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In the latest trading session, Oneok Inc. (OKE - Free Report) closed at $97.51, marking a +2.18% move from the previous day. The stock outperformed the S&P 500, which registered a daily loss of 0.58%. Meanwhile, the Dow lost 1.18%, and the Nasdaq, a tech-heavy index, lost 0.32%.

The stock of natural gas company has risen by 5.63% in the past month, lagging the Oils-Energy sector's gain of 6.77% and overreaching the S&P 500's loss of 0.36%.

Analysts and investors alike will be keeping a close eye on the performance of Oneok Inc. in its upcoming earnings disclosure. The company is predicted to post an EPS of $1.49, indicating constancy compared to the equivalent quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $11.77 billion, indicating a 36.34% increase compared to the same quarter of the previous year.

For the full year, the Zacks Consensus Estimates project earnings of $5.75 per share and a revenue of $43.77 billion, demonstrating changes of +6.09% and +30.16%, respectively, from the preceding year.

It's also important for investors to be aware of any recent modifications to analyst estimates for Oneok Inc. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.47% lower within the past month. Oneok Inc. currently has a Zacks Rank of #3 (Hold).

Digging into valuation, Oneok Inc. currently has a Forward P/E ratio of 16.59. This expresses a premium compared to the average Forward P/E of 14.59 of its industry.

Meanwhile, OKE's PEG ratio is currently 2.7. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. OKE's industry had an average PEG ratio of 2.06 as of yesterday's close.

The Oil and Gas - Production Pipeline - MLB industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 51, which puts it in the top 21% of all 250+ industries.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.

It has been about a month since the last earnings report for Oneok Inc. (OKE - Free Report) . Shares have added about 9.2% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Oneok due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important catalysts.

ONEOK Q2 Earnings & Sales Surpass Estimates on Record NGL Volumes

ONEOK Inc. reported second-quarter 2026 operating earnings per share (EPS) of $1.53, which beat the Zacks Consensus Estimate of $1.39 by 10.07%. The bottom line increased 14.2% from the year-ago quarter’s figure of $1.34.

The results benefited from record natural gas liquids raw feed throughput, higher natural gas processing and refined products volumes, and increased optimization and marketing activity.

OKE’s Total RevenuesOperating revenues for the second quarter totaled $12.05 billion, which beat the Zacks Consensus Estimate of $10.66 billion by 13.03%. The top line improved 52.8% from $7.89 billion in the prior-year quarter.

ONEOK’s Profitability and Cost TrendsAdjusted EBITDA was $2.12 billion, up 7.1% year over year.

Operating income totaled $1.59 billion, up 11.3% from the prior-year level of $1.43 billion.

Operations and maintenance expenses increased to $715 million from $618 million, reflecting a larger operating footprint and project-related spending.

ONEOK incurred interest expenses of $434 million, down 0.91% from $438 million recorded in the year-ago period.

ONEOK's NGL Volumes Set a RecordNatural Gas Liquids adjusted EBITDA slipped 2.1% year over year to $659 million. Higher operating costs and lower transportation and storage volumes more than offset gains from optimization, marketing and exchange services.

NGL raw feed throughput rose 6.7% year over year to 1,630 thousand barrels per day. Raw feed throughput increased across the system. Gulf Coast/Permian volumes rose 15.2% year over year to 605 MBbl/d. Rocky Mountain volumes increased to 478 MBbl/d, while Mid-Continent throughput reached 547 MBbl/d.

The Medford fractionator expansion remains a key capacity project. Phase I, adding 100,000 barrels per day, is expected to be completed in the fourth quarter of 2026. Phase II, providing another 110,000 barrels per day, is scheduled for completion in the first quarter of 2027.

OKE's Refined Products and Crude StrengthRefined Products and Crude adjusted EBITDA increased 12.6% year over year to $627 million. The improvement reflected higher refined products volumes and rates, along with stronger crude marketing earnings. Higher employee-related costs, property taxes and outside-service expenses partly offset these gains.

Refined products volumes shipped rose 8.4% to 1,629 MBbl/d. Gasoline volumes reached 943 MBbl/d, distillates totaled 577 MBbl/d and aviation and other volumes were 109 MBbl/d. The average refined products tariff rate increased to 5.5 cents per gallon from 5.3 cents.

Crude oil volumes declined slightly year over year to 1,766 MBbl/d. ONEOK mechanically completed its Greater Denver refined products pipeline expansion in early August, increasing capacity by 35,000 barrels per day.

ONEOK's Gas Businesses Show Mixed TrendsNatural Gas Gathering and Processing adjusted EBITDA edged up 1.1% year over year to $546 million. Higher production volumes and improved realized condensate prices were partly offset by higher operating costs and weaker realized NGL pricing.

Natural gas processed increased 2.4% to 5,707 million cubic feet per day. Volumes benefited from increased production across all operating regions.

Natural Gas Pipelines' adjusted EBITDA jumped 58.0% to $297 million. Favorable price differentials between the Waha Hub and Katy, TX, markets, higher firm transportation revenues and stronger contributions from Northern Border Pipeline and Matterhorn Express Pipeline supported the increase.

Transportation capacity contracted rose to 7,735 thousand dekatherms per day from 7,206 thousand a year ago. Contracted capacity represented 92% of available capacity compared with 90% in the prior-year quarter.

OKE's Cash Flow and Balance SheetCash and cash equivalents amounted to $161 million as of June 30, 2026, compared with $78 million at the end of 2025.

As of June 30, 2026, short-term borrowings increased to $1.50 billion from $820 million as of Dec. 31, 2025.

As of June 30, 2026, long-term debt (excluding current maturities) totaled $30.77 billion compared with $30.76 billion as of Dec. 31, 2025.

Cash provided by operating activities totaled $2.99 billion for the first six months of 2026, up from $2.43 billion a year earlier. Capital expenditures totaled $1.48 billion, while dividends paid amounted to $1.35 billion.

ONEOK Raises 2026 GuidanceONEOK increased its 2026 net income guidance to $3.41-$3.79 billion, resulting in an earnings per common share range of $5.38-$5.99. The Zacks Consensus Estimate for 2026 earnings per share is pegged at $5.56.

Adjusted EBITDA is projected to be in the range of $8.20-$8.50 billion in 2026.

The company kept its 2026 capital expenditure guidance unchanged at $2.70-$3.20 billion. Management cited continued segment strength, strategic opportunities across the system and a constructive market environment.

How Have Estimates Been Moving Since Then?It turns out, fresh estimates have trended upward during the past month.

VGM ScoresAt this time, Oneok has a nice Growth Score of B, a grade with the same score on the momentum front. Following the exact same course, the stock was allocated a score of B on the value side, putting it in the second quintile for value investors.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, Oneok has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry PlayerOneok is part of the Zacks Oil and Gas - Production Pipeline - MLB industry. Over the past month, Enterprise Products Partners (EPD - Free Report) , a stock from the same industry, has gained 3%. The company reported its results for the quarter ended June 2026 more than a month ago.

Enterprise Products reported revenues of $18.27 billion in the last reported quarter, representing a year-over-year change of +60.8%. EPS of $0.84 for the same period compares with $0.66 a year ago.

Enterprise Products is expected to post earnings of $0.75 per share for the current quarter, representing a year-over-year change of +23%. Over the last 30 days, the Zacks Consensus Estimate has changed +4.7%.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Enterprise Products. Also, the stock has a VGM Score of A.

3 Companies to Watch as Natural Gas Stocks Make a ComebackONEOK NYSE: OKE said it has agreed to acquire Brazos Midstream’s natural gas gathering and processing assets in the Permian Basin’s Midland Basin for $4.425 billion, alongside a $9 billion minority equity investment from funds and affiliates managed by Apollo.

The company said the Apollo investment will fund the Brazos acquisition and support the repayment of approximately $5 billion of debt. ONEOK expects the combined actions to lower its pro forma 2027 debt-to-EBITDA ratio to about 3.25 times, below its prior long-term target of 3.5 times.

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Build Stability and Income With 3 Overlooked Dividend LeadersChief Executive Officer Pierce Norton said the transactions are intended to add a complementary Permian growth platform, increase earnings and free cash flow per share, and strengthen the company’s balance sheet without issuing common equity.

“These transactions begin creating value day one,” Norton said, adding that the acquisition is expected to be immediately accretive to earnings and free cash flow per share.

Brazos Expands Midland Basin Position 5 Stocks With Above-Market Yields Just Raised Payments FurtherThe acquired Brazos assets include approximately 600,000 dedicated acres, contracts with a weighted average remaining term of more than 12 years, 14 active drilling rigs and a network expected to comprise about 700 miles of gathering infrastructure. Following completion of the Cassidy II plant, expected in the third quarter of 2027, Brazos is expected to have roughly 1.2 billion cubic feet per day of processing capacity.

ONEOK said the acquisition would more than double its Midland Basin processing capacity to approximately 2.3 billion cubic feet per day, including plants under construction. The company already operates more than 1 billion cubic feet per day of processing capacity and about 1,200 miles of gathering infrastructure in the Midland Basin.

Norton said the combined company will have greater operating flexibility and commercial reach, including the ability to move additional natural gas liquids through ONEOK’s West Texas NGL pipeline, fractionation assets and eventually its Gulf Coast export facility.

The transaction is expected to position ONEOK as the third-largest natural gas gathering and processing operator in the Midland Basin, according to management. The company has also secured two additional processing plants that could be deployed following final investment decisions.

Chief Commercial Officer Sheridan Swords said ONEOK currently receives about 30,000 barrels per day of NGLs from Brazos and expects volumes to increase by an additional 120,000 barrels per day, reaching as much as 150,000 barrels per day by 2029.

Management said growth is supported by the producer base, active drilling activity and new production that has already resulted in plant offloads because production is ahead of construction. Chief Financial Officer Walt Hulse said the company sees a growth profile that could increase by about 20% annually beginning in 2027 for roughly four years.

Acquisition Economics and Synergies ONEOK said the purchase price represents an approximately 7.5-times multiple of expected 2027 EBITDA, including about $80 million of full-year synergies. The company expects the multiple to decline to about six times by 2028 as Brazos grows and additional integration benefits emerge.

Management identified capital and operational synergies from the overlap between the companies’ Midland Basin systems. Swords said the combined platform could use existing ONEOK capacity for near-term offload and growth volumes, while avoiding some capital spending that might have been required if the systems remained separate.

The company expects to spend about $130 million in 2027 to complete the Cassidy plant. Chief Operating Officer Randy Lentz said only about $13 million of additional spending is expected in 2028 for bills rolling over from the project. Hulse noted that the $130 million of Cassidy capital is not included in the cited 7.5-times acquisition multiple.

Apollo Investment Structure Apollo-managed funds will receive a non-voting Class B interest in a newly created holding company located below ONEOK and above the operating company that holds ONEOK’s assets. ONEOK will retain the Class A interest, while existing debt will remain with the operating entity.

Hulse said the structure is designed to be subordinate to ONEOK’s existing senior notes and other debt, distinguishing it from certain prior asset-level financing arrangements in the midstream sector. He said the company discussed the arrangement with all three credit rating agencies, which viewed the transaction as credit-enhancing.

The Class B interest will receive quarterly distributions equal to 15% of cash flow from operations, with its return capped at a 7% internal rate of return during the first nine years. ONEOK can elect to increase the quarterly distribution to as much as 20% of cash flow from operations, which would accelerate the reduction of the Class B capital account.

