Oneok Inc. (OKE - Free Report) closed at $95.83 in the latest trading session, marking a +2.06% move from the prior day. This change outpaced the S&P 500's 0.52% loss on the day. Meanwhile, the Dow experienced a drop of 1.24%, and the technology-dominated Nasdaq saw a decrease of 0.21%.
Prior to today's trading, shares of the natural gas company had gained 2.98% lagged the Oils-Energy sector's gain of 5.63% and outpaced the S&P 500's loss of 1.21%.
The upcoming earnings release of Oneok Inc. will be of great interest to investors. The company's earnings report is expected on October 27, 2026. On that day, Oneok Inc. is projected to report earnings of $1.46 per share, which would represent a year-over-year decline of 2.01%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $11.77 billion, up 36.34% from the year-ago period.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $5.69 per share and a revenue of $43.84 billion, indicating changes of +4.98% and +30.36%, respectively, from the former year.
Investors should also take note of any recent adjustments to analyst estimates for Oneok Inc. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable 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 last 30 days, the Zacks Consensus EPS estimate has moved 0.57% lower. Oneok Inc. is currently a Zacks Rank #3 (Hold).
Digging into valuation, Oneok Inc. currently has a Forward P/E ratio of 16.5. This denotes a premium relative to the industry average Forward P/E of 14.7.
We can additionally observe that OKE currently boasts a PEG ratio of 1.88. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Oil and Gas - Production Pipeline - MLB was holding an average PEG ratio of 1.59 at yesterday's closing price.
The Oil and Gas - Production Pipeline - MLB industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 27, finds itself in the top 11% echelons of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
Four high-yield stocks spanning pipeline giants and private-credit lenders promise steady monthly checks for retirees, but each one carries a hidden catch that could quietly erode the income it generates.
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Retirees who stop drawing a paycheck still have monthly bills to pay. Social Security covers part of the gap, and many Boomers fill the rest with dividend checks that come in without selling a single share.
A $50,000 stake in each of four high-yield names would produce this much in yearly income. That works out to $200,000 invested across two business development companies (BDCs) and two pipeline operators, producing more than $13,500 in yearly passive income, or about $1,143.75 a month.
The two BDCs lend to midsize private businesses. The two pipeline operators collect fees for moving energy. Yields below are forward figures, ordered from lowest to highest.
ONEOK Stock #4: ONEOK (NYSE:OKE | OKE Price Prediction) Yield: 4.57% Shares for $50,000: 532.48 Annual Passive Income: ~$2,285 ONEOK runs an approximately 60,000-mile pipeline network handling natural gas, NGLs, refined products, and crude, with ~90% of 2025 earnings fee-based. As a C-corporation, it pays regular dividends and faces no UBTI concerns.
The board raised the quarterly dividend 4% in January 2026 to $1.07, or $4.28 annualized. Against FY2025 EPS of $5.42, that payout uses about 79% of earnings. ONEOK also extinguished ~$3.1B of long-term debt in 2025. The risk: shares rose 42.35% over the past year, compressing the yield for new buyers.
Main Street Capital Stock #3: Main Street Capital (NYSE:MAIN) Yield: 5.8% Shares for $50,000: 924.21 Annual Passive Income: ~$2,900 Main Street is an internally managed BDC that provides debt and equity to lower middle-market companies with annual revenues of $10 million to $150 million, plus a private loan book and an asset manager overseeing $1.8 billion. BDC pass-through rules push most taxable income to shareholders.
It pays monthly dividends of $0.265, going up to $0.27 in Q4 2026, plus quarterly supplementals of $0.30. Q2 2026 adjusted EPS of $1.04 covered the $0.795 in regular quarterly payouts, and non-accruals sat at just 1.1%. The risk: shares trade at $54.10 against a NAV of $33.92, a steep premium that leaves room to fall if credit weakens.
Energy Transfer Stock #2: Energy Transfer (NYSE:ET) Distribution Yield: 6.68% Units for $50,000: 2,495.01 Annual Passive Income: ~$3,340 Energy Transfer runs about 140,000 miles of pipeline and energy infrastructure across 44 states. As a master limited partnership, it returns most cash flow to unitholders, which is why this ultra-high-yield name pays so much.
The Q2 2026 distribution of $0.3400 per unit marked the nineteenth consecutive quarterly increase. Coverage looks solid: Q2 Adjusted EBITDA reached $5.07B (+31% YoY), and management raised 2026 guidance to $18.8B-$19.1B. Tax costs pose a risk. Unitholders receive a K-1 instead of a 1099, and IRA holders face UBTI exposure. Under 26 U.S.C. § 512(c)(1), a tax-exempt account includes its share of partnership business income, and an IRA with $1,000 or more of such income must file Form 990-T.
Ares Capital Stock #1: Ares Capital (NASDAQ:ARCC) Yield: 10.4% Shares for $50,000: 2,660.99 Annual Passive Income: ~$5,200 The largest publicly traded BDC, Ares Capital has $29.35B invested across 619 middle-market companies, mostly through first-lien loans. Its ultra-high yield comes from the requirement to distribute ~90% of taxable income.
The quarterly dividend has held at $0.48 since 2023, but Q2 2026 core EPS of $0.47 fell a penny short. Liquidity of ~$6.0B and a new commercial paper program of up to $1.0B add a buffer. The risk: non-accruals rose to 2.4% from 1.8%, and with 71% of the portfolio floating-rate, lower rates would squeeze income.
Full Income Breakdown for All Four Positions Name Yield or Distribution Rate Annual Dividend Income ONEOK 4.57% $2,285 Main Street Capital 5.8% $2,900 Energy Transfer 6.68% $3,340 Ares Capital 10.4% $5,200 Total 6.86% $13,725 Together, these four positions generate $13,725 in passive income annually on a $200,000 investment, for a blended yield of 6.86%. Of that total, Ares Capital supplies $5,200, Energy Transfer adds $3,340, Main Street Capital chips in $2,900, and ONEOK rounds out the group with $2,285.
A rental property producing similar income ties up capital in one building and takes months to sell. Listed income stocks can be trimmed in a single trading session, which lets a retiree raise cash for a medical bill or rebalance between lenders and pipelines whenever the numbers shift.
Contact [email protected] for any questions or corrections.
Wall Street analysts expect Oneok Inc. (OKE - Free Report) to post quarterly earnings of $1.46 per share in its upcoming report, which indicates a year-over-year decline of 2%. Revenues are expected to be $11.77 billion, up 36.3% from the year-ago quarter.
Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 2.3% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.
Ahead of a company's earnings disclosure, it is crucial to give due consideration to changes in earnings estimates. These revisions serve as a noteworthy factor in predicting potential investor reactions to the stock. Numerous empirical studies consistently demonstrate a strong relationship 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 expect 'Raw feed throughput - Natural Gas Liquids' to come in at 1,622.48 thousands of barrels of oil per day. The estimate is in contrast to the year-ago figure of 1,574.00 thousands of barrels of oil per day.
The average prediction of analysts places 'Adjusted EBITDA- Natural Gas Liquids' at $739.00 million. The estimate compares to the year-ago value of $748.00 million.
The consensus among analysts is that 'Adjusted EBITDA- Refined Products & Crude' will reach $596.29 million. The estimate compares to the year-ago value of $582.00 million.
According to the collective judgment of analysts, 'Adjusted EBITDA- Natural Gas Pipelines' should come in at $227.08 million. The estimate compares to the year-ago value of $200.00 million.
Analysts' assessment points toward 'Adjusted EBITDA- Natural Gas Gathering and Processing' reaching $568.12 million. Compared to the present estimate, the company reported $566.00 million in the same quarter last year.
View all Key Company Metrics for Oneok here>>>
Oneok shares have witnessed a change of +3% in the past month, in contrast to the Zacks S&P 500 composite's -1.2% move. With a Zacks Rank #3 (Hold), OKE is expected closely follow the overall market performance in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
The market expects Oneok Inc. (OKE - Free Report) to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended September 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.
The earnings report, which is expected to be released on October 27, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis natural gas company is expected to post quarterly earnings of $1.46 per share in its upcoming report, which represents a year-over-year change of -2%.
Revenues are expected to be $11.77 billion, up 36.3% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 1.59% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Oneok?For Oneok, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +1.74%.
On the other hand, the stock currently carries a Zacks Rank of #4.
So, this combination makes it difficult to conclusively predict that Oneok will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Oneok would post earnings of $1.39 per share when it actually produced earnings of $1.53, delivering a surprise of +10.07%.
Over the last four quarters, the company has beaten consensus EPS estimates four times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Oneok doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Alvopetro Energy (OTCMKTS:ALVOF – Get Free Report) and ONEOK (NYSE:OKE – Get Free Report) are both energy companies, but which is the superior investment? We will contrast the two companies based on the strength of their earnings, profitability, analyst recommendations, dividends, institutional ownership, valuation and risk.
Dividends Alvopetro Energy pays an annual dividend of $0.48 per share and has a dividend yield of 7.0%. ONEOK pays an annual dividend of $4.28 per share and has a dividend yield of 4.6%. Alvopetro Energy pays out 64.9% of its earnings in the form of a dividend. ONEOK pays out 73.8% of its earnings in the form of a dividend. Both companies have healthy payout ratios and should be able to cover their dividend payments with earnings for the next several years. ONEOK has increased its dividend for 3 consecutive years. Alvopetro Energy is clearly the better dividend stock, given its higher yield and lower payout ratio.
Analyst Ratings This is a breakdown of recent ratings and price targets for Alvopetro Energy and ONEOK, as reported by MarketBeat.com.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Alvopetro Energy 0 1 0 0 2.00 ONEOK 0 11 8 1 2.50 ONEOK has a consensus target price of $96.26, indicating a potential upside of 3.08%. Given ONEOK’s stronger consensus rating and higher probable upside, analysts clearly believe ONEOK is more favorable than Alvopetro Energy. Volatility and Risk Alvopetro Energy has a beta of 0.01, suggesting that its stock price is 99% less volatile than the S&P 500. Comparatively, ONEOK has a beta of 0.82, suggesting that its stock price is 18% less volatile than the S&P 500.
Insider & Institutional Ownership 69.1% of ONEOK shares are owned by institutional investors. 0.2% of ONEOK shares are owned by company insiders. Strong institutional ownership is an indication that hedge funds, large money managers and endowments believe a stock is poised for long-term growth.
