OKE Chart
About

ONEOK, Inc. operates as a midstream service provider of gathering, processing, fractionation, transportation, storage, and marine export services in the United States. It operates in four segments: Natural Gas Gathering and Processing; Natural Gas Liquids; Natural Gas Pipelines; and Refined Products and Crude. The company owns natural gas gathering pipelines and processing plants in the Mid-Continent, Permian Basin, North Texas, Gulf Coast region, and Rocky Mountain regions; and provides midstream services to producers of NGLs. It also owns NGL gathering and distribution pipelines, fractionation, terminal and storage facilities; and transports refined products, including gasoline, diesel fuel, aviation fuel, kerosene, and heating oil. In addition, the company transports and stores natural gas through regulated interstate and intrastate natural gas transmission pipelines, and natural gas storage facilities; it owns and operates a parking garage in downtown Tulsa, Oklahoma; and leases buildings, warehouses, office space, land, and equipment, including pipeline equipment, pipeline capacity, rail cars, and information technology equipment. Further, the company transports, stores, and distributes refined products, purity NGLs, and crude oil, as well as conducts commodity-related activities, including liquids blending and marketing activities. It serves integrated and independent exploration and production companies; other NGL and natural gas gathering and processing companies; crude oil and natural gas production companies; utilities; industrial companies; natural gasoline distributors; propane distributors; municipalities; ethanol producers; petrochemical, refining, and marketing companies; and diluent users, refineries, and exporters. ONEOK, Inc. was founded in 1906 and is headquartered in Tulsa, Oklahoma.

Fundamentals
Scroll to Statements
Sector Energy Industry Oil & Gas Midstream Market Cap 51.82B
Enterprise Value 84.88B Income 3.39B Sales 33.63B
Book/sh 35.71 Cash/sh 0.12 Dividend Yield 5.06%
Payout 75.00% Employees — IPO —
P/E 15.12 Forward P/E 13.48 PEG —
P/S 1.54 P/B 2.30 P/C —
EV/EBITDA 11.57 EV/Sales 2.52 Quick Ratio 0.48
Current Ratio 0.70 Debt/Eq 146.45 LT Debt/Eq —
EPS (ttm) 5.44 EPS next Y 6.10 EPS Growth -1.50%
Revenue Growth 29.50% Earnings 2026-04-28 ROA 5.57%
ROE 15.49% ROIC — Gross Margin 30.50%
Oper. Margin 16.98% Profit Margin 10.09% Shs Outstand 629.23M
Shs Float 627.95M Short Float 4.69% Short Ratio 5.39
Short Interest — 52W High 103.64 52W Low 64.02
Beta 0.92 Avg Volume 4.31M Volume 6.91M
Target Price $88.42 Recom Buy Prev Close $82.89
Price $82.28 Change -0.74%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$88.42
Mean price target
2. Current target
$82.28
Latest analyst target
3. DCF / Fair value
$20.75
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$82.28
Low
$74.00
High
$104.00
Mean
$88.42

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-02-25 main Wells Fargo Equal-Weight → Equal-Weight $79
2026-01-27 down JP Morgan Overweight → Neutral $83
2026-01-22 main UBS Buy → Buy $103
2026-01-20 init Jefferies — → Hold $80
2026-01-15 main Barclays Equal-Weight → Equal-Weight $76
2025-11-04 main Scotiabank Sector Outperform → Sector Outperform $87
2025-10-31 main Citigroup Buy → Buy $95