Beginning on the eighth anniversary of closing, or earlier if the Class B capital account reaches $200 million, ONEOK may unilaterally acquire the remaining Class B interest. Hulse said distributions above the amount needed to achieve the capped return reduce the capital account, allowing a growing share of economic value to accrue to common shareholders.

Fitch placed ONEOK’s ratings on credit watch positive and said it expects to resolve the watch with a one-notch upgrade to BBB+ upon closing of the minority investment and debt repayment, according to Hulse.

ONEOK said the Apollo investment is expected to close in the first half of September, while the Brazos acquisition is expected to close in the fourth quarter of 2026, subject to regulatory approvals and customary closing conditions. The company said it is maintaining its recently increased full-year 2026 guidance and plans to provide another update with third-quarter earnings in October.

About ONEOK (NYSE:OKE)ONEOK, Inc NYSE: OKE is a publicly traded midstream energy company headquartered in Tulsa, Oklahoma. The company owns and operates a portfolio of natural gas and natural gas liquids (NGL) pipelines, processing facilities, fractionators and storage and terminal assets. Its operations are focused on gathering, processing, transporting, fractionating and marketing NGLs and interstate natural gas, providing critical infrastructure that connects hydrocarbon production to refineries, petrochemical plants and other end markets.

ONEOK's asset base includes pipeline systems and processing plants that move and condition natural gas, along with infrastructure for the transportation, storage and fractionation of NGLs such as ethane, propane and butane.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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, /PRNewswire/ -- ONEOK, Inc. (NYSE: OKE) today announced the commencement of cash tender offers ("Tender Offers") to purchase up to an aggregate principal amount that will not result in an aggregate purchase price that exceeds $2 billion (subject to increase or decrease by ONEOK, the "Aggregate Maximum Tender Amount") of its outstanding debt securities of the 20 series listed in the table below (the "Notes" and, each series, a "series of Notes"), subject to the order of priority (the "Acceptance Priority Levels") as set forth in the table below under "Acceptance Priority Level." The Tender Offers form part of the previously-announced repayment plan to repurchase or repay $5 billion of ONEOK's senior debt.

The price offered in the Tender Offers and other information relating to the Tender Offers are set forth in the table below.

Acceptance
Priority
Level(1)

Title of
Notes

Issuer

Principal
Amount
Outstanding
(in millions)

CUSIP
Number

Par Call
Date(2)

Maturity Date

Reference
U.S.
Treasury
Security (3)

Bloomberg
Reference
Page(3)

Fixed
Spread
(Basis
Points)

Early
Tender
Premium(4)

1

3.950% Senior
Notes due 2050

ONEOK, Inc.

$797

682680CA9

September 1, 2049

March 1, 2050

5.000% UST due
May 15, 2056

FIT1

+ 100

$50

2

4.200% Senior
Notes due 2047

ONEOK, Inc.

$500

682680BY8

April 3, 2047

October 3, 2047

5.125% UST due
August 15, 2046

FIT1

+ 95

$50

3

4.500% Senior
Notes due 2050

ONEOK, Inc.

$271

682680BC6

September 15, 2049

March 15, 2050

5.000% UST due
May 15, 2056

FIT1

+ 105

$50

4

4.200% Senior
Notes due 2045

ONEOK, Inc.

$250

682680BW2

September 15, 2044

March 15, 2045

5.125% UST due
August 15, 2046

FIT1

+ 100

$50

5

4.250% Senior
Notes due 2046

ONEOK, Inc.

$500

682680BX0

March 15, 2046

September 15, 2046

5.125% UST due
August 15, 2046

FIT1

+ 95

$50

6

4.450% Senior
Notes due 2049

ONEOK, Inc.

$380

682680AZ6

March 1, 2049

September 1, 2049

5.125% UST due
August 15, 2046

FIT1

+ 100

$50

7

4.200% Senior
Notes due 2042

ONEOK, Inc.

$250

682680BU6

June 1, 2042

December 1, 2042

5.125% UST due
August 15, 2046

FIT1

+ 95

$50

8

4.850% Senior
Notes due 2049

ONEOK, Inc.

$500

682680BZ5

August 1, 2048

February 1, 2049

5.125% UST due
August 15, 2046

FIT1

+ 100

$50

9

4.950% Senior
Notes due 2047

ONEOK, Inc.

$407

682680AT0

January 13, 2047

July 13, 2047

5.125% UST due
August 15, 2046

FIT1

+ 100

$50

10

5.050% Senior
Notes due 2045

ONEOK, Inc.

$413

682680CY7

October 1, 2044

April 1, 2045

5.125% UST due
August 15, 2046

FIT1

+ 95

$50

11

5.200% Senior
Notes due 2048

ONEOK, Inc.

$753

682680AV5

January 15, 2048

July 15, 2048

5.125% UST due
August 15, 2046

FIT1

+ 95

$50

12

5.150% Senior
Notes due 2043

ONEOK, Inc.

$550

682680BV4

April 15, 2043

October 15, 2043

5.125% UST due
August 15, 2046

FIT1

+ 90

$50

13

5.450% Senior
Notes due 2047

ONEOK, Inc.

$448

682680DA8

December 1, 2046

June 1, 2047

5.125% UST due
August 15, 2046

FIT1

+ 100

$50

14

5.700% Senior
Notes due 2054

ONEOK, Inc.

$1,480

682680CF8

May 1, 2054

November 1, 2054

5.000% UST due
May 15, 2056

FIT1

+ 110

$50

15

5.850% Senior
Notes due 2064

ONEOK, Inc.

$722

682680CG6

May 1, 2064

November 1, 2064

5.000% UST due
May 15, 2056

FIT1

+ 120

$50

16

5.600% Senior
Notes due 2044

ONEOK, Inc.

$340

682680CW1

October 1, 2043

April 1, 2044

5.125% UST due
August 15, 2046

FIT1

+ 100

$50

17

3.100% Senior
Notes due 2030

ONEOK, Inc.

$780

682680BB8

December 15, 2029

March 15, 2030

4.375% UST due
August 31, 2031

FIT1

+ 35

$50

18

3.250% Senior
Notes due 2030

ONEOK, Inc.

$500

682680BS1

March 1, 2030

June 1, 2030

4.375% UST due
August 31, 2031

FIT1

+ 35

$50

19

3.400% Senior
Notes due 2029

ONEOK, Inc.

$714

682680AY9

June 1, 2029

September 1, 2029

4.250% UST due
August 15, 2029

FIT1

+ 30

$50

20

5.050% Senior
Notes due 2034

ONEOK, Inc.

$1,600

682680CE1

August 1, 2034

November 1, 2034

4.625% UST due
August 15, 2036

FIT1

+ 75

$50

(1)

Subject to the satisfaction or waiver of the conditions of the Tender Offers described in the Offer to Purchase, including the Aggregate Maximum Tender Amount and proration, the principal amount of each series of Notes accepted for purchase will be determined in accordance with the applicable Acceptance Priority Level specified in the table above (with 1 being the highest Acceptance Priority Level and 20 being the lowest Acceptance Priority Level). Notes tendered at or prior to the Early Tender Deadline will be accepted for purchase in priority to Notes tendered after the Early Tender Deadline, regardless of the Acceptance Priority Level of such later-tendered Notes, as described in the Offer to Purchase under "Description of the Offers—Aggregate Maximum Tender Amount; Acceptance Priority Levels; Proration."

(2)

For each series of Notes in respect of which a par call date is indicated, the calculation of the applicable Early Tender Consideration (as defined below) will be performed taking into account such par call date. See Annex A to the Offer to Purchase for an overview of the calculation of the Early Tender Consideration (including the par call detail) with respect to the Notes.

(3)

The Early Tender Consideration for each series of Notes payable per each $1,000 principal amount will be based on the fixed spread specified in the table above (the "Fixed Spread") for such series of Notes, plus the yield of the specified Reference Security for that series as quoted on the Bloomberg reference page specified in the table above as of 9:00 a.m., New York City time, on the business day following the Early Tender Deadline, unless extended (such date and time, as the same may be extended, the "Price Determination Date"). Notes validly tendered at or prior to the Early Tender Deadline (and not validly withdrawn) and accepted for purchase will receive the applicable Early Tender Consideration. Notes tendered after the Early Tender Deadline but at or prior to the Expiration Time and accepted for purchase will receive the applicable Early Tender Consideration minus the applicable Early Tender Premium. The applicable Accrued Coupon Payment will be payable in cash in addition to the applicable Early Tender Consideration or Tender Offer Consideration, as applicable.

(4)

Per $1,000 principal amount of Notes.

The Tender Offers are being made upon the terms and subject to the conditions set forth in the Offer to Purchase, dated August 30, 2026 (as the same may be amended or supplemented from time to time, the "Offer to Purchase"). The Tender Offers are open to all holders (the "Holders") of the Notes. ONEOK reserves the right, but is under no obligation, to increase the Aggregate Maximum Tender Amount at any time, including on or after the Price Determination Date (as defined below), without extending withdrawal rights except as required by law. Notes of a series may be subject to proration (as described in the Offer to Purchase) if the aggregate principal amount of the Notes of such series validly tendered and not validly withdrawn would cause the Aggregate Maximum Tender Amount to be exceeded.

Subject to the terms and conditions of the Tender Offers, each Holder who validly tenders and does not subsequently validly withdraw its Notes at or prior to 5:00 p.m., New York City time, on September 14, 2026 (the "Early Tender Deadline") will be entitled to receive the applicable Early Tender Consideration (the "Early Tender Consideration") of the Notes accepted for purchase, plus accrued and unpaid interest up to, but not including, the Early Settlement Date (as defined below) if and when such Notes are accepted for payment. The Early Tender Consideration for each series of Notes validly tendered and accepted for purchase will be determined in the manner described in the Offer to Purchase by reference to the applicable fixed spread over the yield to maturity based on the bid side price of the applicable Reference U.S. Treasury Security specified in the table above and in the Offer to Purchase. In calculating the applicable Early Tender Consideration for a series of Notes, the application of the par call date will be in accordance with standard market practice. Holders who validly tender their Notes after the Early Tender Deadline but at or prior to 5:00 p.m., New York City time, on September 29, 2026, or such other date as ONEOK extends the Tender Offers (such date and time, as it may be extended, the "Expiration Time") will be entitled to receive only the applicable tender offer consideration (the "Tender Offer Consideration") equal to the applicable Early Tender Consideration less the applicable Early Tender Premium, plus accrued and unpaid interest up to, but not including, the applicable settlement date, if and when such Notes are accepted for payment. The Early Tender Consideration and Tender Offer Consideration will be determined at 9:00 a.m., New York City time, September 15, 2026, unless extended by ONEOK (the "Price Determination Date").

Payments for the Notes purchased will include accrued and unpaid interest from and including the last interest payment date applicable to the relevant series of Notes up to, but not including, the applicable settlement date for such Notes accepted for purchase. The settlement date for the Notes that are validly tendered at or prior to the Early Tender Deadline is expected to be September 17, 2026, three business days following the scheduled Early Tender Deadline (the "Early Settlement Date"). The settlement date for the Notes that are validly tendered following the Early Tender Deadline but at or prior to the Expiration Time is expected to be October 1, 2026, two business days following the scheduled Expiration Time (the "Final Settlement Date").