Profitability This table compares Alvopetro Energy and ONEOK’s net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets Alvopetro Energy 42.13% 27.90% 19.95% ONEOK 9.29% 16.41% 5.48% Earnings & Valuation This table compares Alvopetro Energy and ONEOK”s top-line revenue, earnings per share and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Alvopetro Energy $57.95 million 4.42 $23.10 million $0.74 9.27 ONEOK $33.63 billion 1.75 $3.39 billion $5.80 16.10 ONEOK has higher revenue and earnings than Alvopetro Energy. Alvopetro Energy is trading at a lower price-to-earnings ratio than ONEOK, indicating that it is currently the more affordable of the two stocks.
Summary ONEOK beats Alvopetro Energy on 12 of the 18 factors compared between the two stocks.
(Get Free Report)
Alvopetro Energy Ltd. operates as an independent upstream and midstream operator. It engages in the acquisition, exploration, development, and production of hydrocarbons. The company holds interests in the Caburé and Murucututu natural gas assets, Block 182 and 183 exploration assets, and Bom Lugar and Mãe-da-lua oil fields, which covers an area of approximately 22,166 acres in the Recôncavo basin onshore Brazil. Alvopetro Energy Ltd. was incorporated in 2013 and is headquartered in Calgary, Canada.
About ONEOK (Get Free Report)
ONEOK, Inc. engages in gathering, processing, fractionation, storage, transportation, and marketing of natural gas and natural gas liquids (NGL) in the United States. It operates through four segments: Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude. The company owns natural gas gathering pipelines and processing plants in the Mid-Continent and Rocky Mountain regions; and provides midstream services to producers of NGLs. It also owns NGL gathering and distribution pipelines in Oklahoma, Kansas, Texas, New Mexico, Montana, North Dakota, Wyoming, and Colorado; terminal and storage facilities in Kansas, Nebraska, Iowa, and Illinois; NGL distribution pipelines in Kansas, Nebraska, Iowa, Illinois, and Indiana; transports refined petroleum products, including unleaded gasoline and diesel; and owns and operates truck- and rail-loading, and -unloading facilities connected to NGL fractionation, storage, and pipeline assets. In addition, the company transports and stores natural gas through regulated interstate and intrastate natural gas transmission pipelines, and natural gas storage facilities. Further, it owns and operates a parking garage in downtown Tulsa, Oklahoma; and leases excess office space and rail cars. Additionally, the company transports, stores, and distributes refined products, NGLs, and crude oil, as well as conducts commodity-related activities, including liquids blending and marketing activities. It serves integrated and independent exploration and production companies; other NGL and natural gas gathering and processing companies; crude oil and natural gas production companies; utilities; industrial companies; natural gasoline distributors; propane distributors; municipalities; ethanol producers; petrochemical, refining, and marketing companies; and heating fuel users, refineries, and exporters. ONEOK, Inc. was founded in 1906 and is headquartered in Tulsa, Oklahoma.
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Oneok Inc. (OKE - Free Report) ended the recent trading session at $90.65, demonstrating a -1.44% change from the preceding day's closing price. This change lagged the S&P 500's 0.33% gain on the day. Meanwhile, the Dow gained 1.08%, and the Nasdaq, a tech-heavy index, added 0.08%.
The natural gas company's shares have seen a decrease of 0.79% over the last month, not keeping up with the Oils-Energy sector's gain of 5.67% and the S&P 500's gain of 1.41%.
Investors will be eagerly watching for the performance of Oneok Inc. in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on October 27, 2026. The company is forecasted to report an EPS of $1.46, showcasing a 2.01% downward movement from the corresponding quarter of the prior year. Alongside, our most recent consensus estimate is anticipating revenue of $11.77 billion, indicating a 36.34% upward movement from the same quarter last year.
OKE's full-year Zacks Consensus Estimates are calling for earnings of $5.69 per share and revenue of $43.83 billion. These results would represent year-over-year changes of +4.98% and +30.34%, respectively.
It's also important for investors to be aware of any recent modifications to analyst estimates for Oneok Inc. These recent revisions tend to reflect the evolving nature of short-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.22% lower. As of now, Oneok Inc. holds a Zacks Rank of #3 (Hold).
In terms of valuation, Oneok Inc. is presently being traded at a Forward P/E ratio of 16.17. This indicates a premium in contrast to its industry's Forward P/E of 14.54.
It's also important to note that OKE currently trades at a PEG ratio of 2.63. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Oil and Gas - Production Pipeline - MLB industry currently had an average PEG ratio of 2.63 as of yesterday's close.
The Oil and Gas - Production Pipeline - MLB industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 56, putting it in the top 23% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow OKE in the coming trading sessions, be sure to utilize Zacks.com.
TULSA, Okla., Oct. 14, 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 Nov. 16, 2026, to shareholders of record at the close of business Nov. 2, 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, Inc. 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.
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 and results (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, services, dividends and results. 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.
If you are looking for a stock that has a solid history of beating earnings estimates and is in a good position to maintain the trend in its next quarterly report, you should consider Oneok Inc. (OKE - Free Report) . This company, which is in the Zacks Oil and Gas - Production Pipeline - MLB industry, shows potential for another earnings beat.
This natural gas company has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of 6.62%.
For the last reported quarter, Oneok came out with earnings of $1.53 per share versus the Zacks Consensus Estimate of $1.39 per share, representing a surprise of 10.07%. For the previous quarter, the company was expected to post earnings of $1.26 per share and it actually produced earnings of $1.3 per share, delivering a surprise of 3.17%.
Price and EPS Surprise
With this earnings history in mind, recent estimates have been moving higher for Oneok. In fact, the Zacks Earnings ESP (Expected Surprise Prediction) for the company is positive, which is a great sign of an earnings beat, especially when you combine this metric with its nice Zacks Rank.
Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Oneok currently has an Earnings ESP of +1.74%, which suggests that analysts have recently become bullish on the company's earnings prospects. This positive Earnings ESP when combined with the stock's Zacks Rank #3 (Hold) indicates that another beat is possibly around the corner. We expect the company's next earnings report to be released on October 27, 2026.
Investors should note, however, that a negative Earnings ESP reading is not indicative of an earnings miss, but a negative value does reduce the predictive power of this metric.
Many companies end up beating the consensus EPS estimate, but that may not be the sole basis for their stocks moving higher. On the other hand, some stocks may hold their ground even if they end up missing the consensus estimate.
Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
C3is (NASDAQ:CISS – Get Free Report) and ONEOK (NYSE:OKE – Get Free Report) are both energy companies, but which is the better stock? We will compare the two companies based on the strength of their institutional ownership, earnings, analyst recommendations, valuation, profitability, dividends and risk.
Volatility and Risk C3is has a beta of 1.49, meaning that its stock price is 49% more volatile than the S&P 500. Comparatively, ONEOK has a beta of 0.82, meaning that its stock price is 18% less volatile than the S&P 500.
Insider & Institutional Ownership 10.5% of C3is shares are owned by institutional investors. Comparatively, 69.1% of ONEOK shares are owned by institutional investors. 0.2% of ONEOK shares are owned by insiders. Strong institutional ownership is an indication that hedge funds, endowments and large money managers believe a stock will outperform the market over the long term.
Profitability This table compares C3is and ONEOK’s net margins, return on equity and return on assets. Net Margins Return on Equity Return on Assets C3is 41.33% 14.94% 13.24% ONEOK 9.29% 16.41% 5.48% Analyst Ratings This is a summary of current ratings for C3is and ONEOK, as reported by MarketBeat.com.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score C3is 1 0 0 0 1.00 ONEOK 0 12 7 1 2.45 ONEOK has a consensus price target of $96.24, suggesting a potential upside of 7.16%. Given ONEOK’s stronger consensus rating and higher possible upside, analysts plainly believe ONEOK is more favorable than C3is.
Earnings and Valuation This table compares C3is and ONEOK”s gross revenue, earnings per share (EPS) and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio C3is $34.76 million 0.03 $10.47 million $4,138.37 0.00 ONEOK $33.63 billion 1.68 $3.39 billion $5.80 15.48 ONEOK has higher revenue and earnings than C3is. C3is is trading at a lower price-to-earnings ratio than ONEOK, indicating that it is currently the more affordable of the two stocks.
Summary ONEOK beats C3is on 11 of the 15 factors compared between the two stocks.
About C3is (Get Free Report)
C3is Inc. offers international seaborne transportation services. It provides its services to dry bulk charterers, including national and private industrial users, commodity producers and traders, oil producers, refineries, and commodities traders and producers. The company owns and operates a fleet of two drybulk carriers, which transport major bulks, such as iron ore, coal and grains, as well as minor bulks comprising bauxite, phosphate, and fertilizers, and one Aframax crude oil tanker that transports crude oil. C3is Inc. was founded in 2021 and is based in Athens, Greece.
About ONEOK (Get Free Report)
ONEOK, Inc. engages in gathering, processing, fractionation, storage, transportation, and marketing of natural gas and natural gas liquids (NGL) in the United States. It operates through four segments: Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude. The company owns natural gas gathering pipelines and processing plants in the Mid-Continent and Rocky Mountain regions; and provides midstream services to producers of NGLs. It also owns NGL gathering and distribution pipelines in Oklahoma, Kansas, Texas, New Mexico, Montana, North Dakota, Wyoming, and Colorado; terminal and storage facilities in Kansas, Nebraska, Iowa, and Illinois; NGL distribution pipelines in Kansas, Nebraska, Iowa, Illinois, and Indiana; transports refined petroleum products, including unleaded gasoline and diesel; and owns and operates truck- and rail-loading, and -unloading facilities connected to NGL fractionation, storage, and pipeline assets. In addition, the company transports and stores natural gas through regulated interstate and intrastate natural gas transmission pipelines, and natural gas storage facilities. Further, it owns and operates a parking garage in downtown Tulsa, Oklahoma; and leases excess office space and rail cars. Additionally, the company transports, stores, and distributes refined products, NGLs, and crude oil, as well as conducts commodity-related activities, including liquids blending and marketing activities. It serves integrated and independent exploration and production companies; other NGL and natural gas gathering and processing companies; crude oil and natural gas production companies; utilities; industrial companies; natural gasoline distributors; propane distributors; municipalities; ethanol producers; petrochemical, refining, and marketing companies; and heating fuel users, refineries, and exporters. ONEOK, Inc. was founded in 1906 and is headquartered in Tulsa, Oklahoma.
