- Truist Raises PT on ONEOK (OKE) Stock
May 12, 2026
ONEOK, Inc. (NYSE:OKE) is one of the Best Stocks Under $100 to Invest In Now. On May 4, Truist analyst Gabe Daoud lifted its price objective on the company’s stock to $93 from $91 and kept a “Hold” rating on the shares. This came as part of the broader research note covering the midstream energy names after the results for Q1. As per the analyst, the overall quarter was characterized by spread optimization, which drove improved financials and raises in guidance numbers.Truist Raises PT on ONEOK (OKE) Stock
In a separate release, on April 28, ONEOK, Inc. (NYSE:OKE) announced its higher Q1 2026 results and an increased 2026 financial guidance, with 12% growth in net income to $776 million, leading to $1.23 per diluted share. For FY 2026, the company increased its net income guidance to the midpoint of $3.5 billion. The guidance for earnings per diluted share rose to the midpoint of $5.53, while adjusted EBITDA guidance has been increased to the midpoint of $8.25 billion.
The improvement in guidance numbers demonstrates healthy business segment performance and increased opportunities throughout ONEOK, Inc. (NYSE:OKE)’s system.
ONEOK, Inc. (NYSE:OKE) is a midstream operator, which is engaged in providing gathering, processing, fractionation, transportation, storage, and marine export services.
While we acknowledge the potential of OKE as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
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- Oneok (OKE) Reports Q1 Earnings: What Key Metrics Have to Say
May 8, 2026
For the quarter ended March 2026, Oneok Inc. (OKE) reported revenue of $9.62 billion, up 19.6% over the same period last year. EPS came in at $1.30, compared to $1.04 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $9.69 billion, representing a surprise of -0.69%. The company delivered an EPS surprise of +3.18%, with the consensus EPS estimate being $1.26.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Oneok performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Raw feed throughput - Natural Gas Liquids: 1,493.00 MBBL/d versus the two-analyst average estimate of 1,544.50 MBBL/d. Adjusted EBITDA- Natural Gas Gathering and Processing: $467 million versus the two-analyst average estimate of $510.53 million. Adjusted EBITDA- Refined Products & Crude: $492 million versus the two-analyst average estimate of $523.05 million. Adjusted EBITDA- Natural Gas Pipelines: $339 million compared to the $238.23 million average estimate based on two analysts. Adjusted EBITDA- Natural Gas Liquids: $706 million compared to the $682.35 million average estimate based on two analysts.
View all Key Company Metrics for Oneok here>>>
Shares of Oneok have returned -0.4% over the past month versus the Zacks S&P 500 composite's +11% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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- Plains All American Q1 Earnings Miss Estimates, Revenues Increase Y/Y
May 8, 2026
Plains All American Pipeline, L.P. PAA reported first-quarter 2026 adjusted earnings of 39 cents per unit, which missed the Zacks Consensus Estimate of 41 cents by 4.88%. In the year-ago quarter, earnings were in line with the company’s reported figure.
The company reported GAAP earnings of 14 cents per unit compared with 49 cents in the year-ago period.
PAA’s Total Revenues
Net sales of $12.47 billion missed the Zacks Consensus Estimate of $12.54 billion by 0.54%. However, the top line increased 8.65% from the year-ago quarter’s figure of $11.5 billion.
Plains All American Pipeline, L.P. Price, Consensus and EPS Surprise
Plains All American Pipeline, L.P. price-consensus-eps-surprise-chart | Plains All American Pipeline, L.P. Quote
Highlights of PAA’s Earnings Release
Total costs and expenses were $12.1 billion, up 8.49% year over year. The increase was primarily due to a rise in purchases and related costs.
Operating income in the first quarter of 2026 was $405 million, up 13.76% from $356 million in the year-ago quarter.
Net interest expenses totaled $167 million, up 31.5% from the prior-year quarter’s level.
PAA’s Segmental Performance
The Crude Oil segment’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were $582 million, up 4% from the year-ago quarter’s figure. This increase was primarily driven by synergies from the recently completed Cactus III pipeline acquisition and bolt-on acquisitions.