Subject to the Aggregate Maximum Tender Amount and proration, all Notes validly tendered and not validly withdrawn at or prior to the Early Tender Deadline having a higher Acceptance Priority Level (with 1 being the highest) will be accepted before any validly tendered Notes having a lower Acceptance Priority Level (with 20 being the lowest), and all Notes validly tendered following the Early Tender Deadline having a higher Acceptance Priority Level will be accepted before any Notes validly tendered following the Early Tender Deadline having a lower Acceptance Priority Level. If the Tender Offers are not fully subscribed at the Early Tender Deadline, subject to the Aggregate Maximum Tender Amount and proration, Notes validly tendered and not validly withdrawn at or prior to the Early Tender Deadline will be accepted for purchase in priority to Notes validly tendered following the Early Tender Deadline even if such Notes validly tendered following the Early Tender Deadline have a higher Acceptance Priority Level than Notes validly tendered at or prior to the Early Tender Deadline.

If the Tender Offers are fully subscribed at the Early Tender Deadline, Holders who validly tender Notes following the Early Tender Deadline but at or prior to the Expiration Time will not have any of their Notes accepted for purchase regardless of their Acceptance Priority Level.

ONEOK's obligation to accept for purchase, and to pay for, the Notes validly tendered pursuant to the Tender Offers is subject to, and conditioned upon, among other things, the consummation of the previously announced minority equity investment in ONEOK by Apollo Global Management, Inc. (the "Minority Equity Investment") and the related series of reorganization transactions described in the Offer to Purchase (the "Reorganization Transactions"), including the merger of ONEOK with and into a newly formed successor issuer, Falcon Merger Sub, L.L.C. ("Falcon Merger Sub"), a newly formed Oklahoma limited liability company and wholly owned subsidiary of Falcon TopCo, Inc. ("Falcon TopCo"), an Oklahoma corporation, with Falcon Merger Sub surviving the merger. Upon effectiveness of the Reorganization Transactions, Falcon Merger Sub will be renamed "ONEOK, L.L.C." and Falcon TopCo will be renamed "ONEOK, Inc." (the effective date of the Reorganization Transactions, the "Reorganization Date"). From and after the Reorganization Date, references herein to "ONEOK" shall be deemed to refer to ONEOK, L.L.C., and all notes previously issued by ONEOK or ONEOK Partners, L.P. will be assumed by ONEOK, L.L.C. and guaranteed by ONEOK, Inc. The Tender Offers are not contingent upon the tender of any minimum principal amount of the Notes.

Following the commencement of the Tender Offers, ONEOK intends, but is not obligated to, issue a notice of redemption for all of its 5.550% Senior Notes due 2026 and a portion of its 4.250% Senior Notes due 2027, up to an aggregate amount of approximately $250 million. Any such redemption would be made in accordance with the terms of the applicable indenture pursuant to which such Notes were issued, which provides for a make-whole redemption price as described therein. Neither this statement of intent nor similar statements of such intent included elsewhere in this press release shall constitute a notice of redemption under any indenture. Any such notice, if made, will only be made in accordance with the provisions of the applicable indenture.

ONEOK or its affiliates may from time to time purchase additional Notes in the open market, in privately negotiated transactions, through tender offers, exchange offers or otherwise, or ONEOK may redeem Notes pursuant to the terms of the applicable indenture governing each series of Notes. Any future purchases may be on the same terms or on terms that are more or less favorable to Holders of Notes than the terms of the Tender Offers and, in either case, could be for cash or other consideration. Any future purchases will depend on various factors existing at that time. There can be no assurance as to which, if any, of these alternatives (or combinations thereof) ONEOK will choose to pursue in the future. The effect of any of these actions may directly or indirectly affect the price of any Notes that remain outstanding after the consummation or termination of the Tender Offers.

ONEOK has retained Barclays Capital Inc. to serve as Dealer Manager for the Tender Offers. D.F. King & Co., Inc. has been retained to serve as the Information and Tender Agent for the Tender Offers. Questions regarding the Tender Offers may be directed to Barclays Capital Inc. at 745 Seventh Avenue, 5th Floor, New York, New York 10019, (800) 438-3242. Requests for the Offer to Purchase may be directed to D.F. King & Co., Inc. at 28 Liberty Street, 53rd Floor, New York, New York 10005, (646) 690-9645 (for banks and brokers) or (800) 967-7510 (for all others), or by email ([email protected]). ONEOK is making the Tender Offers only by, and pursuant to, the terms of the Offer to Purchase. None of ONEOK, the Dealer Manager, or the Information and Tender Agent make any recommendation as to whether Holders should tender or refrain from tendering their Notes. Holders must consult their own investment and tax advisors and make their own decisions as to whether to tender their Notes and, if so, the principal amount of the Notes to tender. The Tender Offers are not being made to holders of the Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the securities laws or blue sky laws require the Tender Offers to be made by a licensed broker or dealer, the Tender Offers will be deemed to be made on behalf of ONEOK by the Dealer Manager, or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities described above, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.        

At ONEOK (NYSE: OKE), we deliver energy products and services vital to an advancing world. We are a leading midstream operator that provides gathering, processing, fractionation, transportation, storage and marine export services. Through our approximately 60,000-mile pipeline network, we transport the natural gas, natural gas liquids (NGLs), refined products and crude oil that help meet domestic and international energy demand, contribute to energy security and provide safe, reliable and responsible energy solutions needed today and into the future. As one of the largest integrated energy infrastructure companies in North America, ONEOK is delivering energy that makes a difference in the lives of people in the U.S. and around the world.

ONEOK is an S&P 500 company headquartered in Tulsa, Oklahoma.

For information about ONEOK, visit www.oneok.com. For the latest news, visit the ONEOK newsroom or find us on LinkedIn, Facebook, X and Instagram.

This communication contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this communication that address activities, events or developments that ONEOK expects, believes or anticipates will or may occur in the future are forward-looking statements.

Words such as "estimate," "project," "predict," "believe," "expect," "anticipate," "potential," "opportunity," "create," "intend," "could," "would," "may," "plan," "will," "guidance," "look," "goal," "target," "future," "build," "focus," "continue," "strive," "allow" or the negative of such terms or other variations thereof and words and terms of similar substance used in connection with any discussion of future plans, actions, or events identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking.

These forward-looking statements include, but are not limited to, statements regarding timing and consummation of the purchase of the Notes, risks and uncertainties related to the satisfaction of the conditions to the consummation of the Minority Equity Investment and the Reorganization Transactions and other conditions related to the purchase of the Notes. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this communication. These include the risk that changes in ONEOK's capital structure could have adverse effects on the market value of its securities; the risk that ONEOK may be unable to reduce expenses or access financing or liquidity; risks related to the impact of any economic downturn and any substantial decline in commodity prices; risks related to ONEOK's ability to effectively manage our expanded operations following closing of recent acquisitions and other important factors that could cause actual results to differ materially from those projected.

All such factors are difficult to predict and are beyond ONEOK's control, including those detailed in ONEOK's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that are available on ONEOK's website at www.oneok.com and on the website of the SEC at www.sec.gov. All forward-looking statements are based on assumptions that ONEOK believes to be reasonable but that may not prove to be accurate. Any forward-looking statement speaks only as of the date on which such statement is made, and ONEOK does not undertake any obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

Contacts:

Investor Relations:
Megan Patterson
918-561-5325
[email protected] 

Media Relations: 
Alicia Keenom
918-861-3749
[email protected] 

SOURCE Oneok, Inc.

ONEOK (OKE.N) said on Sunday it has agreed to buy ​Brazos Midstream's Permian Midland Basin natural gas gathering ‌and processing assets for around $4.43 billion, more than doubling the U.S. pipeline operator's processing capacity in the region.

The acquisition comes as ​pipeline operators in the U.S. are benefiting from ​increased oil and gas output in the Permian ⁠Basin, and rising natural gas demand amid record LNG ​exports.

The deal, which is expected to close in the fourth ​quarter of 2026, is also expected to immediately add to earnings per share and free cash flow for ONEOK, the company ​said.

ONEOK said the acquisition would be funded through a $9 ​billion non-voting minority equity investment from funds and affiliates managed by Apollo ‌Global ⁠Management (APO.N).

The acquired Brazos Midland assets will add to ONEOK's existing Permian Basin platform, which is currently supported by 14 active drilling rigs from leading Permian producers including ​ExxonMobil (XOM.N), Diamondback Energy (FANG.O) ​and Double ⁠Eagle.

ONEOK, which transports natural gas, natural gas liquids, refined products and crude oil through ​its 60,000-mile-long network of pipelines, said Apollo will ​invest $9 ⁠billion in exchange for a Class B interest in a newly formed holding company, ONEOK Holdings, L.L.C.

The Tulsa, Oklahoma-based ⁠company ​said it intends to extinguish about $5 ​billion of existing debt, in addition to funding the purchase.

ONEOK is downgraded to "Hold" as valuation limits clear double-digit annual total return potential despite strong fundamentals. OKE delivered record Q2 2026 results with 52.8% YoY revenue growth, robust NGL throughput, and raised 2026 EBITDA guidance to $8.35 billion. Growth is underpinned by data center-driven demand, new supply contracts, and a pipeline of expansion projects slated through 2028.

Both Tulsa pipeline giants raised payouts in 2026 and survived the last oil crash, but only one has never adjusted its dividend for a stock split — a distinction worth understanding for retirees counting on uninterrupted income when crude inevitably…

Editor’s note: This article originally stated that ONEOK cut its dividend in 2012. That change was the result of a two-for-one stock split completed that year, not a dividend reduction. The article has been updated to reflect this correction.

Retirement investors staring at ONEOK (NYSE:OKE | OKE Price Prediction) and Williams Companies (NYSE:WMB) face a straightforward question: which pipeline dividend belongs in a portfolio built to survive the next oil crash? Both are Tulsa-based midstream heavyweights, both raised payouts in 2026, and both have ridden the natural gas tailwind higher. But only one has an unbroken multi-decade income record, and that difference matters when WTI eventually revisits the low end of its cycle.

Dividend Track Record: Williams Wins on Durability Williams marked its 52nd consecutive year of dividend payments and has never cut its payout in the modern era. The Alpha Vantage record confirms Williams held the quarterly dividend at $0.40 through every ex-date of the 2020 oil crash, then stepped it up to $0.41 in March 2021 and has raised it every year since, reaching $0.525 quarterly for the September 2026 payment.

ONEOK also held its $0.935 quarterly rate through 2020. The apparent drop from $0.61 to $0.33 per share in mid-2012 reflects a two-for-one stock split completed that year, not a dividend cut — per ONEOK’s dividend history, the payout was maintained through the split and the company has a long track record of dividend growth since. Williams’ record, by contrast, involves no share-count adjustment to account for, a modest edge in simplicity for income investors comparing multi-decade payment histories.

Yield and Payout: ONEOK Delivers More Cash Today This dimension flips cleanly to ONEOK. With shares at $94.56 and an annualized dividend of $4.28, ONEOK yields roughly 4.5%. Williams, at $74.43 with a $2.10 annualized payout, yields about 2.8%.

Coverage tells the same story. ONEOK’s $5.99 trailing EPS easily blankets the current payout, and management’s raised 2026 outlook of a $5.68 diluted EPS midpoint keeps the ratio comfortable. Williams targets a 2.36x to 2.45x dividend coverage ratio for 2026, safer in absolute terms, but the retiree writing checks against dividend income wants the bigger yield, and ONEOK offers roughly 60% more of it per dollar invested.

Growth Trajectory: Williams’ Backlog Is Deeper Williams raised its long-term EBITDA growth target to 11% plus compound annual growth through 2030 after folding in the $5.5 billion Momentum Midstream deal and the $5.34 billion Blackstone power joint venture. Full-year 2026 adjusted EBITDA guidance was pushed to $8.3 billion to $8.5 billion, with the Shelby Connector, Delta Access, and Transco Power Express extending the contracted backlog well past 2028.