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Every dividend dollar sitting in a taxable account quietly hands a portion of itself to the IRS year after year, and after two decades that quiet cost compounds into a number most investors never bother to calculate until it is too late.
In the latest close session, Oneok Inc. (OKE - Free Report) was up +2.54% at $90.29. The stock outperformed the S&P 500, which registered a daily loss of 0.47%. Meanwhile, the Dow gained 0.1%, and the Nasdaq, a tech-heavy index, lost 1.25%.
The natural gas company's shares have seen a decrease of 8.11% over the last month, not keeping up with the Oils-Energy sector's gain of 1.58% and the S&P 500's gain of 1.15%.
The upcoming earnings release of Oneok Inc. will be of great interest to investors. The company's earnings report is expected on October 27, 2026. The company is expected to report EPS of $1.46, down 2.01% from the prior-year quarter. Simultaneously, our latest consensus estimate expects the revenue to be $11.77 billion, showing a 36.34% escalation compared to the year-ago quarter.
For the full year, the Zacks Consensus Estimates are projecting earnings of $5.69 per share and revenue of $43.83 billion, which would represent changes of +4.98% and +30.34%, respectively, from the prior year.
Any recent changes to analyst estimates for Oneok Inc. should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 1.26% lower within the past month. As of now, Oneok Inc. holds a Zacks Rank of #3 (Hold).
Digging into valuation, Oneok Inc. currently has a Forward P/E ratio of 15.48. This valuation marks a premium compared to its industry average Forward P/E of 14.21.
It's also important to note that OKE currently trades at a PEG ratio of 2.52. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Oil and Gas - Production Pipeline - MLB was holding an average PEG ratio of 2.52 at yesterday's closing price.
The Oil and Gas - Production Pipeline - MLB industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 34, placing it within the top 14% of over 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 follow all of these stock-moving metrics, and many more, on Zacks.com.
TULSA, Okla., Oct. 06, 2026 (GLOBE NEWSWIRE) -- ONEOK, Inc. (NYSE: OKE) today announced it has completed the acquisition of Brazos Midstream's Permian Midland Basin natural gas gathering and processing assets for total cash consideration of approximately $4.425 billion.
“The completion of this acquisition further strengthens our Permian Midland Basin position with a premier gathering and processing platform supported by high-quality acreage, long-term contracts and some of the basin's leading producers,” said Pierce H. Norton II, ONEOK president and CEO. “These assets provide significant opportunities for future growth and enhance our ability to connect increasing natural gas and NGL production across ONEOK's integrated system.”
The acquisition more than doubles ONEOK’s Midland Basin processing capacity to approximately 2.3 billion cubic feet per day, including facilities currently under construction. The system is supported by approximately 600,000 dedicated acres under long-term fixed-fee contracts, with a weighted-average remaining term of more than 12 years.
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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, Inc. 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.
FORWARD-LOOKING STATEMENTS:
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 and adjusted EBITDA), growth, leverage, synergies, 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, including, without limitation, ONEOK being unable to achieve the anticipated benefits of the acquisition, including failure to achieve anticipated growth levels or operational synergies. 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.
ONEOK Completes Acquisition of Brazos Midstream’s Permian Midland Basin Assets
ONEOK Completes Acquisition of Brazos Midstream’s Permian Midland Basin Assets ONEOK has completed its acquisition of Brazos Midstream’s Permian Midland Basin assets for approxima...
FORT WORTH, Texas--(BUSINESS WIRE)--Brazos Midstream (“Brazos”) today announced the closing of the previously announced sale of its Midland Basin natural gas gathering and processing assets to ONEOK, Inc. (NYSE: OKE) for $4.425 billion. Over the last four years, Brazos has significantly expanded its Midland Basin operations, building one of the region's premier natural gas gathering and processing platforms. Supported by long-term relationships with leading producers, the system includes approx.
TULSA, Okla., Oct. 05, 2026 (GLOBE NEWSWIRE) -- ONEOK, Inc. (NYSE: OKE) will release third-quarter 2026 earnings after the market closes on Oct. 27, 2026. Members of ONEOK’s management team will participate in a conference call the following day.
What: ONEOK third-quarter 2026 earnings conference call and webcast
Where: 1) Conference call: Dial 800-330-6710 and use confirmation code: 5105567
2) Webcast: Join 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.
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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, Inc. 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.
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For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.
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Stock to Watch: Oneok Inc. (OKE - Free Report) Tulsa, OK-based ONEOK 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 units 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.
It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 14.97; value investors should take notice.
Five analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.21 to $5.69 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.
Prairie Operating (NASDAQ:PROP – Get Free Report) and ONEOK (NYSE:OKE – Get Free Report) are both energy companies, but which is the superior stock? We will compare the two businesses based on the strength of their analyst recommendations, profitability, institutional ownership, dividends, earnings, valuation and risk.
Valuation & Earnings This table compares Prairie Operating and ONEOK”s revenue, earnings per share and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Prairie Operating $241.65 million 0.19 $32.05 million ($2.05) -0.20 ONEOK $33.63 billion 1.60 $3.39 billion $5.80 14.73 ONEOK has higher revenue and earnings than Prairie Operating. Prairie Operating is trading at a lower price-to-earnings ratio than ONEOK, indicating that it is currently the more affordable of the two stocks. Institutional & Insider Ownership 34.3% of Prairie Operating shares are owned by institutional investors. Comparatively, 69.1% of ONEOK shares are owned by institutional investors. 3.1% of Prairie Operating shares are owned by insiders. Comparatively, 0.2% of ONEOK shares are owned by insiders. Strong institutional ownership is an indication that endowments, hedge funds and large money managers believe a stock will outperform the market over the long term.
Risk & Volatility Prairie Operating has a beta of 1.25, suggesting that its share price is 25% more volatile than the S&P 500. Comparatively, ONEOK has a beta of 0.74, suggesting that its share price is 26% less volatile than the S&P 500.
Analyst Recommendations This is a breakdown of current recommendations and price targets for Prairie Operating and ONEOK, as reported by MarketBeat.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Prairie Operating 2 1 1 0 1.75 ONEOK 0 12 7 1 2.45 Prairie Operating currently has a consensus price target of $2.50, indicating a potential upside of 507.53%. ONEOK has a consensus price target of $96.88, indicating a potential upside of 13.42%. Given Prairie Operating’s higher possible upside, equities analysts plainly believe Prairie Operating is more favorable than ONEOK.
Profitability This table compares Prairie Operating and ONEOK’s net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets Prairie Operating -13.02% 46.53% 5.51% ONEOK 9.29% 16.41% 5.48% Summary ONEOK beats Prairie Operating on 10 of the 15 factors compared between the two stocks.
(Get Free Report)
Prairie Operating Co., an independent energy company, engages in the development, exploration, and production of oil, natural gas, and natural gas liquids in the United States. The company holds assets in the Denver-Julesburg Basin in Colorado; and the Niobrara and Codell formations. Prairie Operating Co. is based in Houston Texas.
About ONEOK (Get Free Report)
ONEOK, Inc. engages in gathering, processing, fractionation, storage, transportation, and marketing of natural gas and natural gas liquids (NGL) in the United States. It operates through four segments: Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude. The company owns natural gas gathering pipelines and processing plants in the Mid-Continent and Rocky Mountain regions; and provides midstream services to producers of NGLs. It also owns NGL gathering and distribution pipelines in Oklahoma, Kansas, Texas, New Mexico, Montana, North Dakota, Wyoming, and Colorado; terminal and storage facilities in Kansas, Nebraska, Iowa, and Illinois; NGL distribution pipelines in Kansas, Nebraska, Iowa, Illinois, and Indiana; transports refined petroleum products, including unleaded gasoline and diesel; and owns and operates truck- and rail-loading, and -unloading facilities connected to NGL fractionation, storage, and pipeline assets. In addition, the company transports and stores natural gas through regulated interstate and intrastate natural gas transmission pipelines, and natural gas storage facilities. Further, it owns and operates a parking garage in downtown Tulsa, Oklahoma; and leases excess office space and rail cars. Additionally, the company transports, stores, and distributes refined products, NGLs, and crude oil, as well as conducts commodity-related activities, including liquids blending and marketing activities. It serves integrated and independent exploration and production companies; other NGL and natural gas gathering and processing companies; crude oil and natural gas production companies; utilities; industrial companies; natural gasoline distributors; propane distributors; municipalities; ethanol producers; petrochemical, refining, and marketing companies; and heating fuel users, refineries, and exporters. ONEOK, Inc. was founded in 1906 and is headquartered in Tulsa, Oklahoma.
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Analyst’s Disclosure: I/we have a beneficial long position in the shares of OKE either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
I exited MMM because I was up a lot on it, but I am still bullish on the company's future: Disclaimer: I am not an investment advisor or professional. This article is my own personal opinion and is not meant to be a recommendation of the purchase or sale of stock. The investments and strategies discussed within this article are solely my personal opinions and commentary on the subject. This article has been written for research and educational purposes only. Anything written in this article does not take into account the reader’s particular investment objectives, financial situation, needs, or personal circumstances and is not intended to be specific to you. Investors should conduct their own research before investing to see if the companies discussed in this article fit into their portfolio parameters. Just because something may be an enticing investment for me or someone else, it may not be the correct investment for you.
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In the latest close session, Oneok Inc. (OKE - Free Report) was down 1.99% at $86.86. This change lagged the S&P 500's 0.17% loss on the day. Elsewhere, the Dow saw a downswing of 0.26%, while the tech-heavy Nasdaq depreciated by 0.09%.
Coming into today, shares of the natural gas company had lost 7.7% in the past month. In that same time, the Oils-Energy sector gained 0.04%, while the S&P 500 lost 0.24%.
The investment community will be paying close attention to the earnings performance of Oneok Inc. in its upcoming release. In that report, analysts expect Oneok Inc. to post earnings of $1.46 per share. This would mark a year-over-year decline of 2.01%. In the meantime, our current consensus estimate forecasts the revenue to be $11.77 billion, indicating a 36.34% growth compared to the corresponding quarter of the prior year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $5.69 per share and a revenue of $43.83 billion, representing changes of +4.98% and +30.34%, respectively, from the prior year.
Any recent changes to analyst estimates for Oneok Inc. should also be noted by investors. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 1.88% downward. 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 15.56. Its industry sports an average Forward P/E of 13.7, so one might conclude that Oneok Inc. is trading at a premium comparatively.