Adjusted EBITDA for the NGL segment was $145 million, down 23% from the prior-year period’s figure. This decrease was due to lower weighted average frac spreads and NGL sales volumes in the first quarter of 2026.
PAA’s Financial Update
As of March 31, 2026, cash and cash equivalents were $171 million compared with $328 million as of Dec. 31, 2025.
As of March 31, 2026, long-term debt was $10.96 billion compared with $10.7 billion as of Dec. 31, 2025.
As of March 31, 2026, long-term debt-to-total book capitalization was 53% compared with 52% as of Dec. 31, 2025.
PAA’s net cash provided by operating activities in the first three months of 2026 was $418.0 million compared with $639.0 million in the year-ago period.
PAA’s 2026 Guidance
For 2026, Plains All American expects adjusted EBITDA to be $2.88 billion. Adjusted free cash flow is anticipated to be $1.85 billion (excluding changes in assets and liabilities).
PAA remains focused on disciplined capital investments, expecting full-year 2026 growth capital and maintenance capital of $350 million and $185 million, respectively.
PAA’s Zacks Rank
The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
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Recent Releases
CNX Resources Corporation CNX reported first-quarter 2026 operating earnings of $1.21 per share, which beat the Zacks Consensus Estimate of 93 cents by 30.11%.
CNX’s long-term (three to five years) earnings growth rate is 34.74%. The Zacks Consensus Estimate for 2026 earnings is pinned at $2.95 per share, which implies a year-over-year increase of 16.14%
Murphy Oil Corporation MUR delivered first-quarter 2026 adjusted net earnings of 32 cents per share, surpassing the Zacks Consensus Estimate of 29 cents by 10.3%
MUR has a dividend yield of 3.66%. The Zacks Consensus Estimate for 2026 earnings is pinned at $3.38 per share, which implies a year-over-year increase of 146.72%
ONEOK Inc. OKE reported first-quarter 2026 operating earnings per share of $1.30, which beat the Zacks Consensus Estimate of $1.26 by 3.2%.
OKE’s long-term earnings growth rate is 2.39%. The Zacks Consensus Estimate for 2026 earnings is pinned at $5.57 per share, which implies a year-over-year increase of 2.77%.
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- Should You Be Adding ONEOK (NYSE:OKE) To Your Watchlist Today?
May 5, 2026
For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to investors, even if it currently lacks a track record of revenue and profit. But as Peter Lynch said in One Up On Wall Street, 'Long shots almost never pay off.' A loss-making company is yet to prove itself with profit, and eventually the inflow of external capital may dry up.
If this kind of company isn't your style, you like companies that generate revenue, and even earn profits, then you may well be interested in ONEOK (NYSE:OKE). While profit isn't the sole metric that should be considered when investing, it's worth recognising businesses that can consistently produce it.
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ONEOK's Improving Profits
Even modest earnings per share growth (EPS) can create meaningful value, when it is sustained reliably from year to year. So it's no surprise that some investors are more inclined to invest in profitable businesses. ONEOK has grown its trailing twelve month EPS from US$5.13 to US$5.60, in the last year. That amounts to a small improvement of 9.4%.
Careful consideration of revenue growth and earnings before interest and taxation (EBIT) margins can help inform a view on the sustainability of the recent profit growth. On the revenue front, ONEOK has done well over the past year, growing revenue by 41% to US$35b but EBIT margin figures were less stellar, seeing a decline over the last 12 months. If EBIT margins are able to stay balanced and this revenue growth continues, then we should see brighter days ahead.
The chart below shows how the company's bottom and top lines have progressed over time. For finer detail, click on the image.NYSE:OKE Earnings and Revenue History May 5th 2026
Check out our latest analysis for ONEOK
While we live in the present moment, there's little doubt that the future matters most in the investment decision process. So why not check this interactive chart depicting future EPS estimates, for ONEOK?
Are ONEOK Insiders Aligned With All Shareholders?
It's said that there's no smoke without fire. For investors, insider buying is often the smoke that indicates which stocks could set the market alight. That's because insider buying often indicates that those closest to the company have confidence that the share price will perform well. Of course, we can never be sure what insiders are thinking, we can only judge their actions.