ONEOK guides to mid- to high-single-digit adjusted EBITDA growth over the next five to seven years, with a 2026 EBITDA midpoint of $8.35 billion. Respectable, but structurally slower than Williams’ contracted trajectory, and more exposed to producer activity. CEO Pierce Norton flagged moderating producer activity tied to the WTI $55 to $60 assumption in guidance. With WTI already down 8.5% over the past month to $83.90, that sensitivity is showing up in real time.

Verdict: Williams for the Retirement Sleeve, ONEOK for the Yield Seeker Williams wins for the retirement-focused investor. The 52-year uninterrupted payment history, the LNG- and power-driven contracted backlog, and the 0.615 beta together deliver the profile a retiree actually needs: an income stream that survives the next $40 oil moment without a policy change. That kind of multi-decade payout streak is exactly what we screened for in a free Dividend Kings report ranking ten of them by valuation right now. The lower 2.8% starting yield is the price of admission for that durability, and Williams has grown the payout 5% this year to compensate.

ONEOK earns the nod only for the investor whose priority is maximum current cash and who can tolerate commodity-cycle risk that Williams has largely engineered away. For everyone building a retirement paycheck, Williams offers the more durable pipeline income profile.

Contact [email protected] for any questions or corrections.

ONEOK remains a compelling “Buy” for income, value, and growth, supported by a 4.5% yield and a forward P/E of 15.9x. OKE's integrated wellhead-to-water network, record NGL throughput, and rising export demand underpin a robust growth outlook. Management guides for mid-to-high single-digit adjusted EBITDA growth annually over the next 5-7 years, leveraging unused system capacity.

Bank of New York Mellon Corp grew its holdings in shares of ONEOK, Inc. (NYSE:OKE – Free Report) by 2.2% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,678,654 shares of the utilities provider’s stock after buying an additional 99,034 shares during the period. Bank of New York Mellon Corp owned 0.74% of ONEOK worth $406,762,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. ABN AMRO Bank N.V. purchased a new position in ONEOK during the 2nd quarter valued at about $468,000. Kelleher Financial Advisors boosted its position in shares of ONEOK by 9.0% in the 2nd quarter. Kelleher Financial Advisors now owns 1,558 shares of the utilities provider’s stock worth $135,000 after purchasing an additional 128 shares in the last quarter. GSA Capital Partners LLP purchased a new stake in shares of ONEOK in the 2nd quarter worth approximately $351,000. Stuart Investment Advisors Inc. bought a new position in ONEOK during the 2nd quarter valued at approximately $248,000. Finally, Meridian Wealth Management LLC raised its stake in ONEOK by 1.8% during the second quarter. Meridian Wealth Management LLC now owns 6,598 shares of the utilities provider’s stock valued at $574,000 after buying an additional 115 shares during the last quarter. Institutional investors own 69.13% of the company’s stock.

ONEOK Stock Down 1.2% Shares of OKE stock opened at $93.43 on Friday. The company’s fifty day simple moving average is $90.09 and its two-hundred day simple moving average is $88.20. ONEOK, Inc. has a 52 week low of $64.02 and a 52 week high of $97.90. The stock has a market cap of $58.90 billion, a P/E ratio of 16.11, a PEG ratio of 2.64 and a beta of 0.73. The company has a quick ratio of 0.59, a current ratio of 0.74 and a debt-to-equity ratio of 1.34.

ONEOK (NYSE:OKE – Get Free Report) last posted its earnings results on Monday, August 3rd. The utilities provider reported $1.53 EPS for the quarter, beating analysts’ consensus estimates of $1.46 by $0.07. ONEOK had a return on equity of 16.41% and a net margin of 9.29%.The firm had revenue of $12.05 billion during the quarter, compared to the consensus estimate of $8.95 billion. During the same period in the prior year, the company earned $1.34 EPS. ONEOK has set its FY 2026 guidance at 5.680-5.680 EPS. Analysts predict that ONEOK, Inc. will post 5.84 EPS for the current fiscal year. ONEOK Dividend Announcement The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Monday, August 3rd were paid a dividend of $1.07 per share. This represents a $4.28 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date of this dividend was Monday, August 3rd. ONEOK’s dividend payout ratio (DPR) is currently 73.79%.

Analyst Ratings Changes Several research firms have recently issued reports on OKE. Barclays lowered their price target on ONEOK from $90.00 to $88.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 8th. Weiss Ratings restated a “buy (b-)” rating on shares of ONEOK in a research note on Thursday, August 13th. Scotiabank cut shares of ONEOK from a “sector outperform” rating to a “sector perform” rating and decreased their target price for the stock from $92.00 to $89.00 in a report on Thursday, April 30th. Royal Bank Of Canada upped their target price on shares of ONEOK from $84.00 to $90.00 and gave the stock a “sector perform” rating in a research note on Tuesday, July 21st. Finally, Wells Fargo & Company cut their price target on shares of ONEOK from $100.00 to $98.00 and set an “overweight” rating on the stock in a report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $91.94.

Read Our Latest Stock Analysis on ONEOK

Key ONEOK News Here are the key news stories impacting ONEOK this week:

Positive Sentiment: US Capital Advisors raised its EPS forecasts across multiple periods, including Q3 2026 to $1.56 from $1.45, FY2026 to $5.90 from $5.67, FY2027 to $6.36 from $6.12, and FY2028 to $7.22 from $6.97. The firm’s FY2026 estimate is above the $5.82 analyst consensus, suggesting stronger expected operating performance. MarketBeat ONEOK analyst estimates Positive Sentiment: The revisions also lifted forecasts for Q1 through Q4 2027, indicating that US Capital Advisors expects ONEOK’s earnings growth to continue beyond 2026. Positive Sentiment: Recent commentary describes ONEOK as a high-yield pipeline stock whose ongoing strength may be underestimated by investors, supporting the long-term income and growth narrative. High-Yield Pipeline Stock Investors Keep Underestimating Neutral Sentiment: Analysts maintain a consensus “Moderate Buy” rating for OKE, while Morgan Stanley has indicated that the stock could rise. These views provide support but do not represent new company-specific operating results. ONEOK Consensus Rating Morgan Stanley ONEOK Price Outlook Negative Sentiment: US Capital Advisors downgraded ONEOK from “Strong Buy” to “Moderate Buy.” Although the firm raised its earnings estimates, the less-optimistic rating may be pressuring the stock today, particularly after OKE’s recent strong run toward its 52-week high. Zacks ONEOK rating update ONEOK Profile (Free Report)

ONEOK, Inc (NYSE: OKE) is a publicly traded midstream energy company headquartered in Tulsa, Oklahoma. The company owns and operates a portfolio of natural gas and natural gas liquids (NGL) pipelines, processing facilities, fractionators and storage and terminal assets. Its operations are focused on gathering, processing, transporting, fractionating and marketing NGLs and interstate natural gas, providing critical infrastructure that connects hydrocarbon production to refineries, petrochemical plants and other end markets.

ONEOK’s asset base includes pipeline systems and processing plants that move and condition natural gas, along with infrastructure for the transportation, storage and fractionation of NGLs such as ethane, propane and butane.

Further Reading Five stocks we like better than ONEOK Blueprint for a Boom: SEC Clears the Crypto Runway Ross Stores Just Flipped the Off-Price Retail Story After TJX’s Marmaxx Miss Advance Auto Parts Plunged, But Its Turnaround Is Still Working Is Palo Alto Networks Priced for Perfection Again as AI Security Demand Accelerates?

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There's no shortage of pipeline stocks delivering the goods for investors this year, including an array of familiar, high-yield, large-cap names.

Up 30.6% this year, Oneok (OKE -1.47%) is performing more like a traditional oil stock (or even a high-growth tech stock) than a sleepy natural gas transportation outfit. In fact, Oneok is beating the Alerian Midstream Energy Select Index, a gauge in which the stock is the fifth-largest component, by 68 basis points year to date.

Image source: Getty Images.

In other words, investors shouldn't need any convincing that Oneok is a strong pipeline stock in a strong place. The other side of the Oneok coin is that the intensity of the stock's 2026 run, coupled with an extended run of largely positive news flow, may be surprising even its biggest fans.

Oneok is proving why it shouldn't be doubted Some investors may be apt to nitpick with Oneok. The stock offers a dividend yield of 4.5%, which is great relative to the S&P 500 but mostly just OK compared to many peers in the midstream space. Second, some market participants may hold biases and preconceived notions about how stocks should perform over different time horizons. Oneok's stock price jumping nearly 31% in seven-and-a-half months may be a case of a stock punching above its weight in the eyes of some investors.

Let's address these issues. Undoubtedly, there are higher-yielding midstream stocks out there. Plenty of them, but Oneok's yield is low by comparison because its share price is rapidly rising (stock prices and yields move inversely). Plus, the 4% payout increase announced by the company earlier this year aligns with the 3% to 4% annual bump the firm is targeting.

Given the breakneck pace at which Oneok stock has risen this year, investors shouldn't be running for the exits or doubting the potential for further upside. After all, when it delivered second-quarter results earlier this month, the energy company lifted its 2026 earnings per share (EPS) and net income outlooks.

Today's Change

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That implies that Oneok's 2026 performance is rooted in solid fundamentals. On a related note, some investors may be underestimating the effects of surging demand for natural gas liquids (NGLs) and the potential for new investments in the Permian Basin to pay off over the long term.

Don't forget the data center angle The ability to move natural gas efficiently is increasingly in demand due to data center demand. Having recently notched a deal to deliver gas to a 1-gigawatt power plant with data center inroads, it's clear Oneok is a beneficiary of the artificial intelligence (AI) trade.

What's interesting is that while Oneok's proximity to AI data centers is a known factor, investors may be underestimating how the company's metamorphosis could improve cash flow and earnings in the future.

It's not every day that a stock yielding 4.5%, up nearly 31% in barely more than seven months, is underestimated. Still, based on its upped 2026 guidance and longer-ranging data center opportunity set, Oneok may be an underrated energy name.

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Stock to Watch: Oneok Inc. (OKE - Free Report) Tulsa, OK-based ONEOK Inc. was founded in 1906. The company is a U.S. energy company engaged in natural gas and natural gas liquids (NGL) businesses. On June 30, 2017, ONEOK acquired all the shares of ONEOK Partners. In September 2023, ONEOK completed its acquisition of Magellan Midstream Partners, L.P., for $18.8 billion. The agreement added Magellan's primarily fee-based refined products and crude oil transportation, storage and distribution businesses to ONEOK.

OKE is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

Additionally, the company could be a top pick for growth investors. OKE has a Growth Style Score of B, forecasting year-over-year earnings growth of 4.8% for the current fiscal year.

Five analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.18 to $5.68 per share. OKE boasts an average earnings surprise of +5%.

With a solid Zacks Rank and top-tier Growth and VGM Style Scores, OKE should be on investors' short list.

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Zacks Premium includes access to the Zacks Style Scores as well.

What are the Zacks Style Scores? The Zacks Style Scores, developed alongside the Zacks Rank, are complementary indicators that rate stocks based on three widely-followed investing methodologies; they also help investors pick stocks with the best chances of beating the market over the next 30 days.

Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.

Growth ScoreGrowth investors, on the other hand, are more concerned with a company's financial strength and health, and its future outlook. The Growth Style Score examines things like projected and historic earnings, sales, and cash flow to find stocks that will experience sustainable growth over time.

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How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.

It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +23.94% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.