Investors should also note that OKE has a PEG ratio of 2.53 right now. 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. Oil and Gas - Production Pipeline - MLB stocks are, on average, holding a PEG ratio of 1.94 based on yesterday's closing prices.
The Oil and Gas - Production Pipeline - MLB industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 57, putting it in the top 24% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the 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.
Representative Kevin Hern (Republican-Oklahoma) recently sold shares of ONEOK, Inc. (NYSE:OKE). In a filing disclosed on September 25th, the Representative disclosed that they had sold between $50,001 and $100,000 in ONEOK stock on August 31st. The trade occurred in the Representative’s “HERN FAMILY FOUNDATION” account.
Representative Kevin Hern also recently made the following trade(s):
Sold $15,001 – $50,000 in shares of CenterPoint Energy (NYSE:CNP) on 9/15/2026. Sold $1,001 – $15,000 in shares of TJX Companies (NYSE:TJX) on 9/15/2026. Sold $15,001 – $50,000 in shares of STERIS (NYSE:STE) on 9/15/2026. Sold $1,001 – $15,000 in shares of Seagate Technology (NASDAQ:STX) on 9/15/2026. Sold $15,001 – $50,000 in shares of NextEra Energy (NYSE:NEE) on 9/14/2026. Sold $1,001 – $15,000 in shares of Marsh & McLennan Companies (NYSE:MRSH) on 9/14/2026. Sold $15,001 – $50,000 in shares of IQVIA (NYSE:IQV) on 9/14/2026. Sold $15,001 – $50,000 in shares of Home Depot (NYSE:HD) on 9/14/2026. Sold $1,001 – $15,000 in shares of Home Depot (NYSE:HD) on 9/14/2026. Sold $15,001 – $50,000 in shares of Emerson Electric (NYSE:EMR) on 9/14/2026. ONEOK Stock Performance Shares of OKE opened at $88.73 on Tuesday. ONEOK, Inc. has a 1 year low of $64.02 and a 1 year high of $99.85. The company’s 50 day simple moving average is $92.72 and its 200 day simple moving average is $90.04. The company has a market capitalization of $55.93 billion, a price-to-earnings ratio of 15.30, a PEG ratio of 2.52 and a beta of 0.74. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.59 and a current ratio of 0.74.
ONEOK (NYSE:OKE – Get Free Report) last issued its quarterly earnings results on Monday, August 3rd. The utilities provider reported $1.53 earnings per share for the quarter, beating the consensus estimate of $1.46 by $0.07. ONEOK had a return on equity of 16.41% and a net margin of 9.29%.The company had revenue of $12.05 billion during the quarter, compared to the consensus estimate of $8.95 billion. During the same period in the previous year, the firm posted $1.34 EPS. ONEOK has set its FY 2026 guidance at 5.680-5.680 EPS. On average, sell-side analysts predict that ONEOK, Inc. will post 5.73 EPS for the current year. ONEOK Announces Dividend The company also recently disclosed 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. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $4.28 annualized dividend and a dividend yield of 4.8%. ONEOK’s dividend payout ratio is presently 73.79%.
Institutional Investors Weigh In On ONEOK Several hedge funds have recently modified their holdings of the stock. Capital International Investors acquired a new position in ONEOK in the 4th quarter worth $586,500,000. Norges Bank acquired a new stake in shares of ONEOK during the fourth quarter valued at about $564,867,000. BlackRock Inc. increased its position in shares of ONEOK by 8.7% during the second quarter. BlackRock Inc. now owns 64,537,467 shares of the utilities provider’s stock worth $5,610,887,000 after acquiring an additional 5,148,768 shares during the last quarter. Legal & General Group Plc purchased a new stake in shares of ONEOK during the second quarter worth about $389,985,000. Finally, Kayne Anderson Capital Advisors LP acquired a new position in shares of ONEOK in the second quarter worth about $335,958,000. 69.13% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes Several research firms recently commented on OKE. TD Cowen upped their target price on ONEOK from $90.00 to $93.00 and gave the company a “hold” rating in a research note on Friday, September 11th. Wall Street Zen upgraded ONEOK from a “sell” rating to a “hold” rating in a report on Sunday, August 9th. JPMorgan Chase & Co. upped their price objective on shares of ONEOK from $95.00 to $106.00 and gave the company a “neutral” rating in a research note on Tuesday, September 1st. Weiss Ratings upgraded shares of ONEOK from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, August 31st. Finally, US Capital Advisors cut shares of ONEOK from a “strong-buy” rating to a “moderate buy” rating in a research report on Thursday, August 20th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $96.88.
View Our Latest Analysis on OKE
About Representative Hern Kevin Hern (Republican Party) is a member of the U.S. House, representing Oklahoma’s 1st Congressional District. He assumed office on November 13, 2018. His current term ends on January 3, 2027.
Hern (Republican Party) is running for re-election to the U.S. House to represent Oklahoma’s 1st Congressional District. He declared candidacy for the 2026 election.
Kevin Hern went into business as a McDonald’s franchisee in 1999. He acquired 10 McDonald’s franchises by 2012. He served on the McDonald’s National Leadership Team for 13 years, including the tax policy team, the insurance corporation, and as chairman of the economics team. From 2011 to 2015, he was chairman of the finance committee of the Oklahoma Turnpike Authority.
About ONEOK (Get Free Report)
ONEOK, Inc (NYSE: OKE) is a diversified energy infrastructure company that owns and operates midstream assets in the United States. Its operations connect producers, processors, storage facilities and end-use markets across major energy-producing and consuming regions.
The company’s businesses include natural gas gathering, processing, transportation and storage, as well as natural gas liquids (NGL) gathering, fractionation, storage and transportation. ONEOK also operates infrastructure serving refined products and crude oil markets, including pipelines and terminals.
Featured Stories Five stocks we like better than ONEOK Six Flags Launches FlexPay—Is There Any FUN Left in the Stock? Brewing Trouble? Starbucks Spills the Beans on 250 Store Closures Stitch Fix Stock Plunges as Guidance Puts the Turnaround on Pause Harley-Davidson Insiders Are Buying: Is HOG Finally Turning Around? Receive News & Ratings for ONEOK Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ONEOK and related companies with MarketBeat.com's FREE daily email newsletter.
ONEOK just raised its dividend again and the yield looks generous on paper, but the cash story behind that payout runs through billions in acquisition debt, a thinning free cash flow margin, and a commodity market that is starting to…
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ONEOK’s dividend looks like the kind of income line retirees dream about. ONEOK (NYSE:OKE | OKE Price Prediction) trades at $91.67 after a 29.53% year-to-date run, and management raised the quarterly payout 4% to $1.07 per share in January 2026, bringing the annualized rate to $4.28. That headline number is the easy part. The harder question, and the one that matters for anyone underwriting this as an income holding, is whether the cash behind the check is real.
How the Midstream Model Actually Pays You ONEOK gathers, processes, transports, fractionates, and exports natural gas liquids, natural gas, refined products, and crude. The economics are largely toll-road: roughly 90% of 2025 earnings were fee-based, insulating cash flow from spot commodity swings but leaving it exposed to the volumes moving through the pipes. That distinction matters. When the Permian slows, so do fees, even if West Texas Intermediate holds. Management’s 2026 guidance assumes WTI at roughly $55 to $60 per barrel and flags moderating producer activity as a headwind.
Coverage Read Start with earnings. Full-year 2025 diluted EPS came in at $5.42 against dividends paid of $2.583 billion. Management’s original 2026 midpoint EPS was $5.45, and on the August 4, 2026 earnings call, guidance was raised for the second time this year to a $5.68 diluted EPS midpoint and an $8.35 billion adjusted EBITDA midpoint. Against a $4.28 payout, the earnings cushion is intact.
Cash tells a tighter story. 2025 operating cash flow of $5.599 billion had to cover $3.152 billion of capital expenditures before a nickel reached shareholders. The dividend is comfortably covered by operating cash flow, but free cash flow after the growth build is thinner than the raw OCF number suggests (the same stress test we run in a free guide to the seven warning signs a big yield is about to be cut, here). CFO Walt Hulse addressed exactly this on the second-quarter call, saying the capital run rate should moderate toward approximately $2 billion to $2.5 billion going forward, which should leave “some very significant free cash flows still coming to the bottom line.”
Peer Yardstick Investors comparing ONEOK to Enterprise Products Partners (NYSE:EPD), Kinder Morgan (NYSE:KMI), or Williams Companies (NYSE:WMB) are choosing between different tradeoffs of yield, fee mix, and growth capex intensity. ONEOK’s payout is heavier on C-corp dividend growth than distribution yield, with a quarterly progression from $0.935 in 2020 to $0.99 in 2024, $1.03 in 2025, and $1.07 in 2026. That is a durable raising cadence, though not the double-digit growth from earlier in the last decade.
Balance Sheet and Interest Load The EnLink and Medallion deals scaled the business and the debt stack together. Annual interest expense climbed from $845 million in 2023 to $1.351 billion in 2024 and $1.783 billion in 2025. Management is working the leverage down toward a 3.5 times debt to EBITDA long-term target, aided by the extinguishment of nearly $3.1 billion of long-term debt in 2025 and approximately $2.6 billion of cumulative cash tax benefits that defer meaningful cash tax payments until 2031.
Verdict The yield is earned. Fee-based cash flow covers the dividend, the raise cadence is intact, and the cash tax runway buys years of flexibility. The risks are specific and worth naming: moderating producer activity, integration risk from the EnLink and Medallion acquisitions, and elevated capex intensity. CEO Pierce Norton framed the durability case bluntly on the second-quarter call: “Our integrated system enables us to create value across multiple demand drivers.” Income investors watching this name should track Permian volumes and the 2027 capex glide path more closely than the yield quote.
Contact [email protected] for any questions or corrections.
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Stock to Watch: Oneok Inc. (OKE - Free Report) Tulsa, OK-based ONEOK 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 units 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 5% for the current fiscal year.
Four analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.19 to $5.69 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.
Oneok Inc. (OKE - Free Report) ended the recent trading session at $91.80, demonstrating a -1.78% change from the preceding day's closing price. This move lagged the S&P 500's daily gain of 1.49%. Meanwhile, the Dow gained 0.71%, and the Nasdaq, a tech-heavy index, added 2.26%.
Shares of the natural gas company have appreciated by 0.14% over the course of the past month, underperforming the Oils-Energy sector's gain of 0.51%, and outperforming the S&P 500's gain of 0.1%.
