1906 and is headquartered in Tulsa, Oklahoma.

AI Analysis | Feedback

Here are 1-3 brief analogies to describe ONEOK:

ONEOK is like the **railroad system for natural gas and natural gas liquids**, owning the pipelines that transport these energy commodities across vast distances.

ONEOK is like the **interstate highway system for natural gas and natural gas liquids**, providing the essential infrastructure for energy to flow.

ONEOK is like a **FedEx or UPS for natural gas and natural gas liquids**, handling the complex logistics of moving, processing, and storing these energy products across the country.

AI Analysis | Feedback

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  • Natural Gas Gathering & Processing: Services involve collecting raw natural gas from production sites and processing it to remove impurities and separate valuable components.
  • Natural Gas Liquids (NGL) Services: These services encompass the gathering, treating, fractionating, transporting, storing, marketing, and distributing various natural gas liquid products.
  • Natural Gas Transportation & Storage: The company provides services for moving processed natural gas through regulated interstate and intrastate pipelines and storing it in underground facilities.
```

AI Analysis | Feedback

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AI Analysis | Feedback

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Pierce H. Norton II - President and Chief Executive Officer

Pierce H. Norton II is the President and Chief Executive Officer of ONEOK. He previously served as the first-ever President and CEO of ONE Gas, Inc., and a member of its board, following its spin-off from ONEOK in 2014. Norton initially joined ONEOK in 2004 and held various leadership roles, including executive vice president, commercial, and executive vice president and chief operating officer. He also served as president of ONEOK's natural gas distribution companies, which included Oklahoma Natural Gas, Kansas Gas Service, and Texas Gas Service. His career in the energy industry began in 1982 at Delhi Gas Pipeline, and he held operational and leadership positions at American Oil and Gas, KN Energy, and as president of Bear Paw Energy (now ONEOK Rockies Midstream).

Walter S. Hulse III - Executive Vice President, Chief Financial Officer, Treasurer, Investor Relations and Corporate Development

Walter S. Hulse III joined ONEOK in 2015. Prior to this, he was with Spinnaker Strategic Advisory Services, LLC, a consulting firm that provided services such as reviewing merger and acquisition opportunities, debt and equity markets, corporate restructuring, and potential divestitures for publicly traded companies. Hulse consulted for ONEOK for many years, including during the separation of the company's natural gas distribution business into the stand-alone publicly traded company, ONE Gas. Before Spinnaker, he held senior roles at UBS Investment Bank, including vice chairman of the Investment Banking Department, managing director and head of the business development group, and head of the Global Utility Group. He also held various positions at PaineWebber and J.P. Morgan.

Randy N. Lentz - Executive Vice President and Chief Operating Officer

Randy N. Lentz was appointed to the newly created position of Executive Vice President and Chief Operating Officer in January 2025. Before joining ONEOK, Lentz was the Chief Executive Officer and founder of Medallion Midstream, a crude oil gathering and transportation company, which ONEOK acquired. He brings over three decades of experience in the energy industry, having held a variety of operations, commercial, and management positions within the midstream sector.

Kevin L. Burdick - Executive Vice President and Chief Enterprise Services Officer

Kevin L. Burdick is ONEOK's Executive Vice President and Chief Enterprise Services Officer, responsible for cybersecurity, information technology, enterprise optimization, innovation, and integration activities. He joined ONEOK in 2007. Prior to his current role, Burdick served as Executive Vice President and Chief Commercial Officer, and also as Executive Vice President and Chief Operating Officer. He began his career in information technology at CITGO Petroleum in 1992.

Sheridan C. Swords - Executive Vice President and Chief Commercial Officer

Sheridan C. Swords serves as Executive Vice President and Chief Commercial Officer for ONEOK, with commercial responsibility for natural gas liquids, refined products and crude oil, natural gas gathering and processing, and natural gas pipelines business segments. He joined ONEOK in 2005. His previous roles at the company included executive vice president, commercial liquids and natural gas gathering and processing. Swords started his career in the energy industry in 1992 as a division engineer for Koch Gathering Systems Co., and held various positions with Koch companies, including operations management, commercial, and commodity trading. Before joining ONEOK, he was vice president of the Mid-Continent of Koch Hydrocarbon, LP.

AI Analysis | Feedback

The key risks to ONEOK's business are primarily tied to market volatility, regulatory changes, and successful integration of acquisitions.

