ALTSTATION.IO

ONEOK, Inc. (OKE) Stock Analysis

By Nova Skye | AltStation.io | Updated February 07, 2026

Price

$81.67

Change

+1.50%

Market Cap

$51.43B

Avg Volume

4.3M

Company Overview

ONEOK, Inc. provides essential midstream services in the oil and gas sector. The company specializes in gathering, processing, and transporting natural gas and natural gas liquids (NGLs). Their operations include pipelines, processing plants, and storage facilities across key regions like the Permian Basin and Gulf Coast. Customers range from independent and integrated oil producers to utilities and refineries, which rely on ONEOK for crucial services in the energy supply chain.

In terms of competitive positioning, ONEOK is a market leader within the midstream segment. With a strong infrastructure footprint and extensive pipeline capacity, they have an edge over many competitors like EnLink Midstream and Regency Centers. However, the market is dynamic, facing headwinds from regulatory changes and fluctuating commodity prices that could threaten profit margins. The ongoing transition toward renewable energy also places pressure on traditional fossil fuel players.

Currently, ONEOK is focused on growth, driven by increased demand for NGLs and natural gas. Recent investments have targeted the expansion of their pipeline systems to accommodate rising production from shale basins. The company has also made strategic acquisitions to enhance their capabilities and reach. Overall, ONEOK’s proactive approach positions them well to capitalize on current market opportunities, even amid sector challenges.

Key Financials

Market Cap

$51.43B

Revenue

$31.56B

EBITDA

$7.38B

Gross Margin

32.0%

Profit Margin

10.6%

Revenue Growth

71.9%

Total Cash

$1.20B

Total Debt

$33.73B

Free Cash Flow

$1.43B

52-Week Price Performance Analysis

Price Statistics

P/E Ratio

15.01

Forward P/E

13.99

Beta

0.92

52-Week High

$103.64

52-Week Low

$64.02

EPS

$5.44

50-Day Avg

$74.44

200-Day Avg

$76.10

Price/Book

2.33

Technical Analysis

The 52-week trend for ONEOK, Inc. (OKE) shows a predominantly bearish direction, with a significant decline from the peak around $97 in early February to the recent price of $81.67, marking a 12.5% decrease. Key support is established at approximately $70, as observed in multiple troughs throughout the year, while resistance appears around the $90 mark, where the stock struggled to maintain upward momentum. A double-bottom formation is evident between July and August, indicating potential recovery points, but the overall trend remains weak. In recent weeks, the stock has experienced upward momentum, briefly testing resistance levels, suggesting a possible short-term recovery trend. Currently, at $81.67, the price sits in the lower half of its 52-week range, indicating a bearish sentiment with limited immediate upside potential unless it can breach the $90 resistance.

Recent News and Developments

ONEOK, Inc

(OKE) experienced a notable week with a dividend increase, shifts in analyst sentiment, and upcoming earnings expectations, alongside some price movement.

Here are 3-5 specific news items for ONEOK, Inc

from the past week:

### ONEOK Raises Quarterly Dividend by 4%
ONEOK, Inc

announced a 4% increase in its quarterly dividend, raising it to $1.07 per share from the previous $1.03. This translates to an annualized payout of $4.28 and an approximate yield of 5.4%. The ex-dividend date was February 2nd, 2026, with the payment scheduled for February 13th, 2026. This marks a continuation of the pipeline company’s track record of stable to growing dividends for its investors.

Market Sentiment and Analyst Recommendations

Bull Case

OKE trades at 15x earnings with a 5.4% dividend yield after the recent 4% hike, which is reasonable for a midstream energy company with stable cash flows. Revenue growth of 71.9% year-over-year signals strong demand and pricing power in the pipeline and processing business. The company has $1.20B in cash against $33.73B in debt, giving it adequate liquidity to fund operations and dividend growth without stress. Analyst consensus is genuinely bullish — 12 of 20 analysts recommend buying with an average target of $87.30, implying 6.8% upside from current levels, and the range extends to $104, suggesting some analysts see 27% potential. The board additions of McCollum (Weatherford CEO) and Owodunni bring energy and governance expertise, signaling confidence in execution. The stock is testing $90 resistance after recent upward momentum, and a clean break above that level could trigger a move toward the $97 peak from early February.

Bear Case

The 52-week chart is genuinely weak — OKE peaked at $103.64 and has declined 21.2% from there, now sitting in the lower half of its range with only $70 as meaningful support below. The debt load of $33.73B against $51.43B market cap is substantial; while manageable, it limits financial flexibility during energy downturns or if interest rates remain elevated. Upcoming earnings on February 23rd show EPS declining 5.1% year-over-year despite revenue growth, which suggests margin compression or higher costs eating into profitability. The recent 4.1% gap-down and 2.8% weekly decline indicate institutional selling pressure, not accumulation. Midstream energy is cyclical and vulnerable to oil price volatility, natural gas demand shifts, and regulatory changes that could impact long-term growth assumptions.

What to Watch

The February 23rd earnings report is the immediate catalyst — watch for EPS guidance and management commentary on margin trends. If the company maintains or raises 2026 guidance despite the projected 5.1% EPS decline this quarter, that signals confidence and could re-rate the stock higher. Monitor the $90 resistance level closely; a sustained break above it with volume would suggest the downtrend is breaking and could accelerate toward $97. Track the dividend payout ratio after earnings to ensure the 5.4% yield remains sustainable without balance sheet deterioration. Watch crude oil and natural gas prices, as a sustained rally in energy would directly benefit midstream volumes and utilization rates. If the company announces additional dividend increases or buybacks over the next two quarters, that would validate management’s conviction in the business outlook and likely attract yield-focused capital.

Analyst Consensus

BUY

Based on 20 analyst opinions

Low Target

$74.00

Mean Target

$87.30

High Target

$104.00

Earnings and Financial Data

Sector

Energy

Industry

Oil & Gas Midstream

Employees

5,177

Earnings & Dividends

Next Earnings

Feb 23, 2026

EPS (Trailing)

$5.44

Dividend Yield

517.0%

Payout Ratio

75.0%

Frequently Asked Questions

Is OKE a good stock to buy?

Analysts currently recommend OKE as a “BUY” with a price target of $87.30. Given its solid fundamentals and reasonable P/E ratios of 15.01 and a forward P/E of 13.99, OKE is positioned for potential upside.

What is OKE’s price target?

The consensus price target for OKE is $87.30. This represents an upside potential of about 6.5% from its current price of $81.67.

Does OKE pay a dividend?

Yes, OKE offers a substantial dividend yield of 517.0%. This high yield makes it an attractive option for income-focused investors.

How has OKE’s stock performed in the last year?

OKE’s stock has traded between $64.02 and $103.64 over the past 52 weeks. Its current price of $81.67 reflects a balanced performance in a volatile sector.

What is OKE’s market capitalization?

OKE has a market cap of $51.43 billion. This positions it as a significant player in the oil and gas midstream industry, enhancing its stability and growth prospects.

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Disclaimer: This report is for informational purposes only and does not constitute financial advice. The analysis and opinions expressed are those of AltStation.io and should not be relied upon as the sole basis for investment decisions. Always conduct your own research and consult with a qualified financial advisor before making investment decisions. Past performance does not guarantee future results. Updated February 07, 2026.