ONEOK, Inc. (OKE) Stock Price & How to Invest

ONEOK (NYSE: OKE) is an American midstream energy company headquartered in Tulsa, Oklahoma. It provides gathering, processing, fractionation, transportation, storage, and marine export services for natural gas, natural gas liquids, crude oil, and refined products across four reportable business segments. The company operates approximately 60,000 miles of pipeline and earns the majority of its revenue through long-term, fee-based contracts that limit direct commodity price exposure. Roughly 90% of 2026 earnings are expected to be fee-based, making cash flow relatively predictable across commodity price cycles.

Founded in 1906 as Oklahoma Natural Gas Company and renamed ONEOK in 1980, the company has been publicly traded on the NYSE for decades and is a member of both the Fortune 500 and S&P 500. CEO Pierce H. Norton II has led a series of large-scale acquisitions including the 2023 Magellan Midstream merger, the 2024 Medallion Midstream acquisition, and the full purchase of EnLink Midstream completed in early 2025. These deals broadened ONEOK's footprint into the Permian Basin, Mid-Continent, and Gulf Coast markets, more than doubling processed natural gas volumes and catapulting revenue from approximately $21.7 billion in 2024 to approximately $33.6 billion in 2025.

ONEOK's Net Debt to EBITDA stands at approximately 4x, which is elevated even by midstream standards, and the 2026 adjusted EBITDA guidance range of approximately $7.9 to $8.3 billion was viewed by some analysts as essentially flat versus 2025, raising questions about near-term earnings momentum. A material slowdown in U.S. producer activity, particularly in the Permian Basin or Rocky Mountain region, could reduce throughput volumes and stress the fee-based model. Commodity-linked portions of earnings remain exposed to NGL price cycles, and further large acquisitions or integration missteps could delay the deleveraging trajectory. Regulatory changes affecting pipeline operations or carbon emissions standards represent an additional longer-term uncertainty.

21 analysts publish price targets on OKE, averaging $95.76 against a $90.81 price as of August 2026, or +5.5%. The published targets run from $88.00 to $108.00, a narrow spread, and the ratings split 9 buy, 14 hold, 0 sell. Over the last six months there have been 7 raises and 5 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full OKE forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on ONEOK, Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Fee-Based Revenue Durability. Approximately 90% of ONEOK's 2026 earnings are expected to come from fee-based contracts, insulating cash flow from short-term swings in natural gas and NGL prices. The most optimistic published target, $108.00, assumes this works close to its best case.

The case against. ONEOK's Net Debt to EBITDA stands at approximately 4x, which is elevated even by midstream standards, and the 2026 adjusted EBITDA guidance range of approximately $7.9 to $8.3 billion was viewed by some analysts as essentially flat versus 2025, raising questions about near-term earnings momentum. The most pessimistic target, $88.00, is roughly what OKE is worth if this bites instead.

Read the full bull and bear case on OKE, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see ONEOK, Inc.'s investor relations page or your broker.

• Revenue (FY 2025): ~$33.6 billion
• Net Income (FY 2025, attributable to ONEOK): ~$3.39 billion
• Adjusted EBITDA (FY 2025): ~$8.02 billion
• Diluted EPS (FY 2025): ~$5.42
• P/E Ratio (TTM, approx.): ~15x to 16x
• Dividend Yield (forward, approx.): ~4.7% (annualized dividend of $4.28/share)

ONEOK's trailing P/E of approximately 15x to 16x sits modestly below its peer group average of roughly 17.5x and well below its own 10-year historical average of approximately 23x, reflecting market uncertainty around integration complexity and a cautious 2026 volume outlook. The EV/EBITDA multiple of approximately 11x is consistent with large-cap midstream peers and suggests the market is pricing in a period of consolidation rather than re-acceleration. Free cash flow of approximately $2.5 billion in fiscal 2025 comfortably covers the dividend, supporting the roughly 76% payout ratio.

If you want OKE exposure as part of a larger bundle rather than directly, these ETFs hold it meaningfully. Weights are approximate and refresh quarterly.

These are the investment theses OKE naturally fits into. Each links to a full theme guide listing every other stock that belongs and the ETFs commonly used as a passive proxy.

Other names that sit close to OKE: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get OKE exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it (SPHD, DVY, XLE), which spreads the position across many companies. Or build it into a focused thematic portfolio, so OKE sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where OKE fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

ONEOK is a fee-heavy midstream toll-road business whose 2025 adjusted EBITDA of approximately $8.0 billion reflects three years of transformative acquisitions that repositioned it from a regional NGL specialist into a diversified, national-scale midstream platform. If you believe North American natural gas and NGL throughput volumes will grow over the next decade, supported by LNG export demand, power-generation needs, and AI-driven electricity consumption, the question becomes sizing and overlap with other energy holdings, not timing. The risk is that a heavily leveraged balance sheet (Net Debt/EBITDA of approximately 4x) combined with softer 2026 volume guidance leaves little margin for error if producer activity slows or commodity-linked earnings erode.

Whether OKE is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is OKE a buy or a sell?, and where the stock could go from here in the OKE stock forecast.

For income investors, whether OKE pays a dividend and how the payout looks is covered in does OKE pay a dividend? And to weigh OKE against a peer, read the full side-by-side comparisons: OKE vs ET and OKE vs KMI.