2025-10-30 main TD Cowen Hold → Hold $76
2025-10-30 main Wells Fargo Equal-Weight → Equal-Weight $82
2025-10-24 reit Raymond James Outperform → Outperform $82
2025-10-09 main Barclays Equal-Weight → Equal-Weight $78
2025-08-29 main Mizuho Neutral → Neutral $82
2025-08-26 main Morgan Stanley Overweight → Overweight $110
2025-08-13 main RBC Capital Sector Perform → Sector Perform $88
2025-08-01 main RBC Capital Sector Perform → Sector Perform $94
2025-07-22 main Raymond James Outperform → Outperform $110
2025-07-15 main Scotiabank Sector Outperform → Sector Outperform $92
2025-07-03 main JP Morgan Overweight → Overweight $97
2025-06-05 main Scotiabank Sector Outperform → Sector Outperform $93
2025-06-03 main Barclays Equal-Weight → Equal-Weight $91
Insider Transactions
Date Shares Url Text Insider Position Transaction Start Date Ownership Value
0 6556 — — LENTZ RANDY N. Chief Operating Officer — 2026-01-30 00:00:00 D nan
1 727 — Stock Award(Grant) at price 78.00 per share. OWODUNNI PRECIOUS WILLIAMS Director — 2026-01-23 00:00:00 D 56706.0
2 727 — Stock Award(Grant) at price 78.00 per share. MCCOLLUM MARK A Director — 2026-01-23 00:00:00 D 56706.0
3 2500 — Purchase at price 66.00 per share. DERKSEN BRIAN LLOYD Director — 2025-11-03 00:00:00 D 165000.0
4 14 — Stock Award(Grant) at price 83.75 per share. LENTZ RANDY N. Chief Operating Officer — 2025-06-13 00:00:00 D 1172.0
5 14 — Stock Award(Grant) at price 83.75 per share. SPEARS MARY M. Officer — 2025-06-13 00:00:00 D 1172.0
6 14 — Stock Award(Grant) at price 83.75 per share. HULSE WALTER S III Officer — 2025-06-13 00:00:00 D 1172.0
7 14 — Stock Award(Grant) at price 83.75 per share. SWORDS SHERIDAN C Officer — 2025-06-13 00:00:00 D 1172.0
8 14 — Stock Award(Grant) at price 83.75 per share. BURDICK KEVIN L Officer — 2025-06-13 00:00:00 D 1172.0
9 14 — Stock Award(Grant) at price 83.75 per share. NORTON PIERCE H II Chief Executive Officer — 2025-06-13 00:00:00 D 1172.0
Financials
Line Item2024-12-312023-12-312022-12-312021-12-31
TaxEffectOfUnusualItems-17.73M-37.86M0.000.00
TaxRateForCalcs0.240.240.230.24
NormalizedEBITDA6.69B5.29B3.55B3.34B
TotalUnusualItems-73.00M-158.00M0.000.00
TotalUnusualItemsExcludingGoodwill-73.00M-158.00M0.000.00
NetIncomeFromContinuingOperationNetMinorityInterest3.04B2.66B1.72B1.50B
ReconciledDepreciation1.13B769.00M626.00M622.00M
ReconciledCostOfRevenue14.45B12.70B18.54B12.88B
EBITDA6.62B5.13B3.55B3.34B
EBIT5.48B4.36B2.93B2.72B
NetInterestIncome-1.37B-866.00M-676.00M-733.00M
InterestExpense1.37B866.00M676.00M733.00M
NormalizedIncome3.09B2.78B1.72B1.50B
NetIncomeFromContinuingAndDiscontinuedOperation3.04B2.66B1.72B1.50B
TotalExpenses16.64B13.45B19.58B13.94B
TotalOperatingIncomeAsReported4.99B4.07B2.81B2.60B
DilutedAverageShares586.50M485.40M448.40M447.40M
BasicAverageShares584.60M484.30M447.50M446.40M
DilutedEPS5.175.483.843.35
BasicEPS5.195.493.853.36
DilutedNIAvailtoComStockholders3.03B2.66B1.72B1.50B
AverageDilutionEarnings0.000.000.000.00
NetIncomeCommonStockholders3.03B2.66B1.72B1.50B
PreferredStockDividends1.00M1.00M1.00M1.00M
NetIncome3.04B2.66B1.72B1.50B
MinorityInterests-77.00M0.000.00
NetIncomeIncludingNoncontrollingInterests3.11B2.66B1.72B1.50B
NetIncomeContinuousOperations3.11B2.66B1.72B1.50B
TaxProvision998.00M838.00M528.00M484.00M
PretaxIncome4.11B3.50B2.25B1.98B