The investment community will be paying close attention to the earnings performance of Oneok Inc. in its upcoming release. The company is expected to report EPS of $1.45, down 2.68% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $11.77 billion, up 36.34% from the year-ago period.
OKE's full-year Zacks Consensus Estimates are calling for earnings of $5.7 per share and revenue of $43.83 billion. These results would represent year-over-year changes of +5.17% and +30.34%, respectively.
Investors should also note any recent changes to analyst estimates for Oneok Inc. These latest adjustments often mirror the shifting dynamics of short-term business patterns. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
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, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 1.49% lower. Oneok Inc. is holding a Zacks Rank of #3 (Hold) right now.
Looking at its valuation, Oneok Inc. is holding a Forward P/E ratio of 16.39. This valuation marks a premium compared to its industry average Forward P/E of 14.57.
Meanwhile, OKE's PEG ratio is currently 2.67. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Oil and Gas - Production Pipeline - MLB industry had an average PEG ratio of 2.05 as trading concluded yesterday.
The Oil and Gas - Production Pipeline - MLB industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 80, putting it in the top 33% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the 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.
Four pipeline giants kept paying investors through the 2020 energy crash without skipping a beat, and they are doing something structurally different from most high-yield stocks that explains why the income holds when oil prices collapse.
Midstream energy is the cyclical income lane that keeps quietly working. Pipeline, processing, and export operators earn fee-based cash flows on volumes moving out of the Permian, Marcellus, Haynesville, and Gulf Coast LNG corridor, and the biggest names kept paying (and mostly raising) straight through the 2020 crash. The plainest tell is coverage: Enterprise Products Partners generated $2.3 billion of operational distributable cash flow in Q2 2026, providing 1.9x coverage of the cash distribution. That kind of cushion is what separates a durable payout from a hopeful one, and it is the through-line for the four names below.
Enterprise Products Partners Enterprise Products Partners (NYSE:EPD | EPD Price Prediction) yields 5.68% at a recent price of $38.45, with a $2.24 annualized forward distribution after the Q2 hike to $0.56 per unit, a 2.8% year-over-year increase.
Distributable cash flow covered the Q2 distribution 1.9x, and management retained $1.1 billion in Q2 for internally funded growth capex and buybacks, with $159 million repurchased in the quarter against a $5.0 billion authorization that is 34% utilized. The trailing PE of 13 and beta of 0.48 underscore the defensive profile. Crucially, the payout behaved through the last real stress period: the distribution stayed at $0.445 across the four 2020 quarterly records, then resumed increases.
The income case: record Q2 pipeline volumes of 14.7 million barrels per day, up 8% year over year, and $6.5 billion of organic growth projects under construction, including LPG export expansion and two new Permian processing plants, all feeding future coverage. Risk: marine terminal volumes normalized in June and July after an April to May surge, a reminder that NGL and crude price swings still move quarterly results.
MPLX MPLX (NYSE:MPLX) is the ultra-high-yield name in the bundle at 7.37%, with a $4.306 annualized forward distribution after the latest quarterly payout of $1.0765 per unit, a 12.5% year-over-year increase.
Safety anchors on Q2 2026 distributable cash flow of $1.45 billion and a leverage ratio of 3.7x against a 4.0x target. Management has publicly committed to 12.5% annual distribution growth through 2027, and about $1.0 billion remains under the unit repurchase authorization. Under the 2020 stress test, MPLX held the distribution flat at $0.6875 across every listed 2020 ex-dividend date, then resumed a step pattern of raises that has taken the payout from $0.705 in 2022 to $1.0765 today.
The bull case for income: 2026 growth capex raised to $2.9 billion, with more than 90% directed to Permian and Marcellus natural gas and NGL infrastructure at mid-teens expected returns, all feeding the distribution runway through 2027. Risk: interest expense is climbing on a larger debt balance ($291 million in Q1 2026 versus $229 million), and MPLX depends heavily on Marathon Petroleum as its primary customer and general partner.
Williams Companies Williams Companies (NYSE:WMB) is the lowest yielder here at 2.89%, but it is the natural gas transmission play with the clearest LNG demand tailwind. The annualized forward dividend is $2.10 per share, following the 5% raise for 2026 from $2.00.
Williams guides 2026 AFFO of $6.085 billion to $6.315 billion and adjusted EPS of $2.20 to $2.38, with the adjusted EBITDA midpoint raised $200 million to $8.4 billion after the Momentum Midstream deal. Pro-forma leverage lands around 3.75x. The 2020 dividend record is clean: quarterly payments held at $0.40 across all four 2020 ex-dividend dates, then stepped up to $0.41 through 2021.
The bull case is the Transco franchise plus Gulf Coast LNG demand growth of about 20 Bcf per day over the next 10 years, funded by $7.3 billion to $7.9 billion of 2026 growth capex and the Power Innovation JV with Blackstone providing $5.34 billion of low-cost capital. Risk: the balance sheet is doing more work, with $5.5 billion committed to the Momentum acquisition and regulatory approval still pending, and shares trade at a rich 28 trailing PE.
ONEOK ONEOK (NYSE:OKE) yields 4.57% at $91.84, with a $4.28 annualized forward dividend after the 4% raise in January 2026 to $1.07 per share quarterly.
ONEOK reports roughly 90% fee-based earnings in 2025, with full-year 2025 adjusted EBITDA of $8.02 billion, up 18% year over year, and 2026 guidance for diluted EPS of $5.04 to $5.87 and adjusted EBITDA of $7.9 billion to $8.3 billion. Management extinguished nearly $3.1 billion of long-term debt in 2025 and has a $2 billion share repurchase program in place. The 2020 stress-test signal is textbook: ONEOK held its dividend at $0.935 across every quarterly record from 2020 through late 2021, then resumed raises to today’s $1.07.
The income case: integrated scale after the EnLink and Medallion deals, $475 million of cumulative synergies with about $150 million more expected in 2026, and growth from the Bighorn plant, Eiger Express Pipeline, and Permian expansions. Risk: the 2026 outlook assumes WTI of $55 to $60 per barrel with moderating producer activity, and the non-fee slice still carries NGL price exposure.
How the Roster Fits Together Four midstream operators, one shared income playbook: long-haul pipes and processing plants earning fee-based cash flows that funded the payout straight through the 2020 downturn. EPD offers the deepest coverage cushion at 1.9x, MPLX provides the ultra-high-yield with a public 12.5% distribution growth commitment through 2027, WMB is the LNG-levered natural gas franchise with the lowest starting yield but the longest demand runway, and OKE brings roughly 90% fee-based earnings and post-merger scale. For income investors looking to own the cycle rather than time it, this is the industry’s short list.
Contact [email protected] for any questions or corrections.
Oneok Inc. (OKE - Free Report) closed at $94.72 in the latest trading session, marking a -2.32% move from the prior day. The stock's change was less than the S&P 500's daily loss of 0.45%. Meanwhile, the Dow lost 0.63%, and the Nasdaq, a tech-heavy index, lost 0.78%.
The stock of natural gas company has risen by 1.73% in the past month, lagging the Oils-Energy sector's gain of 2% and overreaching the S&P 500's loss of 1.99%.
The investment community will be paying close attention to the earnings performance of Oneok Inc. in its upcoming release. The company is predicted to post an EPS of $1.45, indicating a 2.68% decline compared to the equivalent quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $11.77 billion, indicating a 36.34% growth compared to the corresponding quarter of the prior year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $5.7 per share and revenue of $43.83 billion. These totals would mark changes of +5.17% and +30.34%, respectively, from last year.
Investors should also take note of any recent adjustments to analyst estimates for Oneok Inc. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 1.26% downward. As of now, Oneok Inc. holds a Zacks Rank of #3 (Hold).
With respect to valuation, Oneok Inc. is currently being traded at a Forward P/E ratio of 17.01. This valuation marks a premium compared to its industry average Forward P/E of 14.55.
One should further note that OKE currently holds a PEG ratio of 2.77. 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. As the market closed yesterday, the Oil and Gas - Production Pipeline - MLB industry was having an average PEG ratio of 2.1.
The Oil and Gas - Production Pipeline - MLB industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 56, which puts it in the top 23% 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.
TULSA, Okla., Sept. 15, 2026 (GLOBE NEWSWIRE) -- ONEOK, Inc. (NYSE: OKE) today announced the pricing terms of ONEOK, L.L.C.’s (“OpCo”) previously announced cash tender offers (the “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 OpCo, the “Aggregate Maximum Tender Amount”) of OpCo’s debt securities listed in the table below (the “Notes” and, each series, a “series of Notes”), subject to the order of priority as set forth in the table below under “Acceptance Priority Level,” upon the terms and subject to the conditions set forth in the Offer to Purchase, dated August 30, 2026 (the “Offer to Purchase”), in order to accept all of the Notes that were validly tendered and not validly withdrawn at or prior to the Early Tender Deadline (as defined below). As a result of the reorganization transactions described in the Offer to Purchase, the Notes are fully and unconditionally guaranteed by ONEOK, as Parent Guarantor.
The “Early Tender Consideration” for each $1,000 principal amount of Notes validly tendered and accepted for purchase pursuant to the Tender Offers was determined by reference to the applicable Fixed Spread specified for that series over the Reference Yield based on the bid side price of the applicable Reference Security, in each case set forth in the table below, and is payable to the registered holders (“Holders”) of the Notes who validly tendered and did not validly withdraw their Notes at or before the Early Tender Deadline and whose Notes are accepted for purchase by OpCo. The applicable Reference Yields listed in the table were determined at 9:00 a.m., New York City time, today, September 15, 2026, by the Dealer Manager (as defined below). The “Tender Offer Consideration” for each $1,000 principal amount of Notes validly tendered after the Early Tender Deadline but at or before 5:00 p.m., New York City time, on September 29, 2026, unless extended or earlier terminated by us (such time, the “Expiration Time”), and accepted for purchase is the applicable Early Tender Consideration minus $50, which is the Early Tender Premium. In addition, each Holder will receive accrued and unpaid on such $1,000 principal amount of Notes validly tendered and accepted for purchase from the last interest payment date to, but not including, the Early Settlement Date.