Belief in the company remains high for insiders as there hasn't been a single share sold by the management or company board members. But the real excitement comes from the US$165k that Independent Director Brian L. Derksen spent buying shares (at an average price of about US$66.00). Purchases like this clue us in to the to the faith management has in the business' future.
Story Continues
Along with the insider buying, another encouraging sign for ONEOK is that insiders, as a group, have a considerable shareholding. We note that their impressive stake in the company is worth US$106m. We note that this amounts to 0.2% of the company, which may be small owing to the sheer size of ONEOK but it's still worth mentioning. So despite their percentage holding being low, company management still have plenty of reasons to deliver the best outcomes for investors.
While insiders are apparently happy to hold and accumulate shares, that is just part of the big picture. That's because on our analysis the CEO, Pierce Norton, is paid less than the median for similar sized companies. For companies with market capitalisations over US$8.0b, like ONEOK, the median CEO pay is around US$15m.
ONEOK offered total compensation worth US$12m to its CEO in the year to December 2025. That comes in below the average for similar sized companies and seems pretty reasonable. CEO compensation is hardly the most important aspect of a company to consider, but when it's reasonable, that gives a little more confidence that leadership are looking out for shareholder interests. Generally, arguments can be made that reasonable pay levels attest to good decision-making.
Is ONEOK Worth Keeping An Eye On?
One positive for ONEOK is that it is growing EPS. That's nice to see. On top of that, we've seen insiders buying shares even though they already own plenty. That makes the company a prime candidate for your watchlist - and arguably a research priority. Before you take the next step you should know about the 2 warning signs for ONEOK (1 can't be ignored!) that we have uncovered.
Keen growth investors love to see insider activity. Thankfully, ONEOK isn't the only one. You can see a a curated list of companies which have exhibited consistent growth accompanied by high insider ownership.
Please note the insider transactions discussed in this article refer to reportable transactions in the relevant jurisdiction.
Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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- Is ONEOK, Inc. (OKE) A Good Stock To Buy Now?
May 3, 2026
Is OKE a good stock to buy? We came across a bullish thesis on ONEOK, Inc. on Hazelnuts Research’s Substack. In this article, we will summarize the bulls’ thesis on OKE. ONEOK, Inc.'s share was trading at $84.69 as of April 21st. OKE’s trailing and forward P/E were 15.46 and 15.04 respectively according to Yahoo Finance.New Fortress Energy (NFE) Wins Support from Over 95% of Stakeholders for Restructuring
Pixabay/Public Domain
ONEOK Inc. (OKE) is a large North American midstream operator with a 60,000-mile pipeline network spanning natural gas, NGLs, crude oil, and refined products, connecting key basins like the Permian and Williston to major demand centers and export hubs. Roughly 90% of its earnings are fee-based, providing resilience against commodity price volatility.
Read More: 15 AI Stocks That Are Quietly Making Investors Rich
Read More:Undervalued AI Stock Poised For Massive Gains: 10000% Upside Potential
Following acquisitions of Magellan, EnLink, and Medallion, the company has significantly expanded its scale and integration capabilities. A key structural tailwind is the rising demand for reliable, continuous energy driven by AI data centers and semiconductor manufacturing, where natural gas is emerging as a critical bridge fuel. This demand is further supported by global supply disruptions, including the shutdown of Qatar’s Ras Laffan LNG facility, which has increased the strategic importance of U.S. energy exports.
Financially, ONEOK generated $33.6 billion in revenue and $5.42 in EPS over the last twelve months, with 2026 EBITDA guidance of ~$8.1 billion supported by acquisition synergies. The company offers a 4.9% dividend yield, well covered by free cash flow, while progressing toward its 3.5x leverage target by 2027. Despite these fundamentals, the stock has remained flat over the past year, creating a potential valuation disconnect.
Trading at ~15.5x earnings versus a historical ~20x multiple, ONEOK appears undervalued relative to its asset quality and growth positioning. The combination of deleveraging, AI-driven energy demand, and potential long-term contracts with large energy consumers could drive a rerating, while its stable, fee-based model and essential infrastructure provide downside protection.