That's where the Style Scores come in.

To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.

As mentioned above, the Scores are designed to work with the Zacks Rank, so any change to a company's earnings outlook should be a deciding factor when picking which stocks to buy.

A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Oneok Inc. (OKE - Free Report) Tulsa, OK-based ONEOK Inc. was founded in 1906. The company is a U.S. energy company engaged in natural gas and natural gas liquids (NGL) businesses. On June 30, 2017, ONEOK acquired all the shares of ONEOK Partners. In September 2023, ONEOK completed its acquisition of Magellan Midstream Partners, L.P., for $18.8 billion. The agreement added Magellan's primarily fee-based refined products and crude oil transportation, storage and distribution businesses to ONEOK.

OKE is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

Momentum investors should take note of this Oils-Energy stock. OKE has a Momentum Style Score of B, and shares are up 1.6% over the past four weeks.

Four analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.14 to $5.64 per share. OKE boasts an average earnings surprise of +5%.

With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, OKE should be on investors' short list.

For new and old investors, taking full advantage of the stock market and investing with confidence are common goals. Zacks Premium provides lots of different ways to do both.

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Stock to Watch: Oneok Inc. (OKE - Free Report) Tulsa, OK-based ONEOK Inc. was founded in 1906. The company is an energy company engaged in natural gas and natural gas liquids (NGL) businesses. On Jun 30, 2017, ONEOK acquired all the shares of ONEOK Partners. In September 2023, ONEOK completed its acquisition of Magellan Midstream Partners, L.P. for $18.8 billion. The agreement opened up Magellan's primarily fee-based refined products and crude oil transportation business to ONEOK.

OKE is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 15.72; value investors should take notice.

For fiscal 2026, three analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.05 to $5.55 per share. OKE boasts an average earnings surprise of +5%.

With a solid Zacks Rank and top-tier Value and VGM Style Scores, OKE should be on investors' short list.

For the quarter ended June 2026, Oneok Inc. (OKE - Free Report) reported revenue of $12.05 billion, up 52.8% over the same period last year. EPS came in at $1.53, compared to $1.34 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $10.66 billion, representing a surprise of +13.03%. The company delivered an EPS surprise of +10.07%, with the consensus EPS estimate being $1.39.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

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: 1,630.00 MBBL/d versus the two-analyst average estimate of 1,528.46 MBBL/d.Adjusted EBITDA- Natural Gas Liquids: $659 million versus the two-analyst average estimate of $717.28 million.Adjusted EBITDA- Refined Products & Crude: $627 million compared to the $562.39 million average estimate based on two analysts.Adjusted EBITDA- Natural Gas Pipelines: $297 million versus $276.42 million estimated by two analysts on average.Adjusted EBITDA- Natural Gas Gathering and Processing: $546 million versus the two-analyst average estimate of $546.41 million.View all Key Company Metrics for Oneok here>>>

Shares of Oneok have returned -3.3% over the past month versus the Zacks S&P 500 composite's +3.5% 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.

3 Companies to Watch as Natural Gas Stocks Make a ComebackONEOK NYSE: OKE raised its 2026 financial guidance for the second time this year after reporting higher second-quarter earnings, citing record natural gas liquids throughput, strong refined-products demand and volume growth across its operations.

President and Chief Executive Officer Pierce Norton said the company’s results reflected both a constructive energy-market backdrop and the benefits of its integrated asset network, which connects supply basins with domestic and international markets for natural gas, NGLs, crude oil and refined products.

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Build Stability and Income With 3 Overlooked Dividend Leaders“The quarter highlighted the positioning of our asset footprint, the value of our integrated platform, and the outstanding execution of our employees,” Norton said.

Second-Quarter Results and Higher Outlook ONEOK reported second-quarter net income of $965 million, or $1.53 per diluted share, up 13% from a year earlier. Adjusted EBITDA totaled $2.12 billion, an increase of 7% year over year, Chief Financial Officer Walt Hulse said.

5 Stocks With Above-Market Yields Just Raised Payments FurtherThe company now expects 2026 net income at a midpoint of $3.6 billion, diluted earnings per share at a midpoint of $5.68, and adjusted EBITDA at a midpoint of $8.35 billion. Compared with ONEOK’s original guidance issued in February, the updated outlook represents increases of $150 million for net income and $250 million for adjusted EBITDA.

Hulse said the Natural Gas Pipelines and refined products and crude businesses were performing toward the upper end of their original adjusted EBITDA guidance ranges. Natural Gas Liquids and gathering and processing businesses also remained positioned well for the balance of the year.

Capital-expenditure guidance was unchanged at $2.7 billion to $3.2 billion for 2026. However, the company expects spending to accelerate during the second half as several large projects approach completion, putting capital spending closer to the upper end of that range.

ONEOK also increased its estimate of cumulative cash-tax benefits from tax legislation. Hulse said the company now expects about $2.6 billion in cumulative cash-tax benefits, compared with a prior estimate of approximately $1.5 billion. Combined with existing tax attributes, those benefits are expected to defer meaningful cash-tax payments until 2031, extending the company’s cash-tax runway by about two years.

Projects Expand Processing, Fractionation and Refined-Products Capacity Chief Operating Officer Randy Lentz said the company placed its Denver-area refined-products expansion into service on Aug. 1. The project adds 35,000 barrels per day of capacity and provides a direct jet-fuel connection to Denver International Airport.

The Denver expansion is supported largely by long-term, firm take-or-pay contracts, according to Chief Commercial Officer Sheridan Swords. While the system’s new 16-inch pipeline could have capacity of up to 200,000 barrels per day, the initial project is operating at 35,000 barrels per day.

In the Permian Basin, ONEOK expects to complete 110 million cubic feet per day of Delaware Basin processing-plant expansions during the third quarter. It also increased the planned capacity of its Bighorn Plant to 400 million cubic feet per day from the originally planned 300 million cubic feet per day. Bighorn remains scheduled for completion in mid-2027.

Once those projects are completed, ONEOK expects its Permian processing capacity to reach nearly 2.4 billion cubic feet per day. The company also said it has secured equipment for an additional Permian plant that could be deployed as needed.

Elsewhere, ONEOK began construction on the 120 million-cubic-foot-per-day Cutter 2 Plant in the Powder River Basin, which is expected to enter service in the first quarter of 2028. The company’s Medford Fractionation Phase I project remains on track for completion in the fourth quarter and is expected to add 100,000 barrels per day of Mid-Continent fractionation capacity. Phase II is expected to be completed in the first quarter of 2027.

Volumes, Exports and Demand Drivers Swords said raw NGL feed throughput rose 7% year over year across ONEOK’s system. Volumes in the Gulf Coast Permian region increased 15%, aided by production growth and the ramp-up of recently connected third-party plants.

He said higher NGL prices and export demand supported ethane recovery across all regions and were expected to remain favorable into the third quarter. Increased ethane volumes, however, weighed somewhat on margins because ethane transportation and fractionation rates are lower than rates for heavier NGL components.

ONEOK reached its targeted 80% contracting threshold for the 200,000 barrels per day of LPG export capacity under construction through its export-dock joint venture. Swords said customer interest remained strong, including discussions that extend beyond the initial contract period and into the next decade.

In refined products and crude, refined-products shipments increased 8% year over year, supported by gasoline and diesel demand, refinery utilization and refinery-maintenance activity. At the Seabrook crude-export joint venture, throughput rose about 20% from the first quarter and included record crude-oil loadings in May. The facility remains highly contracted under take-or-pay agreements, management said.

Midland crude-gathering volumes increased 10% from the first quarter. The company said more than 30 rigs were operating on its Midland acreage, while activity also increased in the Mid-Continent and Rocky Mountain regions.

The Natural Gas Pipelines segment benefited during the quarter from Waha-to-Katy price differentials. ONEOK expects lower segment earnings in the second half as Permian takeaway capacity enters service and those differentials narrow, consistent with its full-year guidance assumptions.

Long-Term Growth and Capital Allocation Norton reiterated ONEOK’s target of mid- to high-single-digit adjusted EBITDA growth over the next five to seven years. He pointed to growth in the Permian, Mid-Continent and Powder River basins; stable Bakken production; LPG exports; crude-oil demand for reliable U.S. supply; and natural-gas demand associated with LNG exports, power generation and industrial development.

Management said most of that expected growth is expected to come from organic opportunities, including completed projects, brownfield expansions, commercial optimization and greater utilization of existing assets. Bolt-on acquisitions could supplement the strategy, but Norton said the company would remain disciplined and intentional in pursuing them.

Hulse said the company’s capital spending could moderate to a run rate of roughly $2 billion to $2.5 billion after the current project backlog is completed. He said the pipeline of future projects generally consists of midsize investments rather than projects exceeding $1 billion.

ONEOK has also secured a natural-gas supply agreement for 1 gigawatt of power-plant demand and is in late-stage discussions on additional potential data-center supply opportunities. Swords said such projects could require more than $100 million of capital investment while offering firm-demand contracts and attractive returns.

About ONEOK (NYSE:OKE)ONEOK, Inc NYSE: OKE is a publicly traded midstream energy company headquartered in Tulsa, Oklahoma. The company owns and operates a portfolio of natural gas and natural gas liquids (NGL) pipelines, processing facilities, fractionators and storage and terminal assets. Its operations are focused on gathering, processing, transporting, fractionating and marketing NGLs and interstate natural gas, providing critical infrastructure that connects hydrocarbon production to refineries, petrochemical plants and other end markets.

ONEOK's asset base includes pipeline systems and processing plants that move and condition natural gas, along with infrastructure for the transportation, storage and fractionation of NGLs such as ethane, propane and butane.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Should You Invest $1,000 in ONEOK Right Now?Before you consider ONEOK, you'll want to hear this.

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Oneok Inc. (OKE - Free Report) came out with quarterly earnings of $1.53 per share, beating the Zacks Consensus Estimate of $1.39 per share. This compares to earnings of $1.34 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +10.07%. A quarter ago, it was expected that this natural gas company would post earnings of $1.26 per share when it actually produced earnings of $1.3, delivering a surprise of +3.17%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Oneok, which belongs to the Zacks Oil and Gas - Production Pipeline - MLB industry, posted revenues of $12.05 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 13.03%. This compares to year-ago revenues of $7.89 billion. The company has topped consensus revenue estimates just once over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Oneok shares have added about 23.6% since the beginning of the year versus the S&P 500's gain of 9.4%.

What's Next for Oneok?While Oneok has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Oneok was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.47 on $10.92 billion in revenues for the coming quarter and $5.56 on $45.74 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Production Pipeline - MLB is currently in the top 31% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the broader Zacks Oils-Energy sector, Kodiak Gas Services (KGS - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 6.

This provider of oil and gas infrastructure services is expected to post quarterly earnings of $0.69 per share in its upcoming report, which represents a year-over-year change of +40.8%. The consensus EPS estimate for the quarter has been revised 2% lower over the last 30 days to the current level.

Kodiak Gas Services' revenues are expected to be $383.35 million, up 18.7% from the year-ago quarter.

Record NGL Raw Feed Throughput Volumes

ONEOK Increases 2026 Financial Guidance

TULSA, Okla., Aug. 03, 2026 (GLOBE NEWSWIRE) -- ONEOK, Inc. (NYSE: OKE) today announced higher second-quarter 2026 results and increased 2026 financial guidance. Unless otherwise noted, all results are compared with the same period in 2025.