The following table sets forth certain information regarding the Notes and the Tender Offers:
Acceptance Priority Level(1)Title of NotesPrincipal Amount Outstanding (in millions)CUSIP
NumberPar Call Date(2)Reference U.S. Treasury Security Reference YieldFixed Spread (Basis Points)Early Tender Consideration(3)Aggregate Principal Amount Tendered(4)Aggregate Principal Amount Expected to be Accepted for Purchase13.950% Senior Notes due 2050$797682680CA9September 1, 20495.000% UST due May 15, 20565.369%+ 100$707.44$368,067,000$368,067,00024.200% Senior Notes due 2047$500682680BY8April 3, 20475.125% UST due August 15, 20465.403%+ 95$751.96$197,563,000$197,563,00034.500% Senior Notes due 2050$271682680BC6September 15, 20495.000% UST due May 15, 20565.369%+ 105$768.79$100,821,000$100,821,00044.200% Senior Notes due 2045$250682680BW2September 15, 20445.125% UST due August 15, 20465.403%+ 100$763.19$63,789,000$63,789,00054.250% Senior Notes due 2046$500682680BX0March 15, 20465.125% UST due August 15, 20465.403%+ 95$763.77$203,342,000$203,342,00064.450% Senior Notes due 2049$380682680AZ6March 1, 20495.125% UST due August 15, 20465.403%+ 100$766.73$85,954,000$85,954,00074.200% Senior Notes due 2042$250682680BU6June 1, 20425.125% UST due August 15, 20465.403%+ 95$784.02$25,679,000$25,679,00084.850% Senior Notes due 2049$500682680BZ5August 1, 20485.125% UST due August 15, 20465.403%+ 100$816.60$195,395,000$195,395,00094.950% Senior Notes due 2047$407682680AT0January 13, 20475.125% UST due August 15, 20465.403%+ 100$834.07$158,978,000$158,978,000105.050% Senior Notes due 2045$413682680CY7October 1, 20445.125% UST due August 15, 20465.403%+ 95$859.20$166,881,000$166,881,000115.200% Senior Notes due 2048$753682680AV5January 15, 20485.125% UST due August 15, 20465.403%+ 95$864.76$369,646,000$369,646,000125.150% Senior Notes due 2043$550682680BV4April 15, 20435.125% UST due August 15, 20465.403%+ 90$880.41$149,698,000$149,698,000135.450% Senior Notes due 2047$448682680DA8December 1, 20465.125% UST due August 15, 20465.403%+ 100$891.42$296,908,000$296,908,000145.700% Senior Notes due 2054$1,480682680CF8May 1, 20545.000% UST due May 15, 20565.369%+ 110$900.88$862,308,000$79,760,000155.850% Senior Notes due 2064$722682680CG6May 1, 20645.000% UST due May 15, 20565.369%+ 120$899.77$345,431,000$0165.600% Senior Notes due 2044$340682680CW1October 1, 20435.125% UST due August 15, 20465.403%+ 100$916.08$165,176,000$0173.100% Senior Notes due 2030$780682680BB8December 15, 20294.375% UST due August 31, 20314.819%+ 35$934.62$472,793,000$0183.250% Senior Notes due 2030$500682680BS1March 1, 20304.375% UST due August 31, 20314.819%+ 35$935.98$210,140,000$0193.400% Senior Notes due 2029$714682680AY9June 1, 20294.250% UST due August 15, 20294.742%+ 30$955.41$421,157,000$0205.050% Senior Notes due 2034$1,600682680CE1August 1, 20344.625% UST due August 15, 20364.996%+ 75$955.26$1,042,539,000$0 (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 (as defined in the Offer to Purchase) will be payable in cash in addition to the applicable Early Tender Consideration or Tender Offer Consideration, as applicable. (4)At the Early Tender Deadline. All conditions of the Tender Offers were deemed satisfied by OpCo, or timely waived by OpCo. Accordingly, OpCo expects to accept for purchase, and pay for, $2 billion aggregate principal amount of Notes validly tendered (and not validly withdrawn) on the Early Settlement Date (as defined in the Offer to Purchase), which is expected to occur on September 17, 2026. All payments for Notes purchased in connection with the Early Tender Deadline will also 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 Early Settlement Date for such Notes accepted for purchase.
Although the Tender Offers are scheduled to expire at 5:00 p.m., New York City time, on September 29, 2026, because the aggregate principal amount of all Notes validly tendered and not validly withdrawn by the Early Tender Deadline is equal to the Aggregate Maximum Tender Amount, OpCo does not expect to accept for purchase any tenders of Notes after the Early Tender Deadline. Any Notes tendered after the Early Tender Deadline will be promptly credited to the account of the Holders of such Notes maintained at the Depository Trust Company and otherwise returned in accordance with the Offer to Purchase.
Full details of the terms and conditions of the Tender Offers are described in the Offer to Purchase, which was sent by OpCo to Holders of the Notes. Holders of the Notes are encouraged to read the Offer to Purchase as it contains important information regarding the Tender Offers.
OpCo 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 (toll free) or (212) 528-7581 (collect). 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]). OpCo is making the Tender Offers only by, and pursuant to, the terms of the Offer to Purchase. None of OpCo, 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 OpCo 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.
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At ONEOK (NYSE: OKE), we deliver energy products and services vital to an advancing world. We operate as a holding company, and our operations are conducted through OpCo and its subsidiaries. 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.
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.
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 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.
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.
TULSA, Okla., Sept. 15, 2026 (GLOBE NEWSWIRE) -- ONEOK, Inc. (NYSE: OKE) today announced the results to date of ONEOK, L.L.C.’s (“OpCo”) previously announced cash tender offers (the “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 OpCo, the “Aggregate Maximum Tender Amount”) of OpCo’s debt securities listed in the table below (the “Notes” and, each series, a “series of Notes”), subject to the order of priority as set forth in the table below under “Acceptance Priority Level,” upon the terms and subject to the conditions set forth in the Offer to Purchase, dated August 30, 2026 (the “Offer to Purchase”), in order to accept all of the Notes that were validly tendered and not validly withdrawn at or prior to the Early Tender Deadline (as defined below). As a result of the reorganization transactions described in the Offer to Purchase, the Notes are fully and unconditionally guaranteed by ONEOK, as Parent Guarantor.
According to information received from D.F. King & Co., Inc., the Information and Tender Agent for the Tender Offers, as of 5:00 p.m., New York City time, on September 14, 2026 (the “Early Tender Deadline”), OpCo had received valid tenders from the registered holders (the “Holders”) of the Notes that were not validly withdrawn as set forth in the table below.
Acceptance
Priority Level(1)Title of
NotesPrincipal
Amount
Outstanding
(in millions)CUSIP
NumberReference
U.S. Treasury
SecurityFixed Spread
(Basis
Points)Aggregate
Principal Amount
Tendered at Early
Tender Deadline13.950% Senior Notes due 2050$797682680CA95.000% UST due May 15, 2056+ 100$368,067,00024.200% Senior Notes due 2047$500682680BY85.125% UST due August 15, 2046+ 95$197,563,00034.500% Senior Notes due 2050$271682680BC65.000% UST due May 15, 2056+ 105$100,821,00044.200% Senior Notes due 2045$250682680BW25.125% UST due August 15, 2046+ 100$63,789,00054.250% Senior Notes due 2046$500682680BX05.125% UST due August 15, 2046+ 95$203,342,00064.450% Senior Notes due 2049$380682680AZ65.125% UST due August 15, 2046+ 100$85,954,00074.200% Senior Notes due 2042$250682680BU65.125% UST due August 15, 2046+ 95$25,679,00084.850% Senior Notes due 2049$500682680BZ55.125% UST due August 15, 2046+ 100$195,395,00094.950% Senior Notes due 2047$407682680AT05.125% UST due August 15, 2046+ 100$158,978,000105.050% Senior Notes due 2045$413682680CY75.125% UST due August 15, 2046+ 95$166,881,000115.200% Senior Notes due 2048$753682680AV55.125% UST due August 15, 2046+ 95$369,646,000125.150% Senior Notes due 2043$550682680BV45.125% UST due August 15, 2046+ 90$149,698,000135.450% Senior Notes due 2047$448682680DA85.125% UST due August 15, 2046+ 100$296,908,000145.700% Senior Notes due 2054$1,480682680CF85.000% UST due May 15, 2056+ 110$862,308,000155.850% Senior Notes due 2064$722682680CG65.000% UST due May 15, 2056+ 120$345,431,000165.600% Senior Notes due 2044$340682680CW15.125% UST due August 15, 2046+ 100$165,176,000173.100% Senior Notes due 2030$780682680BB84.375% UST due August 31, 2031+ 35$472,793,000183.250% Senior Notes due 2030$500682680BS14.375% UST due August 31, 2031+ 35$210,140,000193.400% Senior Notes due 2029$714682680AY94.250% UST due August 15, 2029+ 30$421,157,000205.050% Senior Notes due 2034$1,600682680CE14.625% UST due August 15, 2036+ 75$1,042,539,000
(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.”
The determination of the Early Tender Consideration (as defined in the Offer to Purchase) will occur at 9:00 a.m., New York City time, on September 15, 2026. 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.
Although the Tender Offers are scheduled to expire at 5:00 p.m., New York City time, on September 29, 2026, because the aggregate principal amount of all Notes validly tendered and not validly withdrawn by the Early Tender Deadline is equal to the Aggregate Maximum Tender Amount, OpCo does not expect to accept for purchase any tenders of Notes after the Early Tender Deadline. Any Notes tendered after the Early Tender Deadline will be promptly credited to the account of the Holders of such Notes maintained at the Depository Trust Company and otherwise returned in accordance with the Offer to Purchase.
Full details of the terms and conditions of the Tender Offers are described in the Offer to Purchase, which was sent by OpCo to Holders of the Notes. Holders of the Notes are encouraged to read the Offer to Purchase as it contains important information regarding the Tender Offers.
OpCo 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 (toll free) or (212) 528-7581 (collect). 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]). OpCo is making the Tender Offers only by, and pursuant to, the terms of the Offer to Purchase. None of OpCo, 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 OpCo 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.
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At ONEOK (NYSE: OKE), we deliver energy products and services vital to an advancing world. We operate as a holding company, and our operations are conducted through OpCo and its subsidiaries. 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.
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.
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 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.
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.
Pipeline stocks sit near the top of yield tables for a structural reason most investors overlook, and three C-corp operators are quietly collecting fee-based cash flow through every commodity cycle without mailing you a tax nightmare at year end.