  1. Commodity Price Volatility: ONEOK's revenues and profitability are significantly exposed to fluctuations in the prices of natural gas, natural gas liquids (NGLs), and crude oil. While the company utilizes hedging strategies, lower commodity prices can lead to reduced activity, lower earnings, and impact the renewal of hedges at favorable rates.

  2. Regulatory and Environmental Pressures: Operating within the heavily regulated energy industry, ONEOK faces ongoing risks from evolving environmental and safety laws and regulations. These pressures include the broader movement toward decarbonization and ESG (Environmental, Social, and Governance) initiatives, which could impact demand for hydrocarbons, shorten asset lives, and necessitate significant capital expenditures for compliance or adaptation.

  3. Integration Risks from Acquisitions: ONEOK has undertaken significant acquisitions, such as EnLink and Medallion. The successful integration of these businesses is crucial, and failure to do so effectively could lead to unforeseen expenses, unknown liabilities, loss of key employees, and disruptions to ongoing operations, ultimately affecting customer and employee relationships and the realization of anticipated synergies and growth.

AI Analysis | Feedback

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AI Analysis | Feedback

ONEOK (NYSE: OKE) operates in several key segments within the U.S. energy midstream sector, with addressable markets primarily focused on natural gas and natural gas liquids (NGL) infrastructure and services. The addressable markets for ONEOK's main products and services in the United States or North America are as follows: * Natural Gas Liquids (NGL) Market: The U.S. natural gas liquid market was estimated at approximately USD 5.9 billion in 2024 and is projected to grow to USD 10.6 billion by 2035, exhibiting a compound annual growth rate (CAGR) of 5.4% from 2025 to 2035. Globally, the natural gas liquids market was valued at USD 16.57 billion in 2025 and is projected to reach USD 27.72 billion by 2034, with North America holding around 37% market share. Another source indicates the global natural gas liquid market size was estimated at USD 25.19 billion in 2025 and is expected to increase to USD 50.06 billion by 2035, growing at a CAGR of 7.11%, with North America leading with the largest volume share of over 37.10% in 2025. * Gas Processing Market: The global gas processing market size was estimated at USD 243.62 billion in 2025 and is predicted to increase to approximately USD 457.28 billion by 2035, representing a CAGR of 6.50% from 2026 to 2035. North America accounted for the largest revenue share in the global gas treatment market in 2023. * Natural Gas Pipeline Infrastructure Market: The U.S. gas pipeline infrastructure market size was calculated at USD 1,149.26 billion in 2025 and is projected to reach around USD 2,431.55 billion by 2034, expanding at a CAGR of 8.67% between 2025 and 2034. North America also dominated the global gas pipeline infrastructure market, accounting for over 54.0% revenue share in 2024. * Natural Gas Distribution Market: The U.S. natural gas distribution market was valued at USD 170.0 billion in 2024 and is expected to increase to USD 186.0 billion by 2032, advancing at a CAGR of 1.0% during 2025–2032. The market size for Natural Gas Distribution in the US was USD 222.5 billion in 2025.

AI Analysis | Feedback

ONEOK (OKE) anticipates several key drivers to fuel its revenue growth over the next two to three years:
  • Increased Volume from Enhanced Production: The company expects continued volume growth across its natural gas and natural gas liquids (NGL) systems, driven by increased production, particularly within the Permian Basin and Gulf Coast regions.
  • Full Impact of Recently Completed Projects: Revenue growth is expected from the full-year contribution of recently completed projects, such as the Elk Creek and West Texas NGL pipeline expansions, and the Denver-area refined products expansion.
  • Realization of Acquisition Synergies: ONEOK projects further financial benefits from the ongoing realization of commercial and cost synergies stemming from recent acquisitions, including EnLink and Medallion.
  • Commissioning of Major Capital Projects: Significant capital projects are slated to come online, contributing to revenue. These include the phased rebuild of the Medford NGL fractionator (expected completion in late 2026 and early 2027), the start-up of the Bighorn Processing Plant (mid-2027), the Texas City Logistics export terminal and related MBTC Pipeline (early 2028), and the expansion of the Eiger Express Pipeline (mid-2028).

AI Analysis | Feedback

Share Repurchases

  • ONEOK's board authorized a $2 billion share repurchase program in January 2024, intended to be largely utilized over the subsequent four years.