Highlights:

Higher second-quarter 2026 results: 13% increase in net income to $967 million, resulting in $1.53 per diluted share7% increase in adjusted EBITDA to $2.12 billion Volume highlights: 8% increase in refined products volumes shipped7% increase in NGL raw feed throughput volumes, including a 15% increase in the Gulf Coast/Permian region2% increase in natural gas volumes processed Greater Denver refined products pipeline expansion mechanically complete early August 2026 Guidance Increase:

Net income increased to a midpoint of $3.6 billionEarnings per diluted share increased to a midpoint of $5.68Adjusted EBITDA increased to a midpoint of $8.35 billion The increase in financial guidance reflects continued strong business segment performance and strategic opportunities across ONEOK’s system supported by a constructive market environment.

ONEOK increased 2026 net income guidance to a range of $3.41 billion to $3.79 billion. Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) guidance increased to a range of $8.2 billion to $8.5 billion.

Total 2026 capital expenditure guidance remains unchanged at approximately $2.7 billion to $3.2 billion.

"Higher volumes across ONEOK's businesses, including record NGL volumes, drove another consecutive quarter of earnings growth,” said Pierce H. Norton II, ONEOK president and CEO. “These results reflect the strength of our integrated system, the dedication of our employees and our ability to optimize our network and capture opportunities across the value chain.”

"Several strategic growth projects across our footprint are nearing completion, expanding connectivity across key markets and strengthening our ability to serve customers and communities," added Norton. "Combined with strong market fundamentals across our business, these investments build momentum into the second half of 2026, support our second guidance increase this year and reinforce our ability to deliver long-term value to stakeholders."

SECOND-QUARTER 2026 FINANCIAL HIGHLIGHTS:

 Three Months EndedSix Months Ended June 30,June 30,  2026 2025 2026 2025 (Millions of dollars, except per share amounts)Net income (a) (b)$967$853$1,743$1,544Net income attributable to ONEOK (a) (b)$966$841$1,740$1,477Diluted earnings per common share (a)$1.53$1.34$2.75$2.38Adjusted EBITDA (c)$2,121$1,981$4,118$3,756Operating income$1,593$1,431$3,021$2,651Operating costs$823$706$1,569$1,458Depreciation and amortization$387$368$765$748Equity in net earnings from investments$103$81$192$189Maintenance capital$101$126$229$200Capital expenditures (includes maintenance)$613$749$1,477$1,378(a) Amounts for the six months ended June 30, 2026, include a pretax noncash charge of $60 million related to the impairment of a joint-venture (JV) investment in the Refined Products and Crude segment.
(b) Amounts for the three and six months ended June 30, 2025, include pretax impacts of $22 million and $64 million, respectively, of transaction costs.
(c) Amounts for the three and six months ended June 30, 2025, include $21 million and $52 million, respectively, of transaction costs. Transaction costs of $1 million and $12 million, respectively, were noncash and not included in adjusted EBITDA. Adjusted EBITDA is a non-GAAP measure used in this release and is explained in greater detail in the Non-GAAP Financial Measures section.
Second-Quarter 2026 Financial Performance:

ONEOK reported second-quarter 2026 net income and adjusted EBITDA of $967 million and $2.12 billion, respectively.

Results benefited from record quarterly natural gas liquids (NGLs) volumes and higher natural gas processing and refined products volumes across ONEOK’s system. Increased optimization and marketing activity in the Natural Gas Pipelines, Refined Products and Crude and Natural Gas Liquids segments also benefited second-quarter results.

In July 2026, ONEOK declared a quarterly dividend of $1.07 per share, or $4.28 per share annualized.

BUSINESS SEGMENT RESULTS:

Natural Gas Liquids Segment

 Three Months EndedSix Months Ended June 30,June 30,Natural Gas Liquids Segment 2026 2025 2026 2025 (Millions of dollars)Adjusted EBITDA$659$673$1,365$1,308Capital expenditures$202$135$512$306
The decrease in second-quarter 2026 adjusted EBITDA, compared with second quarter 2025, primarily reflects:

An $18 million increase in operating costs due primarily to $9 million from higher employee-related costs and $8 million from higher outside services associated with the growth of ONEOK’s operations; andA $6 million decrease in transportation and storage due primarily to lower volumes; offset byAn $11 million increase in optimization and marketing due primarily to higher earnings on sales of purity NGLs held in inventory; andA $2 million increase in exchange services due primarily to: $28 million from higher volumes across ONEOK’s system;$12 million from higher transportation and fractionation costs;$11 million due primarily to fewer product price differentials captured. The increase in adjusted EBITDA for the six-month 2026 period, compared with the same period last year, primarily reflects:

A $53 million increase in optimization and marketing due primarily to higher earnings on sales of purity NGLs held in inventory; andA $26 million increase in exchange services due primarily to: $119 million from higher volumes across ONEOK’s system;$71 million from lower average fee rates and narrower product price differentials in the Gulf Coast/Permian and Mid-Continent regions;$23 million of higher transportation and fractionation costs; A $14 million increase in operating costs due primarily to the growth of ONEOK’s operations; andA $6 million decrease in transportation and storage due primarily to lower volumes. Refined Products and Crude Segment

 Three Months EndedSix Months Ended June 30,June 30,Refined Products and Crude Segment 2026 2025 2026 2025 (Millions of dollars)Adjusted EBITDA$627$557$1,119$1,028Capital expenditures$191$184$371$325
The increase in second-quarter 2026 adjusted EBITDA, compared with second quarter 2025, primarily reflects:

A $79 million increase in transportation and storage due primarily to higher refined products volumes and rates; andA $40 million increase in optimization and marketing due primarily to $48 million from higher crude marketing earnings, offset partially by $8 million from lower liquids blending earnings; offset byA $48 million increase in operating costs due primarily to: $14 million from higher outside services related to the timing of projects;$13 million from higher employee-related costs associated with the growth of ONEOK’s operations;$9 million from higher property taxes associated with the growth of ONEOK’s operations. The increase in adjusted EBITDA for the six-month 2026 period, compared with the same period last year, primarily reflects:

A $108 million increase in transportation and storage due primarily to higher refined products volumes and rates; andA $64 million increase in optimization and marketing due primarily to $81 million from higher crude marketing earnings, offset partially by $17 million from lower liquids blending earnings; offset byA $51 million increase in operating costs due primarily to: $17 million from higher employee-related costs associated with the growth of ONEOK’s operations;$16 million from higher outside services related to the timing of projects;$10 million from higher property taxes associated with the growth of ONEOK’s operations; and A $23 million decrease in adjusted EBITDA from unconsolidated affiliates due primarily to losses on Powder Springs Logistics, a 50% owned joint venture. Natural Gas Gathering and Processing Segment

 Three Months EndedSix Months Ended June 30,June 30,Natural Gas Gathering and Processing Segment 2026 2025 2026 2025 (Millions of dollars)Adjusted EBITDA$546$540$1,013$1,031Capital expenditures$185$341$502$582
The increase in second-quarter 2026 adjusted EBITDA, compared with second quarter 2025, primarily reflects:

A $20 million increase from higher volumes due to increased production in all regions; and
A $13 million increase due primarily to higher realized condensate prices, net of hedging, offset partially by lower realized NGL prices, net of hedging; offset by
A $22 million increase in operating costs due primarily to a $13 million methane fee accrual reversal in 2025 and $11 million from higher outside services related to the timing of projects. The decrease in adjusted EBITDA for the six-month 2026 period, compared with the same period last year, primarily reflects:

A $53 million decrease due primarily to lower realized NGL and natural gas prices, net of hedging, offset partially by higher realized condensate prices, net of hedging; andAn $8 million increase in operating costs due primarily to the growth of ONEOK’s operations; offset byA $49 million increase from higher volumes due to increased production in all regions. Natural Gas Pipelines Segment

 Three Months EndedSix Months Ended June 30,June 30,Natural Gas Pipelines Segment 2026 2025 2026 2025 (Millions of dollars)Adjusted EBITDA$297$188$636$400Capital expenditures$15$52$61$114
The increase in second-quarter 2026 adjusted EBITDA, compared with second quarter 2025, primarily reflects:

A $77 million increase in optimization and marketing activity due primarily to favorable price differentials between the Waha Hub and Katy, Texas, markets;A $19 million increase in transportation services due primarily to higher firm transportation revenue; andA $17 million increase in adjusted EBITDA from unconsolidated affiliates due primarily to higher earnings on Northern Border Pipeline and Matterhorn Express Pipeline. The increase in adjusted EBITDA for the six-month 2026 period, compared with the same period last year, primarily reflects:

A $169 million increase in optimization and marketing activity due primarily to favorable price differentials between the Waha Hub and Katy, Texas, markets;A $42 million increase in transportation services due primarily to higher firm transportation revenue; andA $34 million increase in adjusted EBITDA from unconsolidated affiliates due primarily to higher earnings on Northern Border Pipeline and Matterhorn Express Pipeline. EARNINGS CONFERENCE CALL AND WEBCAST:

Members of ONEOK’s management team will participate in a conference call at 11 a.m. Eastern (10 a.m. Central) on Aug. 4, 2026. The call will also be webcast.

To participate in the conference call, dial 800-330-6710 and use confirmation code: 3334626, or log on to the webcast at www.oneok.com.

If you are unable to participate in the conference call or the webcast, a recording will be available at www.oneok.com for one year.

LINK TO EARNINGS TABLES AND PRESENTATION:

https://ir.oneok.com/financial-information/financial-reports

NON-GAAP (GENERALLY ACCEPTED ACCOUNTING PRINCIPLES) FINANCIAL MEASURES:

ONEOK has disclosed in this news release adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA), a non-GAAP financial metric used to measure the company’s financial performance. Adjusted EBITDA is defined as net income adjusted for interest expense, depreciation and amortization, noncash impairment charges, income taxes, noncash compensation expense, and other noncash items; and includes adjusted EBITDA from the company’s unconsolidated affiliates using the same recognition and measurement methods used to record equity in net earnings from investments. Adjusted EBITDA from unconsolidated affiliates is calculated consistently with the definition above and excludes items such as interest expense, depreciation and amortization, income taxes and other noncash items.

Adjusted EBITDA is useful to investors because it and similar measures are used by many companies in the industry as a measure of financial performance and is commonly employed by financial analysts and others to evaluate ONEOK’s financial performance and to compare the company’s financial performance with the performance of other companies within the industry. Adjusted EBITDA should not be considered in isolation or as a substitute for net income or any other measure of financial performance presented in accordance with GAAP.

This non-GAAP financial measure excludes some, but not all, items that affect net income. Additionally, this calculation may not be comparable with similarly titled measures of other companies. A reconciliation of net income to adjusted EBITDA is included in the tables available on ONEOK’s website.

At ONEOK (NYSE: OKE), we deliver energy products and services vital to an advancing world. We are a leading midstream operator that provides gathering, processing, fractionation, transportation, storage and marine export services. Through our approximately 60,000-mile pipeline network, we transport the natural gas, natural gas liquids (NGLs), refined products and crude oil that help meet domestic and international energy demand, contribute to energy security and provide safe, reliable and responsible energy solutions needed today and into the future. As one of the largest integrated energy infrastructure companies in North America, ONEOK is delivering energy that makes a difference in the lives of people in the U.S. and around the world.

ONEOK is an S&P 500 company headquartered in Tulsa, Oklahoma.

For information about ONEOK, visit the website: www.oneok.com.

For the latest news about ONEOK, find us on LinkedIn, Facebook, X and Instagram.