OtherIncomeExpense419.00M133.00M119.00M121.00M
OtherNonOperatingIncomeExpenses53.00M89.00M-29.00M-1.00M
SpecialIncomeCharges-73.00M-158.00M0.000.00
GainOnSaleOfPPE1.39M
OtherSpecialCharges-2.55M-1.68M
WriteOff0.000.00
ImpairmentOfCapitalAssets0.000.00
RestructuringAndMergernAcquisition73.00M158.00M0.000.00
EarningsFromEquityInterest439.00M202.00M148.00M122.00M
NetNonOperatingInterestIncomeExpense-1.37B-866.00M-676.00M-733.00M
InterestExpenseNonOperating1.37B866.00M676.00M733.00M
OperatingIncome5.06B4.23B2.81B2.60B
OperatingExpense2.19B749.00M1.04B1.06B
OtherOperatingExpenses-305.00M-786.00M-105.00M-2.00M
OtherTaxes334.00M216.00M191.00M167.00M
GrossProfit7.25B4.98B3.85B3.66B
CostOfRevenue14.45B12.70B18.54B12.88B
TotalRevenue21.70B17.68B22.39B16.54B
OperatingRevenue21.70B17.68B22.39B16.54B
Line Item2024-12-312023-12-312022-12-312021-12-31
TreasurySharesNumber26.60M26.62M27.76M28.78M
OrdinarySharesNumber583.11M583.09M447.16M446.14M
ShareIssued609.71M609.71M474.92M474.92M
NetDebt31.34B21.33B13.40B13.50B
TotalDebt32.08B21.67B13.70B13.73B
TangibleBookValue5.91B10.22B5.74B5.25B
InvestedCapital49.11B38.15B20.11B19.66B
WorkingCapital-481.00M-344.00M-503.00M-810.25M
NetTangibleAssets5.91B10.22B5.74B5.25B
CapitalLeaseObligations97.00M80.00M89.42M
CommonStockEquity17.04B16.48B6.49B6.02B
TotalCapitalization48.05B37.67B19.19B18.76B
TotalEquityGrossMinorityInterest22.13B16.48B6.49B6.02B
MinorityInterest5.10B0.00
StockholdersEquity17.04B16.48B6.49B6.02B
GainsLossesNotAffectingRetainedEarnings-96.00M-33.00M-108.00M-471.35M
OtherEquityAdjustments-96.00M-33.00M-108.00M-471.35M
TreasuryStock807.00M677.00M706.00M732.10M
RetainedEarnings1.58B868.00M50.00M0.00
AdditionalPaidInCapital16.35B16.32B7.25B7.21B
CapitalStock6.00M6.00M5.00M4.75M
CommonStock6.00M6.00M5.00M4.75M
PreferredStock0.000.000.000.00
TotalLiabilitiesNetMinorityInterest41.94B27.78B17.89B17.61B
TotalNonCurrentLiabilitiesNetMinorityInterest37.22B24.33B14.83B14.42B
NonCurrentDeferredLiabilities6.20B3.15B2.07B1.60B
NonCurrentDeferredTaxesLiabilities5.45B2.59B1.74B1.17B
LongTermDebtAndCapitalLeaseObligation31.02B21.18B12.76B12.82B
LongTermCapitalLeaseObligation74.00M68.00M75.64M
LongTermDebt31.02B21.18B12.70B12.75B
CurrentLiabilities4.72B3.45B3.05B3.18B
OtherCurrentLiabilities741.00M808.00M386.00M707.03M
CurrentDebtAndCapitalLeaseObligation1.06B484.00M937.00M909.60M
CurrentCapitalLeaseObligation23.00M12.00M13.78M
CurrentDebt1.06B484.00M925.00M895.81M
OtherCurrentBorrowings1.06B484.00M925.00M895.81M
PayablesAndAccruedExpenses2.92B2.16B1.73B1.57B
CurrentAccruedExpenses511.00M381.00M233.00M235.60M
InterestPayable511.00M381.00M233.00M235.60M
Payables2.41B1.78B1.50B1.33B
TotalTaxPayable221.00M215.00M136.00M97.54M
AccountsPayable2.19B1.56B1.36B1.33B
TotalAssets64.07B44.27B24.38B23.62B
TotalNonCurrentAssets59.83B41.16B21.83B21.25B
OtherNonCurrentAssets450.00M319.00M324.00M366.46M
InvestmentsAndAdvances2.32B1.87B802.00M797.61M
LongTermEquityInvestment2.32B1.87B802.00M797.61M
InvestmentsinAssociatesatCost797.61M
GoodwillAndOtherIntangibleAssets11.13B6.27B753.00M763.29M
OtherIntangibleAssets3.04B1.32B225.00M235.70M
Goodwill8.09B4.95B528.00M527.59M
NetPPE45.94B32.70B19.95B19.32B
AccumulatedDepreciation-6.34B-5.76B-5.06B-4.50B
GrossPPE52.27B38.45B25.02B23.82B
ConstructionInProgress1.32B1.53B1.84B1.30B