  • In the fourth quarter of 2023, ONEOK opportunistically repurchased approximately $300 million face value of its outstanding notes at a discount.
  • As of December 2025, approximately $1.75 billion remained available under the $2 billion share repurchase authorization.

Share Issuance

  • ONEOK's shares outstanding increased from 0.447 billion in 2021 to 0.626 billion in 2025, reflecting significant share issuance.
  • The total share count nearly tripled since 2015, particularly influenced by the $18.8 billion Magellan acquisition in 2023.
  • In June 2025, ONEOK announced the sale of 4.85 million shares of its common stock on behalf of certain holders.

Outbound Investments

  • In September 2023, ONEOK completed the acquisition of Magellan Midstream Partners for $18.8 billion, expanding its operations into refined products and crude oil transportation.
  • ONEOK finalized the acquisition of EnLink Midstream, LLC in January 2025.
  • In June 2025, ONEOK acquired the remaining 49.9% stake in Delaware G&P LLC for $940 million.

Capital Expenditures

  • Capital expenditures for 2025 totaled $3.15 billion and were expected to range between $2.8 billion and $3.2 billion, focusing on projects such as the Medford fractionator rebuild and Permian Basin natural gas processing plants.
  • For 2026, projected capital expenditures are anticipated to be between $2.7 billion and $3.2 billion, emphasizing NGL expansions, refined products projects, and Permian gas processing infrastructure.
  • Capital expenditures increased significantly in recent years, rising to $1.202 billion in 2022, $1.595 billion in 2023, and $2.021 billion in 2024.

Better Bets vs. ONEOK (OKE)

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1ONEOK Stock 7-Day Winning Spree: Stock Climbs 9.0%03/28/2026
2ONEOK Stock Rockets 8.6% With 6-Day Winning Streak03/27/2026
3OKE Stock Surges 13% With A 7-day Winning Spree On 4% Dividend Hike02/12/2026
4Is Wall Street Underestimating ONEOK Stock's Potential?01/08/2026
5ONEOK Earnings Notes12/26/2025
6How Low Can ONEOK Stock Really Go?10/17/2025
7ONEOK vs Diamondback Energy: Which Is A Better Investment?08/18/2025
8How Does ONEOK Stock Stack Up Against Its Peers?08/13/2025
9Better Bet Than OKE Stock: Pay Less Than ONEOK To Get More From CALM, HHH 08/12/2025
10ARTICLES 
11ONEOK Stock On Fire: Up 9% With 7-Day Winning Streak03/28/2026
126-Day Rally Sends ONEOK Stock Up 8.6%03/27/2026
13Stronger Bet Than Kinder Morgan Stock: ENB, OKE Deliver More03/21/2026
14OKE Looks Smarter Buy Than Targa Resources Stock02/27/2026
15ENB, OKE Top Kinder Morgan Stock on Price & Potential02/26/2026

Trade Ideas

Select ideas related to OKE.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
KGS_3312026_Insider_Buying_45D_2Buy_200K03312026KGSKodiak Gas ServicesInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days		0.0%0.0%0.0%
KOS_3312026_Insider_Buying_45D_2Buy_200K03312026KOSKosmos EnergyInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days		0.0%0.0%0.0%
TPL_12262025_Dip_Buyer_ValueBuy12262025TPLTexas Pacific LandDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		65.2%65.2%-2.1%
NOV_12122025_Insider_Buying_GTE_1Mil_EBITp+DE_V212122025NOVNOVInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap		15.3%15.3%-6.5%