This news release contains certain "forward-looking statements" within the meaning of federal securities laws. Words such as “anticipates,” “believes,” “continues,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “guidance,” “intends,” “may,” “might,” “outlook,” “plans,” “potential,” “projects,” “scheduled,” “should,” “target,” “will,” “would,” and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect our current views about future events. Such forward-looking statements include, but are not limited to, future financial and operating results, our plans, objectives, expectations and intentions, and other statements that are not historical facts, including future results of operations, projected cash flow and liquidity, business strategy, expected synergies or cost savings, and other plans and objectives for future operations. No assurances can be given that the forward-looking statements contained in this news release will occur as projected and actual results may differ materially from those projected.

Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties, many of which are beyond our control, and are not guarantees of future results. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements and caution must be exercised in relying on forward-looking statements. These risks and uncertainties include, without limitation, the following:

the impact on drilling and production by factors beyond our control, including the demand for natural gas, NGLs, Refined Products and crude oil; producers’ desire and ability to drill and obtain necessary permits; regulatory compliance; reserve performance; and capacity constraints and/or shut downs on the pipelines that transport crude oil, natural gas, NGLs, and Refined Products from producing areas and our facilities;the impact of unfavorable economic and market conditions, inflationary pressures, which may increase our capital expenditures and operating costs, raise the cost of capital or depress economic growth;the economic or other impact of announced or future tariffs, including inflationary impacts;the impact of the volatility of natural gas, NGL, Refined Products and crude oil prices on our earnings and cash flows, which is impacted by a variety of factors beyond our control, including international terrorism and conflicts and geopolitical instability (including instability in the Middle East and Venezuela);the impact of reduced volatility in energy prices or new government regulations that could discourage our storage customers from holding positions in Refined Products, crude oil and natural gas;our dependence on producers, gathering systems, refineries and pipelines owned and operated by others and the impact of any closures, interruptions or reduced activity levels at these facilities;the impact of scrutiny and conflicting stakeholder expectations regarding ESG issues, including climate change, and risks associated with the physical and financial impacts of climate change;risks associated with operational hazards and unforeseen interruptions at our operations;the inability of insurance proceeds to cover all liabilities or incurred costs and losses, or lost earnings, resulting from a loss;the risk of increased costs for insurance premiums or less favorable coverage;demand for our services and products in the proximity of our facilities;risks associated with our ability to hedge against commodity price risks or interest rate risks;a breach of information security, including a cybersecurity attack, or failure of one or more key information technology or operational systems, and terrorist attacks, including cyber sabotage;exposure to construction risk and supply risks if adequate natural gas, NGL, Refined Products and crude oil supply is unavailable upon completion of facilities;the accuracy of estimates of hydrocarbon reserves, which could result in lower than anticipated volumes;our lack of ownership over all of the land on which our property is located and certain of our facilities and equipment;the impact of changes in estimation, type of commodity and other factors on our measurement adjustments;excess capacity on our pipelines, processing, fractionation, terminal and storage assets;risks associated with the period of time our assets have been in service;our partial reliance on cash distributions from our unconsolidated affiliates on our operating cash flows;our ability to cause our joint ventures to take or not take certain actions unless some or all of our joint-venture participants agree;our reliance on others to construct and/or operate certain joint-venture assets and to provide other services;our ability to use net operating losses and certain tax attributes;increased regulation of exploration and production activities, including hydraulic fracturing, well setbacks and disposal of wastewater;impacts of regulatory oversight and potential penalties on our business;risks associated with the rate regulation, challenges or changes, which may reduce the amount of cash we generate;the impact of our gas liquids blending activities, which subject us to federal regulations that govern renewable fuel requirements in the U.S.;incurrence of significant costs to comply with the regulation of greenhouse gas emissions;the impact of federal and state laws and regulations relating to the protection of the environment, public health and safety on our operations, as well as increased litigation and activism challenging oil and gas development as well as changes to and/or increased penalties from the enforcement of laws, regulations and policies;the impact of unforeseen changes in interest rates, debt and equity markets and other external factors over which we have no control;actions by rating agencies concerning our credit;our indebtedness and guarantee obligations could cause adverse consequences, including making us vulnerable to general adverse economic and industry conditions, limiting our ability to borrow additional funds and placing us at competitive disadvantages compared with our competitors that have less debt;an event of default may require us to offer to repurchase certain of our or ONEOK Partners’ senior notes or may impair our ability to access capital;the right to receive payments on our outstanding debt securities and subsidiary guarantees is unsecured and effectively subordinated to any future secured indebtedness and any existing and future indebtedness of our subsidiaries that do not guarantee the senior notes;use by a court of fraudulent conveyance to avoid or subordinate the cross guarantees of our or ONEOK Partners’ indebtedness;the risks associated with pending or possible acquisitions and dispositions, including our ability to finance or integrate any such acquisitions and any regulatory delay or conditions imposed by regulatory bodies in connection with any such acquisitions and dispositions;our ability to effectively manage our expanded operations following closing of recent and potential future acquisitions;our ability to pay dividends;our exposure to the credit risk of our customers or counterparties;a shortage of skilled labor;misconduct or other improper activities engaged in by our employees;the impact of potential impairment charges;the impact of the changing cost of providing pension and health care benefits, including postretirement health care benefits, to eligible employees and qualified retirees;our ability to maintain an effective system of internal controls; andthe risk factors listed in the reports we have filed and may file with the SEC. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Other than as required under securities laws, ONEOK undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or changes in circumstances, expectations or otherwise.

The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere, including the Risk Factors included in the most recent reports on Form 10-K and Form 10-Q and other documents of ONEOK on file with the SEC. ONEOK's SEC filings are available publicly on the SEC's website at www.sec.gov.

Contacts:

Investor Relations:
Megan Patterson
918-561-5325
[email protected]

Media Relations:
Charlsey Phillips
918-510-1664
[email protected]

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/9eb2b994-fd8e-4d8b-8303-ba25fab61660

https://www.globenewswire.com/NewsRoom/AttachmentNg/c8fc468e-17e7-4053-a7cf-99f98cb3d07a

Posted by Defense World Staff on Aug 1st, 2026

Arete Wealth Advisors LLC boosted its position in shares of ONEOK, Inc. (NYSE:OKE – Free Report) by 173.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 54,666 shares of the utilities provider’s stock after purchasing an additional 34,665 shares during the quarter. Arete Wealth Advisors LLC’s holdings in ONEOK were worth $4,936,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Aberdeen Group plc boosted its stake in ONEOK by 46.0% during the 4th quarter. Aberdeen Group plc now owns 957,663 shares of the utilities provider’s stock valued at $70,388,000 after purchasing an additional 301,654 shares in the last quarter. Swiss Life Asset Management Ltd boosted its holdings in shares of ONEOK by 219.5% during the fourth quarter. Swiss Life Asset Management Ltd now owns 1,522,404 shares of the utilities provider’s stock worth $111,897,000 after purchasing an additional 1,045,976 shares during the period. Triune Financial Partners LLC purchased a new position in ONEOK in the fourth quarter valued at about $1,151,000. First Eagle Investment Management LLC grew its stake in shares of ONEOK by 46.3% in the 4th quarter. First Eagle Investment Management LLC now owns 11,365,304 shares of the utilities provider’s stock valued at $835,350,000 after buying an additional 3,596,089 shares in the last quarter. Finally, Castle Rock Wealth Management LLC raised its stake in shares of ONEOK by 360.0% in the 4th quarter. Castle Rock Wealth Management LLC now owns 36,216 shares of the utilities provider’s stock valued at $2,815,000 after acquiring an additional 28,343 shares in the last quarter. 69.13% of the stock is currently owned by institutional investors and hedge funds.

ONEOK News Summary Here are the key news stories impacting ONEOK this week:

Positive Sentiment: US Capital Advisors raised its EPS forecasts for several future periods, including Q3 2026 to $1.45 from $1.43, FY2027 to $6.12 from $6.03, and FY2028 to $6.97 from $6.88. The revisions suggest improving expectations for ONEOK’s earnings growth beyond the upcoming quarter. US Capital Advisors earnings estimates Positive Sentiment: Analysts’ earnings preview highlights rising natural-gas demand, stronger processing volumes and ONEOK’s fee-based revenue model as potential supports for second-quarter performance and longer-term cash-flow stability. ONEOK Gears Up to Report Q2 Earnings: What to Expect From the Stock? Neutral Sentiment: Second-quarter earnings are the main near-term catalyst. Investors will focus on revenue, volumes, fee-based earnings and management’s outlook for growth when ONEOK reports. ONEOK Q2 2026 earnings preview: Investors weigh growth outlook Negative Sentiment: US Capital Advisors reduced its Q2 2026 EPS estimate to $1.43 from $1.46, indicating some pressure on expectations for the imminent report. The estimate remains below the firm’s longer-term outlook revisions. ONEOK Q2 earnings estimate revision Negative Sentiment: Morgan Stanley downgraded ONEOK over growth concerns and said it preferred Targa Resources, creating a relative-performance and valuation overhang for OKE despite its more defensive, fee-based business mix. ONEOK cut at Morgan Stanley on growth concerns ONEOK Stock Performance Shares of OKE stock opened at $90.83 on Friday. The firm has a 50 day moving average of $89.09 and a 200-day moving average of $86.58. The company has a market cap of $57.24 billion, a price-to-earnings ratio of 16.19, a price-to-earnings-growth ratio of 4.84 and a beta of 0.73. The company has a quick ratio of 0.56, a current ratio of 0.71 and a debt-to-equity ratio of 1.37. ONEOK, Inc. has a 52 week low of $64.02 and a 52 week high of $96.07.

ONEOK (NYSE:OKE – Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The utilities provider reported $1.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.07). The company had revenue of $9.62 billion for the quarter, compared to analyst estimates of $8.23 billion. ONEOK had a net margin of 10.03% and a return on equity of 16.06%. During the same quarter last year, the firm posted $1.04 EPS. On average, equities analysts forecast that ONEOK, Inc. will post 5.63 earnings per share for the current year.

ONEOK Announces Dividend The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Monday, August 3rd will be paid a $1.07 dividend. The ex-dividend date is Monday, August 3rd. This represents a $4.28 annualized dividend and a yield of 4.7%. ONEOK’s dividend payout ratio (DPR) is currently 76.29%.

Wall Street Analyst Weigh In OKE has been the subject of a number of recent research reports. Citigroup upped their target price on ONEOK from $95.00 to $97.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Weiss Ratings raised shares of ONEOK from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, May 18th. Morgan Stanley reissued an “equal weight” rating and issued a $103.00 price objective (down from $113.00) on shares of ONEOK in a report on Wednesday. Wall Street Zen cut shares of ONEOK from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, Wells Fargo & Company dropped their price target on shares of ONEOK from $100.00 to $98.00 and set an “overweight” rating for the company in a research report on Thursday, April 30th. Seven analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $91.81.

Read Our Latest Analysis on OKE

About ONEOK (Free Report)

ONEOK, Inc (NYSE: OKE) is a publicly traded midstream energy company headquartered in Tulsa, Oklahoma. The company owns and operates a portfolio of natural gas and natural gas liquids (NGL) pipelines, processing facilities, fractionators and storage and terminal assets. Its operations are focused on gathering, processing, transporting, fractionating and marketing NGLs and interstate natural gas, providing critical infrastructure that connects hydrocarbon production to refineries, petrochemical plants and other end markets.

ONEOK’s asset base includes pipeline systems and processing plants that move and condition natural gas, along with infrastructure for the transportation, storage and fractionation of NGLs such as ethane, propane and butane.

