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 $53.4 billion and operates through Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude segments.
Companies with a market cap of $10 billion or more are typically referred to as “large-cap stocks.” OKE fits right into that category, with its market cap exceeding this threshold, reflecting its substantial size and influence in the oil and gas midstream industry.
The stock touched its 52-week high of $103.64 on Mar. 25, 2025, and is currently trading 18.2% below that peak. OKE stock has climbed 11.3% over the past three months, outperforming the S&P 500 Index’s ($SPX) marginal rise during the same time frame.
However, ONEOK has lagged behind the broader market over the longer term. The stock has declined 9.6% over the past 52 weeks, while SPX delivered 18.9% returns over the same time frame.
OKE has been trading above its 200-day moving average since January, with some fluctuations and above its 50-day moving average since November, signalling bullish momentum.
On Feb. 24, OKE shares declined 5.1% following the release of its mixed Q4 2025 earnings. The company’s adjusted EBITDA decreased 1.3% from the prior year’s quarter to $2.1 billion and failed to surpass the Street’s estimates. However, its EPS for the quarter amounted to $1.55, coming in on top of Wall Street estimates. For the next fiscal year, the company expects its adjusted EPS and EPS midpoint to be around $8.1 billion and $5.45, respectively.
When stacked against its peer, Cheniere Energy, Inc. (LNG), OKE has underperformed harshly. Over the past year, LNG stock has climbed 13.2%, outperforming OKE stock.
Wall Street’s sentiment on OKE remains somewhat positive. Among the 20 analysts covering the stock, the consensus rating is a “Moderate Buy.” Its mean price target of $88.11 suggests a 4% upside potential from current price levels.