Previously, we covered a bullish thesis on Kinder Morgan, Inc. (KMI) by Gregg Jahnke in October 2024, which highlighted the company’s expanding project backlog driven by AI-linked demand, reshoring trends, and potential regulatory tailwinds tied to political outcomes. KMI's stock price has appreciated by approximately 27.24% since our coverage. Hazelnuts Research shares a similar view but emphasizes on valuation disconnect, deleveraging, and AI-driven structural demand supporting ONEOK Inc.’s rerating potential.
Story Continues
ONEOK, Inc. is not on our list of the 40 Most Popular Stocks Among Hedge Funds. As per our database, 46 hedge fund portfolios held OKE at the end of the fourth quarter which was 42 in the previous quarter. While we acknowledge the risk and potential of OKE as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than OKE and that has 10,000% upside potential, check out our report about this cheapest AI stock.
Disclosure: None.
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- New Forecasts: Here's What Analysts Think The Future Holds For ONEOK, Inc. (NYSE:OKE)
May 1, 2026
ONEOK, Inc. (NYSE:OKE) shareholders will have a reason to smile today, with the analysts making substantial upgrades to this year's statutory forecasts. The analysts have sharply increased their revenue numbers, with a view that ONEOK will make substantially more sales than they'd previously expected. The stock price has risen 6.0% to US$92.46 over the past week, suggesting investors are becoming more optimistic. Could this big upgrade push the stock even higher?
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After this upgrade, ONEOK's twelve analysts are now forecasting revenues of US$39b in 2026. This would be a notable 9.8% improvement in sales compared to the last 12 months. Statutory earnings per share are expected to be US$5.71, roughly flat on the last 12 months. Previously, the analysts had been modelling revenues of US$35b and earnings per share (EPS) of US$5.74 in 2026. So it looks like there's been no major change in sentiment in this consensus update, although the analysts have made a small lift in revenue forecasts.
Check out our latest analysis for ONEOK NYSE:OKE Earnings and Revenue Growth May 1st 2026
Even though revenue forecasts increased, there was no change to the consensus price target of US$94.81, suggesting the analysts are focused on earnings as the driver of value creation.
One way to get more context on these forecasts is to look at how they compare to both past performance, and how other companies in the same industry are performing. It's pretty clear that there is an expectation that ONEOK's revenue growth will slow down substantially, with revenues to the end of 2026 expected to display 13% growth on an annualised basis. This is compared to a historical growth rate of 17% over the past five years. Juxtapose this against the other companies in the industry with analyst coverage, which are forecast to grow their revenues (in aggregate) 3.5% per year. So it's pretty clear that, while ONEOK's revenue growth is expected to slow, it's still expected to grow faster than the industry itself.
The Bottom Line
The most important thing to take away is that there's been no major change in sentiment, with analysts reconfirming that earnings per share are expected to continue performing in line with their prior expectations. They also upgraded their revenue estimates for this year, and sales are expected to grow faster than the wider market. Seeing the dramatic upgrade to this year's forecasts, it might be time to take another look at ONEOK.
Story Continues
Even so, the longer term trajectory of the business is much more important for the value creation of shareholders. We have estimates - from multiple ONEOK analysts - going out to 2028, and you can see them free on our platform here.
Of course, seeing company management invest large sums of money in a stock can be just as useful as knowing whether analysts are upgrading their estimates. So you may also wish to search this free list of stocks with high insider ownership.
Have feedback on this article? Concerned about the content?Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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- A Look At ONEOK (OKE) Valuation After Raised 2026 Guidance And Strong First Quarter Earnings
Apr 29, 2026
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ONEOK (OKE) is back on investors’ radar after reporting higher first quarter 2026 revenue and net income, while also raising its full year 2026 earnings guidance and highlighting progress in key growth basins.
See our latest analysis for ONEOK.
The raised 2026 earnings guidance and stronger first quarter results appear to have supported a 6.02% 7 day share price return. However, the 30 day share price return of 4.44% shows some recent consolidation, while a 5 year total shareholder return of 122.38% points to sustained longer term gains.
