Oneok

OKE

Market cap $53.5B

About 98% of Enbridge's earnings come from stable sources. Kinder Morgan has $10 billion of commercially secured projects in its backlog.

ONEOK offers a resilient, fee-based midstream model with a ~5% dividend yield and robust pipeline assets connecting key U.S. markets. OKE's 2026 guidance is cautious, projecting minimal EBITDA growth and slowing EPS, but upside exists if commodity prices remain elevated. Major growth projects in 2027–2028, including Eiger Express and Texas City Logistics, are expected to drive several percent EBITDA growth.

ONEOK (OKE) is downgraded from Strong Buy to Buy, due to underwhelming 2026 guidance and limited near-term growth, despite a 20% recent return. OKE's fee-based, diversified midstream model provides stability, but most growth projects and synergies will not materially impact earnings until 2028. Current dividend yield is nearly 5%, payout is sustainable, and leverage is expected to decline to 3.5x by end of 2026.

MPLX is a reliable midstream MLP for income investors. Oneok is a great midstream play for investors who want to avoid MLPs.

ONEOK is rated a buy, offering a high 5.0% yield and strong free cash flow trends. OKE's 2026 guidance was modest, but capex projects and Magellan synergies are expected to drive future FCF growth. Shares trade near a slight discount to intrinsic value, supported by a bullish technical setup and resilient fee-based earnings.

ONEOK remains a Buy as conservative EBITDA guidance and partial rerating leave meaningful upside, despite a recent 20% rally and downgrade from Strong Buy. OKE's 2026 EBITDA guidance of $8.1B is conservative, with upside potential if oil prices remain above modeled levels and macro headwinds abate. Most rerating potential remains, as current EV/EBITDA multiple (10.6x) is below the normalized 12x, with structural growth drivers intact.

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Oneok Inc. (OKE) reached $86.77 at the closing of the latest trading day, reflecting a -4.26% change compared to its last close.

Q1 2026 was an exceptional quarter for energy stocks thanks to war in the Middle East, but Q2 2026 is not guaranteed to step in its footsteps. Energy prices can go higher and push the sector higher, but they do not have to if the U.S. can neutralize Iran's ability to project force. While energy stocks are benefiting from the fighting in the short term, it may actually come back to hurt them in the long run.

Oneok (OKE) has an impressive earnings surprise history and currently possesses the right combination of the two key ingredients for a likely beat in its next quarterly report.