MachineryFurnitureEquipment1.32B1.00B806.00M768.57M
LandAndImprovements592.00M375.00M160.00M
CurrentAssets4.24B3.11B2.55B2.37B
OtherCurrentAssets431.00M426.00M172.00M165.69M
HedgingAssetsCurrent26.00M43.00M39.61M
Inventory748.00M639.00M581.00M580.90M
OtherInventories748.00M639.00M432.00M
FinishedGoods431.74M427.88M
RawMaterials148.00M149.00M153.02M
Receivables2.33B1.71B1.53B1.44B
AccountsReceivable2.33B1.71B1.53B1.44B
CashCashEquivalentsAndShortTermInvestments733.00M338.00M220.00M146.39M
CashAndCashEquivalents733.00M338.00M220.00M146.39M
Line Item2024-12-312023-12-312022-12-312021-12-31
FreeCashFlow2.87B2.83B1.70B1.85B
RepurchaseOfCapitalStock-524.00M0.000.00
RepaymentOfDebt-2.00B-1.30B-896.00M-605.00M
IssuanceOfDebt7.09B5.30B869.00M0.00
IssuanceOfCapitalStock32.44M32.79M
CapitalExpenditure-2.02B-1.59B-1.20B-697.00M
InterestPaidSupplementalData1.30B653.00M582.00M692.00M
IncomeTaxPaidSupplementalData102.00M37.00M59.00M9.00M
EndCashPosition733.00M338.00M220.00M146.00M
BeginningCashPosition338.00M220.00M146.00M524.00M
ChangesInCash395.00M118.00M74.00M-378.00M
FinancingCashFlow2.12B2.10B-1.69B-2.26B
CashFlowFromContinuingFinancingActivities2.12B2.10B-1.69B-2.26B
NetOtherFinancingCharges-135.00M-58.00M6.00M13.00M
CashDividendsPaid-2.31B-1.84B-1.67B-1.67B
CommonStockDividendPaid-2.31B-1.84B-1.67B-1.67B
NetPreferredStockIssuance-365.00M0.000.00
PreferredStockPayments-365.00M0.000.00
NetCommonStockIssuance-159.00M0.000.0032.79M
CommonStockPayments-159.00M0.000.00
CommonStockIssuance32.44M32.79M
NetIssuancePaymentsOfDebt5.09B4.00B-27.00M-605.00M
NetShortTermDebtIssuance0.000.00
NetLongTermDebtIssuance5.09B4.00B-27.00M-605.00M
LongTermDebtPayments-2.00B-1.30B-896.00M-605.00M
LongTermDebtIssuance7.09B5.30B869.00M0.00
InvestingCashFlow-6.61B-6.40B-1.14B-665.00M
CashFlowFromContinuingInvestingActivities-6.61B-6.40B-1.14B-665.00M
NetOtherInvestingChanges97.00M363.00M46.00M14.00M
DividendsReceivedCFI52.00M50.00M20.00M19.00M
NetBusinessPurchaseAndSale-4.74B-5.22B-3.00M-1.00M
SaleOfBusiness1.20B0.000.00
PurchaseOfBusiness-5.94B-5.22B-3.00M-1.00M
CapitalExpenditureReported-2.02B-1.59B-1.20B-697.00M
OperatingCashFlow4.89B4.42B2.91B2.55B
CashFlowFromContinuingOperatingActivities4.89B4.42B2.91B2.55B
DividendReceivedCFO390.00M202.00M147.00M123.00M
ChangeInWorkingCapital-43.00M358.00M-58.00M-143.00M
ChangeInOtherWorkingCapital-223.00M195.00M178.00M-49.00M
ChangeInPayablesAndAccruedExpense114.00M-62.00M-26.00M622.00M
ChangeInPayable114.00M-62.00M-26.00M622.00M
ChangeInAccountPayable114.00M-62.00M-26.00M622.00M
ChangeInInventory17.00M118.00M-62.00M-105.00M
ChangeInReceivables49.00M107.00M-148.00M-611.00M
ChangesInAccountReceivables49.00M107.00M-148.00M-611.00M
OtherNonCashItems72.00M-194.00M153.00M94.00M
AssetImpairmentCharge0.000.00
DeferredTax889.00M829.00M464.00M472.00M
DeferredIncomeTax889.00M829.00M464.00M472.00M
DepreciationAmortizationDepletion1.13B769.00M626.00M622.00M
DepreciationAndAmortization1.13B769.00M626.00M622.00M
OperatingGainsLosses-666.00M-202.00M-148.00M-122.00M
EarningsLossesFromEquityInvestments-439.00M-202.00M-148.00M-122.00M
GainLossOnSaleOfBusiness-227.00M0.000.00
NetIncomeFromContinuingOperations3.11B2.66B1.72B1.50B
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

Public Trades for OKE
Date User Asset Broker Type Position Size Entry Price Patterns