If ONEOK’s move has you thinking about where else growth and income could intersect in energy infrastructure, it may be worth sizing up 33 power grid technology and infrastructure stocks
With ONEOK now trading near US$89.79 after stronger 2026 guidance, a high value score of 4 and a large indicated intrinsic discount, the key question is whether markets are leaving meaningful upside on the table or are already pricing in future growth.
Most Popular Narrative: 2.9% Overvalued
ONEOK’s most followed narrative pegs fair value at about $87.30, slightly below the last close at $89.79. The story hinges on how dependable future cash flows look using a 7.25% discount rate.
Strong integration and synergy capture following recent acquisitions (e.g., EnLink, Magellan, Medallion) are driving operating leverage and margin expansion, with further cross-asset optimization and record blending volumes anticipated to increase net margins and support double-digit EBITDA growth in the near to medium term.
Read the complete narrative.
Curious what sits behind that confidence in margins and EBITDA, and how it feeds into the $87 fair value and future earnings profile? The narrative leans heavily on throughput growth, mix shifts and a higher earnings base years from now, all run through a single discount rate to land on that figure.
Result: Fair Value of $87.30 (OVERVALUED)
Have a read of the narrative in full and understand what's behind the forecasts.
However, that story can be challenged if tighter commodity spreads continue to pressure margins, or if higher post acquisition leverage limits flexibility when conditions get tougher.
Find out about the key risks to this ONEOK narrative.
Another View: Multiples Versus “Fair” P/E
That $87.30 fair value points to ONEOK looking slightly overvalued, yet the current P/E of 16.7x sits below the estimated fair ratio of 24.8x and below the 19.5x peer average, while being above the 14.8x wider industry. Is the market underestimating earnings strength or pricing in extra risk?
Story Continues
See what the numbers say about this price — find out in our valuation breakdown.NYSE:OKE P/E Ratio as at Apr 2026
Next Steps
The mix of optimism and concern around ONEOK is clear, so move quickly from reading to testing the assumptions that matter most to you with 3 key rewards and 2 important warning signs
Looking for more investment ideas?
If ONEOK has sharpened your focus, do not stop here. Broaden your watchlist with targeted stock ideas that match the kind of portfolio you want to build.
Target growth at a discount by scanning companies that screen as 53 high quality undervalued stocks before the crowd pays closer attention. Strengthen your income stream by focusing on companies in the 14 dividend fortresses that combine yield with resilience. Dial down portfolio risk by concentrating on companies in the 72 resilient stocks with low risk scores so short term swings are less likely to throw you off course.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include OKE.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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- ONEOK (OKE) Reports First-Quarter EPS of $1.23
Apr 29, 2026
ONEOK, Inc. (NYSE:OKE) is one of the
8 Best Infrastructure Stocks to Buy with Highest Upside Potential.
On April 28, 2026, ONEOK, Inc. (NYSE:OKE) reported first-quarter EPS of $1.23, missing consensus estimates of $1.32, while adjusted EBITDA rose to $1.997 billion from $1.775 billion a year earlier. CEO Pierce Norton said the quarter reflected year-over-year volume growth and continued operational execution across ONEOK’s integrated asset base. He added that strong performance across multiple segments and a constructive market backdrop are improving the company’s outlook for the rest of the year.
ONEOK raised its 2026 net income guidance to a range of $3.21 billion to $3.79 billion. The company also increased adjusted EBITDA guidance to $8.0 billion to $8.5 billion while keeping capital spending guidance unchanged at approximately $2.7 billion to $3.2 billion.
On April 13, 2026, Scotiabank raised its price target on ONEOK, Inc. (NYSE:OKE) to $92 from $91 and maintained an Outperform rating. The firm said higher commodity prices are having a more muted effect on fiscal 2026 earnings than expected and added that upstream development activity is still likely to remain stable this year.ONEOK (OKE) Reports First-Quarter EPS of $1.23
Copyright: nightman1965 / 123RF Stock Photo
Earlier in April, Morgan Stanley raised its price target on ONEOK, Inc. (NYSE:OKE) to $113 from $104 while maintaining an Overweight rating as part of its broader North American midstream and renewable infrastructure update.