RIG_12122025_Insider_Buying_GTE_1Mil_EBITp+DE_V212122025RIGTransoceanInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap		60.5%60.5%-7.0%
OKE_8312025_Dip_Buyer_ValueBuy08312025OKEONEOKDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		11.6%21.8%-14.5%
OKE_12312020_Dip_Buyer_ValueBuy12312020OKEONEOKDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		54.5%64.7%-2.3%
OKE_4302020_Dip_Buyer_ValueBuy04302020OKEONEOKDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		4.9%94.2%-15.5%

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Peer Comparisons

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Financials

OKEWMBTRGPKMIENBTRPMedian
NameONEOK Williams.Targa Re.Kinder M.Enbridge TC Energy 
Mkt Price88.3072.00244.3932.9754.1563.3667.68
Mkt Cap55.687.952.573.3118.065.969.6
Rev LTM33,62911,95017,02816,93765,19415,23916,983
Op Inc LTM5,8224,4083,3314,71511,5286,7625,268
FCF LTM2,4478995842,8913,1052,0602,254
FCF 3Y Avg2,7132,1896983,3576,0338392,451
CFO LTM5,5995,8983,9175,91712,2707,3465,908
CFO 3Y Avg4,9695,6033,5936,01413,0247,4375,809

Growth & Margins

OKEWMBTRGPKMIENBTRPMedian
NameONEOK Williams.Targa Re.Kinder M.Enbridge TC Energy 
Rev Chg LTM55.0%13.8%3.9%12.2%21.9%10.7%13.0%
Rev Chg 3Y Avg18.9%3.2%-5.8%-3.2%8.8%7.4%5.3%
Rev Chg Q29.5%16.6%-7.9%13.1%5.9%16.5%14.8%
QoQ Delta Rev Chg LTM6.5%4.0%-2.0%3.2%1.5%4.0%3.6%
Op Mgn LTM17.3%36.9%19.6%27.8%17.7%44.4%23.7%
Op Mgn 3Y Avg21.5%35.7%17.5%28.1%19.0%43.6%24.8%
QoQ Delta Op Mgn LTM-1.4%2.6%1.6%0.7%0.2%1.3%1.0%
CFO/Rev LTM16.6%49.4%23.0%34.9%18.8%48.2%29.0%
CFO/Rev 3Y Avg21.4%50.4%21.8%38.2%25.0%53.0%31.6%
FCF/Rev LTM7.3%7.5%3.4%17.1%4.8%13.5%7.4%
FCF/Rev 3Y Avg12.2%20.1%4.2%21.4%12.2%5.5%12.2%

Valuation

OKEWMBTRGPKMIENBTRPMedian
NameONEOK Williams.Targa Re.Kinder M.Enbridge TC Energy 
Mkt Cap55.687.952.573.3118.065.969.6
P/S1.77.43.14.31.84.33.7
P/EBIT8.917.315.815.58.07.912.2
P/E16.433.627.324.015.818.721.4
P/CFO9.914.913.412.49.69.011.2
Total Yield10.7%5.8%5.2%7.7%13.3%10.7%9.2%
Dividend Yield4.6%2.8%1.6%3.6%7.0%5.3%4.1%
FCF Yield 3Y Avg5.7%4.2%2.5%6.8%7.1%1.4%5.0%
D/E0.60.30.30.40.90.90.5
Net D/E0.60.30.30.40.90.90.5

Returns

OKEWMBTRGPKMIENBTRPMedian
NameONEOK Williams.Targa Re.Kinder M.Enbridge TC Energy 
1M Rtn1.6%-2.3%3.0%-1.8%0.2%0.4%0.3%
3M Rtn20.4%19.2%31.5%20.1%14.6%14.4%19.7%
6M Rtn24.7%13.4%52.3%18.3%11.7%17.4%17.9%
12M Rtn15.3%36.3%55.2%36.0%32.8%44.3%36.1%
3Y Rtn57.3%175.2%249.2%118.3%69.8%107.7%113.0%
1M Excs Rtn8.4%-0.1%4.7%1.4%4.1%3.9%4.0%
3M Excs Rtn25.6%24.5%37.0%24.9%19.1%20.2%24.7%
6M Excs Rtn26.5%16.7%49.0%20.9%14.7%22.0%21.4%
12M Excs Rtn-23.2%5.9%6.3%3.3%12.4%21.9%6.1%
3Y Excs Rtn3.7%116.8%206.6%60.9%14.4%56.8%58.8%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Natural Gas Liquids15,16714,42919,06714,3927,090
Natural Gas Gathering and Processing4,5894,0566,5334,4621,820
Refined Products and Crude4,4601,071   
Natural Gas Pipelines822623579607480
Other and Eliminations-3,340-2,502-3,792-2,920-848
Total21,69817,67722,38716,5408,542


Assets by Segment
$ Mil20252024202320222021
Refined Products and Crude23,18119,531   
Natural Gas Liquids19,79714,97414,64314,50213,636
Natural Gas Gathering and Processing15,8567,0786,9806,7696,500
Natural Gas Pipelines5,0412,6242,2542,1432,100
Other and Eliminations19459502207843
