Tulsa, Oklahoma-based ONEOK, Inc. (OKE) operates as a midstream service provider of gathering, processing, fractionation, transportation, storage, and marine export services in the United States. The company has a market capitalization of $57.7 billion and operates through Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude segments.
OKE stock has outpaced the broader market over the past year, growing 22.8% compared to the S&P 500 Index’s ($SPX) 19.9% surge. However, in 2026, the stock has risen nearly 23.7%, outperforming the SPX’s 12.9% gain.
Focusing on its industry benchmark, the State Street Energy Select Sector SPDR ETF (XLE) has risen 43.3% over the past year, outperforming the stock. In 2026, as well, XLE surged 35.7%, rallying the stock.
On Aug. 4, OKE stock declined marginally following the release of its better-than-expected Q2 2026 earnings. The company’s revenue for the quarter amounted to $12.1 billion, surpassing the Street’s estimates. Moreover, its adjusted EPS came in at $1.53, also topping Wall Street’s forecasts. Oneok expects full-year earnings to be $5.68 per share.
For the current year, which ends in December, analysts expect OKE’s EPS to rise 8.3% to $5.87 on a diluted basis. The company surpassed the consensus estimate in each of the last four quarters, which is impressive.
Among the 22 analysts covering OKE stock, the consensus is a “Moderate Buy.” That’s based on nine “Strong Buy” ratings, one “Moderate Buy,” and 12 “Holds.”
The configuration has grown bearish over the past months, with the stock now having nine “Strong Buy” ratings, down from 10 recorded three months prior.
On Aug. 6, Barclays analyst Theresa Chen maintained a “Hold” rating for OKE stock and decreased its price target from $90 to $88.
OKE’s mean price target of $96.09 represents a 5.6% premium over the current market price. Its Street-high target of $108 implies a robust 18.7% upside from current levels.