ONEOK, Inc. (NYSE:OKE) provides gathering, processing, fractionation, transportation, storage, and marine export services across the U.S. energy infrastructure market.
While we acknowledge the potential of OKE as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
READ NEXT: 33 Stocks That Should Double in 3 Years and Cathie Wood 2026 Portfolio: 10 Best Stocks to Buy.
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- OKEOK Q1 Earnings Beat Estimates on Volume Growth, Guidance Up
Apr 29, 2026
ONEOK, Inc. OKE delivered a mixed quarter relative to expectations, with earnings coming in ahead of the Zacks Consensus Estimate while revenues fell slightly short. The company posted operating earnings of $1.30 per share for the first quarter of 2026, topping the Zacks Consensus Estimate of $1.26 by 3.2%.
On a reported basis, first-quarter net income rose 12.3% year over year to $776 million, while diluted earnings per share increased 18.3% to $1.23 from $1.04 in the year-ago quarter.
OKE’s Total Revenues
Revenues totaled $9.62 billion, missing the consensus mark of $9.68 billion by 0.6%. Total revenues were up 19.6% year over year from $8.04 billion.
ONEOK, Inc. Price, Consensus and EPS SurpriseONEOK, Inc. Price, Consensus and EPS Surprise
ONEOK, Inc. price-consensus-eps-surprise-chart | ONEOK, Inc. Quote
OKE’s Operational Highlights
A key operating highlight was a 5% increase in total natural gas volumes processed to 5,490 million cubic feet per day, reflecting continued throughput resilience across the system. Management attributed the quarter’s improvement to volume growth and ongoing operational execution across its integrated asset footprint.
Operational momentum was visible in NGL raw feed throughput, which increased 15.4% year over year to 1,493 thousand barrels per day (“MBbl/d”). The company highlighted particularly strong growth in the Gulf Coast/Permian region, reinforcing the value of its market-connected assets and integrated NGL value chain.
Beyond optimization, the Pipeline segment also saw higher firm transportation revenues and improved earnings from unconsolidated affiliates, including Northern Border Pipeline.
Capacity utilization metrics remained supportive, with transportation capacity contracted at 93%, underscoring the fee-based nature of this part of the business.
Cost trends offered some relief. The company noted lower operating costs, including the absence of methane fees in 2026 due to regulatory changes, helping cushion the impact from pricing.
ONEOK’s Financial Highlights
Balance sheet positioning shifted modestly in the quarter. Cash and cash equivalents ended the period at $172 million, up from $78 million at the end of 2025, while short-term borrowings increased as the company funded investment needs and shareholder distributions.
Cash flow reflected the capital intensity of the portfolio. Operating activities generated $934 million during the quarter, while capital expenditures totaled $864 million. Dividends paid were $674 million, and the funding mix included higher net short-term borrowings, consistent with an active approach to managing liquidity while executing on the 2026 investment program.
Capital expenditure in the first quarter was $864 million compared with $629 million at the end of 2025.
Story Continues
OKE Raises 2026 Targets as Outlook Strengthens
Following the quarter, ONEOK increased its full-year 2026 financial guidance. Net income is now expected in a range of $3.21 billion to $3.79 billion, resulting in a diluted earnings per common share range of $5.06-$5.99. The company also lifted earnings per diluted share outlook, citing stronger segment performance and broader opportunities across its system. The Zacks Consensus Estimate for 2026 earnings per share is pegged at $5.65.
Capital allocation priorities remained intact. Total 2026 capital expenditure guidance was maintained at $2.7 billion to $3.2 billion, supporting a slate of organic projects and infrastructure investments.
OKE’s Zacks Rank
ONEOK currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Talen Energy Corporation TLN is scheduled to report first-quarter results on May 5. The Zacks Consensus Estimate for earnings is pegged at $4.35 per share, which indicates a year-over-year increase of 430.49%.
The same for 2026 sales is pinned at $4.3 billion, which implies year-over-year growth of 66.71%.