Total64,06944,26624,37923,62223,079


Price Behavior

Price Behavior
Market Price$88.30 
Market Cap ($ Bil)55.6 
First Trading Date07/01/1985 
Distance from 52W High-6.0% 
   50 Days200 Days
DMA Price$84.72$75.33
DMA Trendupup
Distance from DMA4.2%17.2%
 3M1YR
Volatility29.7%27.3%
Downside Capture-0.520.15
Upside Capture-0.2032.72
Correlation (SPY)-8.8%45.7%
OKE Betas & Captures as of 3/31/2026

 1M2M3M6M1Y3Y
Beta-0.07-0.24-0.170.050.810.75
Up Beta-3.51-0.640.080.110.770.76
Down Beta0.140.360.550.481.431.07
Up Capture141%28%7%20%24%32%
Bmk +ve Days7162765139424
Stock +ve Days13263770137422
Down Capture-61%-106%-139%-65%50%76%
Bmk -ve Days12233358110323
Stock -ve Days9152555113325

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with OKE
OKE-6.3%30.9%-0.19-
Sector ETF (XLE)29.4%25.2%0.9880.2%
Equity (SPY)16.1%19.0%0.6749.8%
Gold (GLD)50.5%28.0%1.465.9%
Commodities (DBC)16.2%17.7%0.7751.4%
Real Estate (VNQ)3.6%16.5%0.0442.6%
Bitcoin (BTCUSD)-21.5%44.0%-0.4213.8%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with OKE
OKE18.0%27.9%0.61-
Sector ETF (XLE)23.0%26.1%0.7977.7%
Equity (SPY)11.6%17.0%0.5353.6%
Gold (GLD)21.7%17.8%1.0013.4%
Commodities (DBC)11.6%18.8%0.5148.4%
Real Estate (VNQ)3.3%18.8%0.0846.9%
Bitcoin (BTCUSD)3.9%56.5%0.2918.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with OKE
OKE19.0%39.0%0.58-
Sector ETF (XLE)11.1%29.5%0.4178.8%
Equity (SPY)14.0%17.9%0.6753.9%
Gold (GLD)14.0%15.9%0.735.7%
Commodities (DBC)8.4%17.6%0.4047.7%
Real Estate (VNQ)5.2%20.7%0.2250.3%
Bitcoin (BTCUSD)66.2%66.8%1.0614.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date3132026
Short Interest: Shares Quantity26.9 Mil
Short Interest: % Change Since 22820262.8%
Average Daily Volume4.7 Mil
Days-to-Cover Short Interest5.7 days
Basic Shares Quantity629.9 Mil
Short % of Basic Shares4.3%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
2/23/2026-5.1%-1.4%4.1%
10/28/2025-2.7%-5.5%5.1%
8/4/2025-5.2%-7.7%-7.5%
2/24/2025-2.4%-1.4%4.3%
10/29/20240.6%4.3%19.1%
8/5/20244.7%8.3%16.2%
2/26/20242.0%5.0%7.9%
10/31/2023-1.0%-0.8%5.6%
...
SUMMARY STATS   
# Positive61313
# Negative1255
Median Positive2.8%4.3%5.6%
Median Negative-2.0%-1.4%-5.3%
Max Positive5.9%8.3%32.1%
Max Negative-5.2%-7.7%-10.2%

SEC Filings

Expand for More
Report DateFiling DateFiling
12/31/202502/24/202610-K
09/30/202510/29/202510-Q
06/30/202508/05/202510-Q
03/31/202504/30/202510-Q
12/31/202402/25/202510-K
09/30/202410/30/202410-Q
06/30/202408/06/202410-Q
03/31/202405/01/202410-Q
12/31/202302/27/202410-K
09/30/202311/01/202310-Q
06/30/202308/08/202310-Q
03/31/202305/03/202310-Q
12/31/202202/28/202310-K
09/30/202211/02/202210-Q
06/30/202208/09/202210-Q
03/31/202205/04/202210-Q

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 2/23/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 Net Income3.19 Bil3.45 Bil    
2026 Earnings per diluted share5.045.45    
2026 Adjusted EBITDA7.90 Bil8.10 Bil    
2026 Total capital expenditures2.70 Bil2.95 Bil    

Prior: Q3 2025 Earnings Reported 10/28/2025

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Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Derksen, Brian L DirectBuy1105202566.002,500165,0001,399,200Form

Industry Resources

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