ONEOK, Inc.
$86.75
+0.035%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.
At a Glance
Live SnapshotIntrinsic Alpha Methodology
Thesis Lenses
Signal
High confidenceValuation multiple is mid-range (P/E 16.0).
Valuation inputs: P/E 16.0, earnings yield +6.3%, momentum +0.0%.
If multiples stay elevated while momentum fades, downside repricing risk rises.
Driver
High confidenceReturn profile is acceptable (ROE +15.1%, ROIC +8.6%).
Profitability stack: net margin +10.1%, ROE +15.1%, ROIC +8.6%.
Quality deterioration often appears in margins before it shows up in headline EPS.
Risk
High confidenceRisk profile is balanced but has notable pressure points to monitor.
Risk factors: liabilities/assets +66.1%, momentum +0.0%, net margin +10.1%.
Higher leverage with weak momentum and thin margins can amplify drawdown severity.
ONEOK, Inc. Market vs Earnings Trajectory
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ONEOK, Inc. Fair Value Envelope
ONEOK, Inc. Profit Bridge
Profitability Analysis
Gross Margin
Moderate margins typical of competitive industries. Monitor for pricing pressure or rising costs.
Operating Margin
Healthy operating margins demonstrate effective cost control and strong business fundamentals.
Net Profit Margin
Strong net margins indicate efficient operations and favorable tax/interest management.
Effective Tax Rate
Moderate tax rate typical for most corporations. Represents standard tax burden on profits.
Profitability Insight
Efficient profit conversion: Minimal margin compression from gross to net indicates lean operations and favorable tax/interest environment.
ONEOK, Inc. Cash Conversion Engine
Cash Flow Quality Analysis
FCF Conversion Rate
Moderate conversion rate. Some gap between earnings and cash flow may warrant investigation into working capital or non-cash items.
CapEx Intensity
Capital-intensive operations require significant reinvestment. Monitor whether CapEx is maintenance or growth-oriented.
FCF Growth Trend
Declining FCF warrants attention. Investigate whether due to temporary factors or fundamental deterioration.
Working Capital Impact
Minimal working capital impact on FCF. Changes in operating assets and liabilities well-managed.
Cash Flow Quality Insight
Solid cash generation: Positive free cash flow with reasonable earnings quality provides financial flexibility for growth investments, debt reduction, or shareholder returns.
ONEOK, Inc. Funding & Solvency Profile
Financial Health Analysis
Current Ratio
Warning: Liquidity concerns. Current assets may not be sufficient to cover short-term obligations.
Debt-to-Equity Ratio
High financial leverage. Heavy reliance on debt may indicate increased financial risk and potential solvency concerns.
Working Capital
Negative working capital indicates short-term liabilities exceed short-term assets—potential liquidity stress.
Asset Composition
Capital-intensive business with significant long-term investments in property, equipment, or intangibles.
Financial Health Insight
Financial stress indicators: Both liquidity and leverage metrics raise concerns. The company may face challenges meeting obligations and should focus on strengthening its balance sheet.
ONEOK, Inc. Street Expectations Map
Wall Street analysts project that OKE stock may experience modest gains over the coming 12 months. The consensus 1-year price target stands at 92.50, with estimates ranging from a low of 80.00 to a high of 104.00.
The consensus 1-year price target stands at 92.50, with estimates ranging from a low of 80.00 to a high of 104.00.
Analyst Consensus Analysis
Upside Potential
Moderate upside. Analysts expect positive returns but with limited margin of safety. Consider entry timing.
Analyst Agreement
Good consensus alignment. Moderate target spread reflects general agreement on value drivers with some variance in assumptions.
Risk-Reward Profile
Favorable risk-reward. Potential upside significantly exceeds downside risk, offering asymmetric return profile attractive for risk-tolerant investors.
Analyst Conviction
Positive outlook with reasonable agreement. Analysts generally optimistic about prospects with manageable uncertainty.
Market Sentiment Insight
Monitor and evaluate: Current analyst consensus suggests limited conviction or near-term catalysts. Stay informed on company developments and reassess positioning as new information emerges.
ONEOK, Inc. Insider Positioning
During the last 12 months, insiders have purchased $165K worth of OKE shares, with no selling activity reported.
3 Months
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3-6 Months
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6-9 Months
2.5K
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9-12 Months
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Top Buyers
Derksen Brian L
Director
$165K
Top Sellers
No selling activity
Insider Activity Analysis
Net Insider Sentiment
Strong bullish signal with $165K net buying. Insiders are aggressively accumulating shares, suggesting significant confidence in future prospects.
Buy/Sell Ratio
Perfect buy/sell ratio. Only buying activity with zero selling—the most bullish possible insider signal.
Insider Participation
1 insider buyers vs. 0 sellers. Broad-based buying across management team suggests widespread confidence.
Insider Activity Insight
Unanimous insider buying: Zero selling combined with active buying is rare and typically very bullish. Insiders appear to see significant upside with limited downside risk.
oke Dividend History
Learning Layer
Related Guides
Build conviction on OKE by pairing this stock hub with focused valuation guides.
Research Paths
Snapshot
Start with context, operating signals, and key market metrics.
Value Model
Stress test fair value across bear, base, and bull assumptions.
Statements
Validate revenue quality, margins, and balance sheet durability.
Earnings Call
Read management commentary and compare it with reported outcomes.
Dividends
Check payout sustainability and long-term distribution behavior.
Analyst Expectations
Review consensus spread and where estimate risk is concentrated.