ONEOK

OKE · NYSE

$92.85+$0.43 (+0.47%)TodayMarket closed · Oct 20, 7:43 PM ET

Prev close $92.42

OKE analyst rating

HoldConsensus of 14 analysts over the last 12 months. 43% rate it a buy.

Strong buy0
Buy6
Hold8
Underperform0
Sell0

12-month price target · 23 analysts

Average $102.41 (+10.3% upside)

Low: $82.82
Now: $92.85
High: $117.60

Upgrades and downgrades

The latest rating actions, newest first

OKE analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
JP Morgan	Oct 6, 2026	Maintains	Neutral	$106.00 → $100.00	57%
TD Cowen	Sep 11, 2026	Maintains	Hold	$90.00 → $93.00	70%
Morgan Stanley	Sep 9, 2026	Maintains	Equal-Weight	$105.00 → $112.00	61%
Citigroup	Sep 3, 2026	Maintains	Buy	$97.00 → $108.00	66%
Jefferies	Sep 2, 2026	Maintains	Hold	$95.00 → $105.00	57%
Truist Securities	Sep 2, 2026	Maintains	Hold	$93.00 → $104.00	63%
Wells Fargo	Sep 2, 2026	Maintains	Overweight	$98.00 → $106.00	44%
Scotiabank	Sep 1, 2026	Maintains	Sector Perform	$89.00 → $95.00	74%
JP Morgan	Sep 1, 2026	Maintains	Neutral	$95.00 → $106.00	57%
Morgan Stanley	Aug 18, 2026	Maintains	Equal-Weight	$103.00 → $105.00	61%

The case for and against

Updated Oct 17, 2026

Bull case

ONEOK is a leading midstream franchise with durable fixed-fee cash flows, broad gathering, processing, storage, transportation, and marine export capabilities, and a more diversified footprint after the 2023 Magellan acquisition and the 2H24 Medallion and Enlink deals. Its outlook is strengthened by a growth backlog that is 80% NGL-focused, plus exposure to refined products and Permian crude that broadens earnings drivers beyond the historically concentrated Rockies and NGL base. While FY27/FY28/FY29 EBITDA estimates are rising by $343M/$452M/$440M and earnings CAGR improves to 4.7%, the shares appear fully valued at 10.2x FY3 EBITDA, so the thesis rests on execution and producer activity rather than cheap valuation.

Bear case

ONEOK is viewed negatively because its apparent growth is being overstated relative to underlying fundamentals, with Brazos EBITDA estimated about $0.1B below management’s long-term $740MM guide and synergies modeled at only $40MM versus $80MM guided. The stock also faces a less attractive operating mix than Permian-levered peers, with higher exposure to Bakken and MidCon, roughly 75% hedging in G&P limiting upside, and leverage guidance implying legacy EBITDA may be flat to declining rather than clearly accelerating. On top of that, the shares screen at a fairly full multiple despite consensus estimates falling about 3% while the FY3 multiple expanded nearly 14% YTD, leaving downside risk if commodity tailwinds fade and execution, regulatory, or capital-market conditions disappoint.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.