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Relying on a paycheck alone leaves too many households one layoff or medical event away from stress. Passive income closes that gap by paying you regardless of whether you show up to work, and dividend stocks do the job with more liquidity and flexibility than rental real estate, private credit, or annuities.
Midstream pipeline operators sit near the top of the dividend-yield tables for a structural reason most investors miss. Their revenue comes from long-term fee contracts on the volumes moving through the pipes, insulating them from the price of the molecule inside. That take-or-pay model insulates cash flow from crude and natural gas price swings, funds heavy debt loads, and leaves plenty over to send to shareholders. All three names below are C-corps, so distributions land on a standard 1099-DIV rather than the K-1 partnership schedule that complicates retirement accounts.
We screened our 24/7 Wall St. dividend equity research database, looking for stocks that pay massive dividends, and we found a collection of companies that, combined, can generate over $1,800 a year in passive annual income if you invest just $16,667 in each stock at the time of this writing.
Williams Companies Stock #3: Williams Companies (NYSE:WMB) Yield: 2.88% Shares for $16,667: 228.8 Annual Passive Income: ~$480 Williams Companies (NYSE:WMB | WMB Price Prediction) is anchored by Transco, the largest-volume natural gas pipeline in the U.S., supplemented by Northwest Pipeline, MountainWest, Gulfstream, and Blue Racer Midstream. The system moves gas from Appalachia and the Gulf into East Coast and Southeast demand centers, with a growing Power Innovation platform tied to data-center load.
The dividend was lifted to $0.525 per share quarterly, an annualized $2.10, up 5% from $2.00. Coverage is comfortable, with AFFO guidance of $6.085 billion to $6.315 billion against a dividend coverage ratio of 2.36x to 2.45x. The quarterly amount has stepped up every year going back through $0.475, $0.4475, $0.425, $0.41, and $0.40. The biggest risk is leverage. Following the $5.5 billion Momentum Midstream acquisition, management guides to leverage of 3.75 times debt to EBITDA, with year-end tracking near 3.9 times. That leaves less cushion for a rate shock or a Hart-Scott-Rodino snag on the deal.
Kinder Morgan Stock #2: Kinder Morgan (NYSE:KMI) Yield: 3.86% Shares for $16,667: 540 Annual Passive Income: ~$643 Kinder Morgan (NYSE:KMI) runs roughly 79,000 miles of pipeline and 139 terminals across Natural Gas Pipelines, Products Pipelines, Terminals, and CO2. Marquee assets include Tennessee Gas Pipeline, El Paso Natural Gas, and NGPL. Natural gas transport volumes climbed 7% year over year, with LNG deliveries, Texas intrastate demand, and Mexico exports doing most of the work.
The payout is $0.2975 per share quarterly, or $1.19 annualized, a 2% increase over the prior year. The declared rate has stepped up in sequence, from $0.2825 to $0.2875 to $0.2925 to $0.2975. Free cash flow of $978 million funded the distribution, and net debt to adjusted EBITDA sits at 3.6 times, at the low end of the target range. Rich Kinder said the company can “fund these projects almost completely with our internally generated cash flow while still continuing to pay a solid and growing dividend”. Risk to watch: capex jumped 51.78% year over year, and permitting delays on any of the multi-billion-dollar backlog projects would dent the growth story.
Oneok Stock #1: Oneok (NYSE:OKE) Yield: 4.43% Shares for $16,667: 172.5 Annual Passive Income: ~$738 Oneok (NYSE:OKE) is a diversified operator moving NGLs, natural gas, crude oil, and refined products across an integrated footprint. The EnLink and Medallion acquisitions transformed scale, adding gathering, processing, and crude assets. Approximately 90% of earnings are fee-based, and full-year adjusted EBITDA reached $8.02 billion, up 18%.
The quarterly dividend was raised 4% to $1.07 per share, or $4.28 annualized. That step is the latest on a long ladder that ran through $0.935, $0.955, $0.99, $1.03, and now $1.07. Operating cash flow of $5.599 billion supports coverage, and management extinguished roughly $3.1 billion of long-term debt. The trade-off is the absolute size of that debt stack: total liabilities of $44.072 billion sit against the balance sheet, and any prolonged softness in NGL volumes or WTI below the $55 to $60 per barrel planning band would pressure gathering economics.
Combined, these three positions generate $1,861 in annual passive income on a $50,000 investment, a blended yield of 3.72%. Oneok contributes $738, Kinder Morgan adds $643, and Williams rounds out the portfolio with $480.
Ticker Annual Income Slice Color OKE $738 Navy KMI $643 Slate WMB $480 Green This trio works as an income sleeve. The fee-based, take-or-pay model keeps distributions arriving through commodity cycles, the C-corp wrapper keeps tax reporting simple inside an IRA, and reinvesting each quarter compounds the share count without adding fresh capital. The leverage is real, but it is priced in and actively managed, and the checks land on schedule.
Contact [email protected] for any questions or corrections.
TULSA, Okla., Sept. 10, 2026 (GLOBE NEWSWIRE) -- ONEOK, Inc. (NYSE: OKE) today announced the closing of the previously announced $9 billion minority equity investment by funds and affiliates managed by Apollo (NYSE: APO) (Apollo).
Under the terms of the agreement, Apollo has invested $9 billion in exchange for a nonvoting Class B minority interest in a newly formed holding company, ONEOK Holdings, L.L.C., which is structurally subordinate to the company’s debt.
The minority equity investment has been reviewed with ONEOK's credit rating agencies, all of which consider the transaction credit-enhancing.
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ABOUT ONEOK:
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.
ABOUT APOLLO:
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of June 30, 2026, Apollo had approximately $1.05 trillion of assets under management. To learn more, please visit www.apollo.com.
FORWARD-LOOKING STATEMENTS:
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 and adjusted EBITDA), growth, leverage, synergies, 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.
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 doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.
The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.
Zacks Premium also includes the Zacks Style Scores.
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.
Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.
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 ScoreWhile good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.
Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.
VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.
#1 (Strong Buy) stocks have produced an unmatched +23.8% average annual return since 1988, which is more than double the S&P 500's performance over the same time frame. However, the Zacks Rank examines a ton of stocks, and there can be more than 200 companies with a Strong Buy rank, and another 600 with a #2 (Buy) rank, on any given day.
But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.
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.
The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.
Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease 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.
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 6.1% for the current fiscal year.
Seven analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.25 to $5.75 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.
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.
Key Takeaways ONEOK agreed to buy Brazos Midland Basin gas assets for $4.425B, with closing expected in Q4 2026.Apollo's $9B minority equity investment will fund the deal, with about $5B earmarked to reduce debt.The deal would more than double ONEOK's Midland Basin processing capacity to nearly 2.3 Bcf/d. ONEOK, Inc. (OKE - Free Report) announced an agreement to acquire Brazos Midstream’s Permian Midland Basin natural gas gathering and processing assets for $4.425 billion in cash. The deal is expected to close in the fourth quarter of 2026, subject to customary conditions, including regulatory clearance.
ONEOK’s Funding Strategy for the AcquisitionThe company will fund the acquisition through a $9-billion minority equity investment from Apollo, with about $5 billion of the proceeds earmarked to reduce existing debt. This is expected to accelerate deleveraging toward 3.25 times debt-to-EBITDA without issuing common equity.
Strategic Synergies of the AcquisitionONEOK’s acquisition of Brazos Midstream’s Midland Basin assets is expected to strengthen its position in the rapidly growing Permian Basin. The deal includes approximately 600,000 dedicated acres under long-term fixed-fee contracts with a weighted-average remaining term of more than 12 years. Following the expected completion of the Cassidy II plant in the third quarter of 2027, the system is expected to include 700 miles of gathering infrastructure and 1.2 billion cubic feet per day (Bcf/d) of processing capacity.
The transaction will more than double ONEOK’s Midland Basin processing capacity to nearly 2.3 Bcf/d, including plants under construction. It is expected to generate operational and commercial synergies, improve capital efficiency and support volume growth across ONEOK’s natural gas and NGL value chain.
OKE’s acquisition strategy is complemented by ongoing organic investments and the integration of its existing assets. Its $2.7-$3.2 billion 2026 capital spending plan includes projects across natural gas processing, refined products and NGL infrastructure.
Consolidation Boosts Oil & Gas Midstream EfficiencyConsolidation strengthens oil and gas midstream companies by expanding asset footprints, improving operational efficiency and lowering costs. It also enhances scale, cash flow stability and long-term growth opportunities. Apart from OKE, several other oil and gas midstream companies are expanding their operations through strategic acquisitions.
On Aug. 26, 2026, Enbridge (ENB - Free Report) agreed to acquire Salt Creek Midstream’s gathering business for $600 million, with the transaction expected to close in late 2026. The acquisition will expand ENB’s Delaware Basin infrastructure and export connectivity.
The Williams Companies (WMB - Free Report) agreed to acquire Momentum Midstream for up to $5.5 billion, with closing expected later in 2026, adding 4,000-plus pipeline miles, 1 million-plus Haynesville acres and 6 Bcf/d capacity.
Western Midstream Partners (WES - Free Report) completed its $1.6-billion Brazos Delaware acquisition on June 11, 2026, adding 470,000 acres, 900 pipeline miles and 460 MMcf/d processing capacity, expanding its Delaware Basin footprint.
Share Price Movement of OKEIn the past month, shares have rallied 8% compared with the industry’s 4.8% growth.
Image Source: Zacks Investment Research
OKE’s Zacks Rank ONEOK currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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.
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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.
Momentum investors should take note of this Oils-Energy stock. OKE has a Momentum Style Score of B, and shares are up 4.4% over the past four weeks.
Seven analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.26 to $5.76 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.
, /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.
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 set to acquire Brazos Midstream's Permian Midland Basin natural gas gathering and processing assets for $4.43 billion, expanding its footprint in prolific American oil hub.
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.
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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 A.
It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 16.15; value investors should take notice.
Seven analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.26 to $5.76 per share. OKE also 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.
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.
High-yielding and dependable monthly dividend machines can be powerful vehicles towards achieving early retirement. I detail two elite monthly payers yielding 10-14%. I share their pros, cons, risks, and reward profiles.
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.
