Oneok

OKE

Market cap $52.9B

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Oneok (OKE) reported earnings 30 days ago. What's next for the stock?

ONEOK, Inc. (OKE) Presents at Bernstein 42nd Annual Strategic Decisions Conference Transcript

TULSA, Okla., May 26, 2026 (GLOBE NEWSWIRE) -- ONEOK, Inc. (NYSE: OKE) will participate in an investor conference this week and in a fireside chat session at 2:30 p.m. Eastern Time (1:30 p.m. Central Time) on Wednesday, May 27.

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Most income investors default to broad dividend exchange-traded funds (ETFs) for steady payout exposure. Five natural gas producers and midstream operators deliver yields that most diversified dividend ETFs cannot replicate.

ONEOK leverages a vast pipeline network, critical to the U.S. economy, and is well-positioned to benefit from surging data center demand. OKE's Q1 revenue rose 19.6% year-over-year, with adjusted EBITDA up 12.5%, driven by volume growth, acquisitions, and favorable price differentials. OKE targets a 3.5x leverage ratio by end-2026, supporting its BBB credit rating, with capex winding down by mid-2027 to enable dividend growth and buybacks.

ONEOK has outperformed peers YTD, up 24%, and offers a 4.6% dividend yield with further upside potential. OKE's diversified asset base, post-Magellan acquisition, drives mid-teens revenue growth and supports guidance raises for both revenue and adjusted EBITDA. Valuation remains attractive at 11.1x EV/EBITDA, with a price target of $109, implying 19% upside, and a competitive yield versus peers.

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ONEOK, Inc. delivered a 30% total return since I rated it a strong buy in December. Energy prices have soared, and the company is posting strong results, leading it to upgrade its 2026 guidance. I detail why I recently exited my position despite the strong momentum.