Sempra Energy SRE is scheduled to report first-quarter results on May 7. The Zacks Consensus Estimate for earnings is pegged at $1.48 per share, which indicates a year-over-year decrease of 2.78%.
The same for 2026 sales is pinned at $4.14 billion, which implies a year-over-year increase of 8.93%.
TC Energy Corporation TRP is scheduled to report first-quarter results on May 1. The Zacks Consensus Estimate for earnings is pegged at 70 cents per share, which indicates a year-over-year increase of 6.06%.
The same for 2026 sales is pinned at $11.62 billion, which implies year-over-year growth of 6.54%.
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- Four Days Left Until ONEOK, Inc. (NYSE:OKE) Trades Ex-Dividend
Apr 29, 2026
Readers hoping to buy ONEOK, Inc. (NYSE:OKE) for its dividend will need to make their move shortly, as the stock is about to trade ex-dividend. The ex-dividend date is one business day before a company's record date, which is the date on which the company determines which shareholders are entitled to receive a dividend. The ex-dividend date is important because any transaction on a stock needs to have been settled before the record date in order to be eligible for a dividend. This means that investors who purchase ONEOK's shares on or after the 4th of May will not receive the dividend, which will be paid on the 15th of May.
The company's next dividend payment will be US$1.07 per share. Last year, in total, the company distributed US$4.28 to shareholders. Calculating the last year's worth of payments shows that ONEOK has a trailing yield of 4.8% on the current share price of US$89.79. Dividends are a major contributor to investment returns for long term holders, but only if the dividend continues to be paid. As a result, readers should always check whether ONEOK has been able to grow its dividends, or if the dividend might be cut.
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Dividends are usually paid out of company profits, so if a company pays out more than it earned then its dividend is usually at greater risk of being cut. It paid out 77% of its earnings as dividends last year, which is not unreasonable, but limits reinvestment in the business and leaves the dividend vulnerable to a business downturn. It could become a concern if earnings started to decline. Yet cash flows are even more important than profits for assessing a dividend, so we need to see if the company generated enough cash to pay its distribution. It paid out 106% of its free cash flow in the form of dividends last year, which is outside the comfort zone for most businesses. Cash flows are usually much more volatile than earnings, so this could be a temporary effect - but we'd generally want to look more closely here.
While ONEOK's dividends were covered by the company's reported profits, cash is somewhat more important, so it's not great to see that the company didn't generate enough cash to pay its dividend. Were this to happen repeatedly, this would be a risk to ONEOK's ability to maintain its dividend.
Check out our latest analysis for ONEOK
Click here to see the company's payout ratio, plus analyst estimates of its future dividends.
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NYSE:OKE Historic Dividend April 29th 2026
Have Earnings And Dividends Been Growing?
Stocks in companies that generate sustainable earnings growth often make the best dividend prospects, as it is easier to lift the dividend when earnings are rising. If earnings decline and the company is forced to cut its dividend, investors could watch the value of their investment go up in smoke. That's why it's comforting to see ONEOK's earnings have been skyrocketing, up 31% per annum for the past five years. Earnings have been growing quickly, but we're concerned dividend payments consumed most of the company's cash flow over the past year.
Many investors will assess a company's dividend performance by evaluating how much the dividend payments have changed over time. In the past 10 years, ONEOK has increased its dividend at approximately 5.9% a year on average. It's good to see both earnings and the dividend have improved - although the former has been rising much quicker than the latter, possibly due to the company reinvesting more of its profits in growth.
To Sum It Up
Has ONEOK got what it takes to maintain its dividend payments? It's good to see that earnings per share are growing and that the company's payout ratio is within a normal range for most businesses. However we're somewhat concerned that it paid out 106% of its cashflow, which is uncomfortably high. Overall, it's not a bad combination, but we feel that there are likely more attractive dividend prospects out there.
So if you want to do more digging on ONEOK, you'll find it worthwhile knowing the risks that this stock faces. We've identified 2 warning signs with ONEOK (at least 1 which is a bit concerning), and understanding them should be part of your investment process.
If you're in the market for strong dividend payers, we recommend checking our selection of top dividend stocks.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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