Beacon Pointe Advisors LLC boosted its holdings in ONEOK, Inc. (NYSE:OKE – Free Report) by 5.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 160,773 shares of the utilities provider’s stock after acquiring an additional 7,692 shares during the period. Beacon Pointe Advisors LLC’s holdings in ONEOK were worth $13,978,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Pin Oak Investment Advisors Inc. acquired a new position in ONEOK during the 2nd quarter worth $28,000. Zions Bancorporation National Association UT boosted its stake in shares of ONEOK by 73.3% in the fourth quarter. Zions Bancorporation National Association UT now owns 338 shares of the utilities provider’s stock valued at $25,000 after buying an additional 143 shares in the last quarter. Portus Wealth Advisors LLC purchased a new stake in shares of ONEOK during the 1st quarter worth approximately $33,000. Transamerica Financial Advisors LLC grew its position in shares of ONEOK by 69.6% in the second quarter. Transamerica Financial Advisors LLC now owns 363 shares of the utilities provider’s stock valued at $32,000 after purchasing an additional 149 shares during the last quarter. Finally, Elyxium Wealth LLC purchased a new stake in ONEOK during the 4th quarter worth about $29,000. Hedge funds and other institutional investors own 69.13% of the company’s stock.
ONEOK Trading Up 0.2% Shares of OKE opened at $94.88 on Friday. The firm has a market capitalization of $59.81 billion, a price-to-earnings ratio of 16.36, a P/E/G 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, Inc. has a 12-month low of $64.02 and a 12-month high of $97.90. The stock’s 50-day moving average price is $90.89 and its 200 day moving average price is $88.71.
ONEOK (NYSE:OKE – Get Free Report) last issued 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 business had revenue of $12.05 billion during the quarter, compared to analyst estimates of $8.95 billion. During the same period in the prior year, the company posted $1.34 earnings per share. ONEOK has set its FY 2026 guidance at 5.680-5.680 EPS. As a group, research analysts predict that ONEOK, Inc. will post 5.84 earnings per share for the current year. ONEOK Dividend Announcement The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Monday, August 3rd were paid a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a yield of 4.5%. The ex-dividend date was Monday, August 3rd. ONEOK’s dividend payout ratio is currently 73.79%.
Wall Street Analysts Forecast Growth Several brokerages recently commented on OKE. Royal Bank Of Canada upped their price target on shares of ONEOK from $84.00 to $90.00 and gave the stock a “sector perform” rating in a research report on Tuesday, July 21st. TD Cowen raised their price target on shares of ONEOK from $85.00 to $90.00 and gave the stock a “hold” rating in a research report on Thursday, July 16th. Barclays reduced their price objective 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 reissued a “buy (b-)” rating on shares of ONEOK in a research note on Thursday, August 13th. Finally, Freedom Capital upgraded ONEOK from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, ONEOK presently has a consensus rating of “Moderate Buy” and an average target price of $91.94.
Check Out Our Latest Report on ONEOK
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.
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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.
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Advisors Capital Management LLC acquired a new position in shares of ONEOK, Inc. (NYSE:OKE – Free Report) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 843,437 shares of the utilities provider’s stock, valued at approximately $73,328,000. Advisors Capital Management LLC owned about 0.13% of ONEOK at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Zions Bancorporation National Association UT lifted its holdings in ONEOK by 73.3% in the fourth quarter. Zions Bancorporation National Association UT now owns 338 shares of the utilities provider’s stock worth $25,000 after purchasing an additional 143 shares during the period. Elyxium Wealth LLC bought a new stake in shares of ONEOK during the 4th quarter worth about $29,000. Cornerstone Financial Management LLC acquired a new stake in shares of ONEOK in the 4th quarter worth approximately $29,000. Portus Wealth Advisors LLC acquired a new stake in shares of ONEOK in the 1st quarter worth approximately $33,000. Finally, Wilkerson Advisory Group LLC boosted its holdings in shares of ONEOK by 51.4% in the first quarter. Wilkerson Advisory Group LLC now owns 392 shares of the utilities provider’s stock valued at $35,000 after acquiring an additional 133 shares in the last quarter. 69.13% of the stock is currently owned by institutional investors.
ONEOK Price Performance NYSE OKE opened at $94.69 on Friday. ONEOK, Inc. has a 1 year low of $64.02 and a 1 year high of $97.90. The business’s fifty day moving average is $90.03 and its two-hundred day moving average is $88.16. The stock has a market capitalization of $59.69 billion, a P/E ratio of 16.33, a P/E/G ratio of 2.69 and a beta of 0.73. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.59 and a current ratio of 0.74.
ONEOK (NYSE:OKE – Get Free Report) last released its quarterly earnings results on Monday, August 3rd. The utilities provider reported $1.53 earnings per share for the quarter, beating analysts’ consensus estimates of $1.46 by $0.07. The business had revenue of $12.05 billion during the quarter, compared to analyst estimates of $8.95 billion. ONEOK had a return on equity of 16.41% and a net margin of 9.29%.During the same quarter last year, the company posted $1.34 EPS. ONEOK has set its FY 2026 guidance at 5.680-5.680 EPS. On average, research analysts forecast that ONEOK, Inc. will post 5.82 earnings per share for the current fiscal year. ONEOK Dividend Announcement The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Monday, August 3rd were issued a dividend of $1.07 per share. The ex-dividend date was Monday, August 3rd. This represents a $4.28 dividend on an annualized basis and a dividend yield of 4.5%. ONEOK’s payout ratio is currently 73.79%.
Wall Street Analysts Forecast Growth OKE has been the topic of a number of research analyst reports. Raymond James Financial reiterated an “outperform” rating and set a $92.00 price objective on shares of ONEOK in a research note on Thursday, April 30th. Barclays lowered their price target on ONEOK from $90.00 to $88.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 8th. Scotiabank downgraded ONEOK from a “sector outperform” rating to a “sector perform” rating and dropped their price objective for the stock from $92.00 to $89.00 in a research note on Thursday, April 30th. Wells Fargo & Company cut their price objective on ONEOK from $100.00 to $98.00 and set an “overweight” rating for the company in a report on Thursday, April 30th. Finally, TD Cowen lifted their target price on ONEOK from $85.00 to $90.00 and gave the stock a “hold” rating in a report on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, ONEOK presently has a consensus rating of “Moderate Buy” and an average price target of $91.94.
Get Our Latest Stock Report 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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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.
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-1.41
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94.60
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.
We can learn a lot by looking back at how investments have performed over the long term. Here's how much dividend income you could be collecting today if you invested $10,000 each in three popular high-yield dividend stocks:
Stock Share price on 8-19-26 Number of shares purchased with $10,000 Current annualized dividend rate Current annual dividend income Yield on cost basis AGNC Investment $19.87 503 $1.44 $724.71 7.25% Ares Capital $15.68 638 $1.92 $1,224.49 12.24% ONEOK $49.71 201 $4.28 $860.99 8.61% Data source: Company websites and Ycharts.
Those numbers alone don't tell the entire story. Here's a closer look at each of these high-yielding dividend stocks, which can teach us some valuable lessons about income investing.
Image source: Getty Images.
AGNC Investment: The big yield didn't lastAGNC Investment (AGNC +1.47%) traded right around $20 per share 10 years ago. At the time, the mortgage REIT paid a monthly dividend of $0.18 per share. A $10,000 investment made a decade ago would have generated nearly $1,090 in annual dividend income at that rate, or a 10.9% yield. Today, the income stream is 33% lower.
So, what went wrong? AGNC Investment cut its monthly dividend in 2019 to $0.16 per share and again in 2020 to the current monthly rate of $0.12 per share. That's due to changes in interest rates over the years, which can meaningfully affect mortgage REIT earnings.
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0.16
Current Price
$
11.08
The good news is that AGNC Investment has been much more stable in recent years, maintaining its payout for 75 straight months. The REIT's dividend currently aligns with its returns, suggesting it can sustain its dividend, which currently yields almost 13% at its recent $11 share price (a 45% drop from a decade ago). While that's an enticing payout, the REIT's history suggests it's a higher-risk income stream, as investors have seen their income and share value drop in the last decade.
Ares Capital: The big yield keeps getting biggerAres Capital (ARCC +0.66%) has delivered a much better outcome for income-seeking investors over the last 10 years. A $10,000 investment in the business development company (BDC) a decade ago would have generated about $970 in dividend income in the first year at a going-in yield of roughly 10.7%. Whereas AGNC's dividend income has declined, Ares Capital's has grown 26%.
It's worth noting that the BDC didn't just increase its dividend payout ratio to deliver a higher dividend; it has grown its earnings over the past decade to support the higher payment. That earnings growth has contributed to its rising stock price (recently around $20 a share, up more than 27%), adding to its total return.
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19.80
That's due to its strong loan underwriting capabilities (1% average annualized net realized gain in excess of losses since its IPO) and its ability to grow its investment portfolio accretively. Its long track record of growing shareholder value includes 17 years of dividend stability and growth.
ONEOK: The high-octane dividend growerONEOK (OKE -1.09%) also showcases the power of dividend growth. A $10,000 investment into the pipeline stock 10 years ago would have generated about $495 in annual dividend income (a nearly 5% yield). Today, that investment would generate over $860 in annual dividend income, a 74% increase over the past decade.
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-1.09
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-1.06
Current Price
$
96.01
Again, ONEOK didn't just hike its payout ratio; it delivered real earnings-per-share growth. The pipeline company has grown its earnings per share at a 13% compound annual rate since 2017, driven by high-return organic expansion projects and value-enhancing acquisitions. That has contributed to the nearly 95% increase in its stock price over the past decade (recently around $95 a share).
ONEOK showcases the power of dividend growth, as it now provides investors with much more income and a much more valuable investment.
Look at the total (return) pictureIt's easy to get caught up in the allure of a high dividend yield. However, the more important factor to consider is growth, especially dividend growth. That growth can meaningfully add to a dividend stock's total return over the long-term. Just look at how much it has added to the returns of ONEOK and Ares Capital in the past 10 years:
OKE data by YCharts
ONEOK, which has always had a lower yield, has actually generated the highest total return of this trio over the past decade. Ares Capital isn't very far behind, as its growth has provided an additional boost beyond its high yield. AGNC Investment, on the other hand, has seen its total return dragged down by its falling share price.
While this past performance doesn't guarantee these high-yield stocks will deliver similar returns in the future, it shows the importance of shifting your focus from yield to dividend growth. Investing in a lower-yielding stock today, like ONEOK, could have a much bigger payoff in the future as it grows its earnings. Similarity, if income is your primary focus, a growing company like Ares Capital is often a better long-term investment than a yield-only play like AGNC Investment.