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The upcoming report from Oneok Inc. (OKE - Free Report) is expected to reveal quarterly earnings of $1.39 per share, indicating an increase of 3.7% compared to the year-ago period. Analysts forecast revenues of $10.8 billion, representing an increase of 37% year over year.

The consensus EPS estimate for the quarter has undergone an upward revision of 1.5% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe.

Prior to a company's earnings announcement, it is crucial to consider revisions to earnings estimates. This serves as a significant indicator for predicting potential investor actions regarding the stock. Empirical research has consistently demonstrated a robust correlation between trends in earnings estimate revision and the short-term price performance of a stock.

While it's common for investors to rely on consensus earnings and revenue estimates for assessing how the business may have performed during the quarter, exploring analysts' forecasts for key metrics can yield valuable insights.

That said, let's delve into the average estimates of some Oneok metrics that Wall Street analysts commonly model and monitor.

Analysts' assessment points toward 'Raw feed throughput - Natural Gas Liquids' reaching 1,545.93 thousands of barrels of oil per day. Compared to the current estimate, the company reported 1,527.00 thousands of barrels of oil per day in the same quarter of the previous year.

The consensus among analysts is that 'Adjusted EBITDA- Natural Gas Liquids' will reach $730.26 million. Compared to the present estimate, the company reported $673.00 million in the same quarter last year.

Based on the collective assessment of analysts, 'Adjusted EBITDA- Refined Products & Crude' should arrive at $580.00 million. Compared to the current estimate, the company reported $557.00 million in the same quarter of the previous year.

The combined assessment of analysts suggests that 'Adjusted EBITDA- Natural Gas Pipelines' will likely reach $273.67 million. Compared to the present estimate, the company reported $188.00 million in the same quarter last year.

The average prediction of analysts places 'Adjusted EBITDA- Natural Gas Gathering and Processing' at $548.71 million. The estimate is in contrast to the year-ago figure of $540.00 million.

View all Key Company Metrics for Oneok here>>>

Shares of Oneok have demonstrated returns of +5% over the past month compared to the Zacks S&P 500 composite's -1.5% change. With a Zacks Rank #3 (Hold), OKE is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

In the latest trading session, Oneok Inc. (OKE - Free Report) closed at $89.46, marking a -3.97% move from the previous day. The stock fell short of the S&P 500, which registered a gain of 0.02% for the day. At the same time, the Dow added 0.51%, and the tech-heavy Nasdaq lost 0.18%.

Prior to today's trading, shares of the natural gas company had gained 4.42% lagged the Oils-Energy sector's gain of 7.75% and outpaced the S&P 500's gain of 0.77%.

Market participants will be closely following the financial results of Oneok Inc. in its upcoming release. The company plans to announce its earnings on August 3, 2026. The company is predicted to post an EPS of $1.44, indicating a 7.46% growth compared to the equivalent quarter last year. Meanwhile, our latest consensus estimate is calling for revenue of $10.81 billion, up 37.11% from the prior-year quarter.

For the full year, the Zacks Consensus Estimates are projecting earnings of $5.6 per share and revenue of $46.96 billion, which would represent changes of +3.32% and +39.64%, respectively, from the prior year.

It's also important for investors to be aware of any recent modifications to analyst estimates for Oneok Inc. These revisions typically reflect the latest short-term business trends, which can change frequently. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.54% lower. Oneok Inc. currently has a Zacks Rank of #3 (Hold).

With respect to valuation, Oneok Inc. is currently being traded at a Forward P/E ratio of 16.64. This indicates a premium in contrast to its industry's Forward P/E of 14.82.

Also, we should mention that OKE has a PEG ratio of 5.09. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The Oil and Gas - Production Pipeline - MLB industry had an average PEG ratio of 1.41 as trading concluded yesterday.

The Oil and Gas - Production Pipeline - MLB industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 54, finds itself in the top 22% echelons of all 250+ industries.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

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Billions of dollars in key capital growth projects await oil and natural gas pipeline players, which could generate incremental cash flows. Rising clean energy demand from data centers is also brightening the prospects for natural gas transportation companies, enhancing the outlook for the Zacks Oil and Gas - Pipeline MLP industry.

The partnerships belonging to the industry are also benefiting from stable fee-based revenues, as most contracts are for the long term. Key players in this industry include Enterprise Products Partners LP (EPD - Free Report) , Energy Transfer LP (ET - Free Report) and ONEOK Inc. (OKE - Free Report) .

About the Industry The Zacks Oil and Gas - Pipeline MLP industry comprises master limited partnerships (or MLPs) that primarily transport oil, natural gas, refined petroleum products and natural gas liquids (NGL) to consumers in North America. Apart from transporting the commodities, the partnerships have huge capacities to store oil, natural gas and petrochemical products.  The partnerships thus provide midstream services to producers and consumers of the commodities. The firms generate stable fee-based revenues from all these transportation and storage assets. The services provided by the MLPs entail the gathering and processing of commodities. The integrated midstream energy players also generate cashflows from ownership interests in fractionators and condensate distillation facilities.

What's Shaping the Future of Oil & Gas - Pipeline MLP Industry? Stable Cash Flow Generation: The midstream assets are usually booked by shippers for the long term, generating stable cash flows. The long-term contracts are mostly take-or-pay contracts, meaning shippers have to pay a minimum amount even if they don’t utilize the midstream assets. Thus, cash flow generation is highly predictable, suggesting that the business model is not very vulnerable to volatility in oil and natural gas prices.

Rising Demand From Data Centers: The natural gas transportation companies and partnerships, belonging to the industry, are well-positioned to gain from the growing clean energy demand from data centers. This is because employing their pipeline networks, the midstream players can transport natural gas to gas-fired power plants, which will provide electricity to the data centers.

Growth Capital Pipeline: Companies and partnerships in the industry are expected to generate incremental cash flow from billions of dollars in key capital projects that are either in service or set to come online.

Zacks Industry Rank Indicates Solid Opportunities The Zacks Oil and Gas - Pipeline MLP industry is a seven-stock group within the broader Zacks Oil - Energy sector. The industry currently carries a Zacks Industry Rank #53, which places it in the top 21% of more than 250 Zacks industries.

The group’s Zacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, indicates bright near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

The industry’s position in the top 50% of the Zacks-ranked industries forms a favorable earnings outlook for the constituent stocks in aggregate. Before we present a few stocks that you may want to consider, let’s look at the industry’s recent stock market performance and its valuation picture.

Industry Underperforms Sector, S&P 500 The Zacks Oil and Gas - Pipeline MLP industry has underperformed the broader Zacks Oil - Energy sector and the Zacks S&P 500 Composite over the past year. The industry has rallied 16.9% in the past year compared with the broader sector’s 30.8% surge and the S&P 500's 20.5% rise.

One-Year Price Performance

Industry's Current Valuation Since midstream-focused oil and gas partnerships use fixed-rate debt for the majority of their borrowings, it makes sense to value them based on the EV/EBITDA (Enterprise Value/ Earnings before Interest, Tax, Depreciation and Amortization) ratio. This is because the valuation metric takes into account not just equity but also the level of debt.

On the basis of the trailing 12-month enterprise value-to-EBITDA (EV/EBITDA), the industry is currently trading at 12.14X, lower than the S&P 500’s 18.50X. It is, however, significantly above the sector’s trailing 12-month EV/EBITDA of 6.87X.

Over the past five years, the industry has traded as high as 12.59X and as low as 8.27X, with a median of 10.73X.

Trailing 12-Month Enterprise Value-to EBITDA (EV/EBITDA) Ratio

3 Oil & Gas Pipeline MLPs to Gain Enterprise Products Partners is a leading midstream player and therefore has a resilient business model. EPD has a pipeline network that spans more than 50,000 miles, transporting oil, natural gas, refined products and other commodities. The partnership generates stable fee-based revenues from the midstream assets as the assets are booked by shippers for the long term.

Due to the resilience of its business model, the partnership, currently carrying a Zacks Rank #3 (Hold), has been able to return capital to unitholders on an ongoing basis. Since its IPO, Enterprise Products has returned billions of dollars to unitholders through both repurchases and distributions. EPD has increased distributions for 27 consecutive years. Thus, the partnership has successfully kept cash flow steady at all business cycles.

Price and Consensus: EPD

Energy Transfer has a stable business model with its huge pipeline network of natural gas, oil and refined petroleum products across 140,000 miles. The partnership has midstream assets in all the key basins in the United States, generating stable fee-based revenues.

Energy Transfer, sporting a Zacks Rank #1 (Strong Buy), has offered a higher dividend yield than the composite stocks belonging to the industry over the past three consecutive years. For this year, the partnership is likely to see earnings growth of 18.2%.

Price and Consensus: ET

ONEOK Inc also enjoys stable fee-based revenues, banking on its vast pipeline network spanning 60,000 miles, transporting natural gas, natural gas liquids, crude oil and refined products. This shows the player’s resilient business model.  Currently, OKE carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Price and Consensus: OKE

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades, downgrades and initiations, please see our analyst ratings page.

Considering buying OKE stock? Here’s what analysts think:

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TULSA, Okla., July 15, 2026 (GLOBE NEWSWIRE) -- The board of directors of ONEOK, Inc. (NYSE: OKE) today declared a quarterly dividend of $1.07 per share, unchanged from the previous quarter, resulting in an annualized dividend of $4.28 per share.

The dividend is payable Aug. 14, 2026, to shareholders of record at the close of business Aug. 3, 2026.
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At ONEOK (NYSE: OKE), we deliver energy products and services vital to an advancing world. We are a leading midstream operator that provides gathering, processing, fractionation, transportation, storage and marine export services. Through our approximately 60,000-mile pipeline network, we transport the natural gas, natural gas liquids (NGLs), refined products and crude oil that help meet domestic and international energy demand, contribute to energy security and provide safe, reliable and responsible energy solutions needed today and into the future. As one of the largest integrated energy infrastructure companies in North America, ONEOK is delivering energy that makes a difference in the lives of people in the U.S. and around the world.

ONEOK is an S&P 500 company headquartered in Tulsa, Oklahoma.

For information about ONEOK, visit the website: www.oneok.com. For the latest news about ONEOK, find us on LinkedIn, Facebook, X and Instagram.

Some of the statements contained and incorporated in this news release are forward-looking statements as defined under federal securities laws. The forward-looking statements relate to our anticipated financial performance (including projected levels of quarterly and annual dividends), liquidity, market conditions and other matters. We make these forward-looking statements in reliance on the safe harbor protections provided under federal securities laws and other applicable laws.

Forward-looking statements include the items identified in the preceding paragraph, the information concerning possible or assumed future results of our operations and other statements contained or incorporated in this news release identified by words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "goal," "guidance," "intend," "may," "might," “outlook,” "plan," "potential," "project," "scheduled," "should," "will," "would" and other words and terms of similar meaning.

One should not place undue reliance on forward-looking statements. Known and unknown risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Those factors may affect our operations, markets, products, services and prices. These and other risks are described in greater detail in Item 1A, Risk Factors, in our most recent Annual Report on Form 10-K and in the other filings that we make with the Securities and Exchange Commission (SEC), which are available on the SEC’s website at www.sec.gov. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Any such forward-looking statement speaks only as of the date on which such statement is made, and, other than as required under securities laws, we undertake no obligation to update publicly any forward-looking statement whether as a result of new information, subsequent events or change in circumstances, expectations or otherwise. 

Contacts: 
Investor Relations:
Megan Patterson
918-561-5325
[email protected]

Media Relations:
Charlsey Phillips
918-510-1664
[email protected]