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ONEOK, Inc.
S&P 500
🏹 Trader: 🎯 Near 52W High | BRS 75 Ready View all →
$58.3B
Market Cap
13.6
P/E
4.09
PEG
8.1%
ROCE
15.5%
ROE
1.40
D/E
17.1%
OPM
-4.2%
% from 52W High
67
α RS
🔍 OKE is showing a high-conviction setup because it matches 8 of 37 tracked screener presets, Sector RRG has Energy in the Leading quadrant with the trail still rolling over, and RS Rating is 67. Net: Broad signal stack, not a recommendation. ? Conviction RRG RS Rating
Sources
Conviction 8/37 · Energy in Leading quadrant · RS Rating 67
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Currency-adjusted total returns for OKE including FX impact
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📈 Price History
Ratio Health
Excellent
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Average
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By Category
📊 Sector Averages
About

ONEOK, Inc. operates as a midstream service provider of gathering, processing, fractionation, transportation, storage, and marine export services in the United States.

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📈 Growth Pattern
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3-Statement Financial Model
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🎙 Management Tone Confident Specific ↑ Improving 5 quarters Full tone analysis in Intelligence →
Good quarter Investor Presentation One-Pager? Q2 2026
Adjusted EBITDA
$2.121B
+7% YoY
Operating Income
$1.593B
+11% YoY
Net Income
$967M
+13% YoY
Diluted EPS
$1.53
+14% YoY
What Went Right
  • Record NGL raw feed throughput volumes rose 7% YoY, led by a 15% increase in Gulf Coast/Permian.
  • Raised 2026 adjusted EBITDA guidance by $250M to an $8.2B-$8.5B range, second increase this year.
  • LPG export capacity reached 80% contracted for 200k bpd; Denver refined products expansion placed in service.
What to Watch
  • NGL segment adjusted EBITDA fell to $659M from $673M YoY as higher ethane volumes mixed in at lower tiered rates.
  • Waha-Katy differentials are expected to narrow in H2 2026 as Permian takeaway capacity comes online, pressuring Natural Gas Pipelines earnings.
  • Data-center and power-generation projects remain pre-FID and commercialization has taken longer than initially expected.
Management Guidance
  • No quarterly revenue guidance provided.
  • Full-year 2026 net income guidance raised to $3.41B-$3.79B, midpoint $3.6B.
  • Full-year 2026 adjusted EBITDA guidance raised to $8.2B-$8.5B, midpoint $8.35B.
  • 2026 diluted EPS midpoint raised to $5.68; 2026 capital expenditure guidance unchanged at $2.7B-$3.2B.
Investor Lens
The investment thesis looks stronger after this print: record NGL volumes, strong refined products and crude momentum, and a second guidance raise underpin visible near-term growth. Long-term mid-to-high single-digit adjusted EBITDA growth is supported by operating leverage and a pipeline of mid-sized projects, while expected CapEx moderation to roughly $2B-$2.5B should boost free cash flow. Cash tax benefits were increased to about $2.6B, pushing meaningful cash tax payments out to 2031 and supporting the 3.5x leverage target. Key watch items are ethane-related NGL margin dilution and narrowing Waha-Katy spreads in H2.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Strong Q2: net income up 13% to $967M; guidance raised again.
Revenue
Revenue was not disclosed on the call. Segment volume highlights included NGL raw feed throughput up 7% YoY, refined products shipped up 8%, and Gulf Coast/Permian NGL volumes up 15%.
Profitability
Q2 net income rose 13% YoY to $967M, or $1.53 per diluted share. Adjusted EBITDA increased 7% YoY to $2.121B, and first-half net income was $1.743B.
Margins
Operating income increased to $1.593B from $1.431B YoY, up roughly 11%. Operating costs rose to $823M from $706M, partly driven by higher employee-related costs and outside services. An operating margin percentage was not calculable because revenue was not disclosed.
Balance Sheet
Q2 capital expenditures were $613M and maintenance capital was $101M; full-year CapEx guidance remains $2.7B-$3.2B. Cumulative cash tax benefits are now expected at about $2.6B, extending cash tax deferrals until 2031 and supporting the 3.5x debt-to-EBITDA target; the quarterly dividend was raised to $1.07 per share.
Key Risks
Management flagged NGL margin compression from higher ethane recovery at lower tiered rates, narrowing Waha-Katy differentials in H2, and slower-than-expected commercialization of data-center projects. Analysts also probed Mid-Continent contract rolls and Bakken ethane economics.
Outlook
Full-year 2026 guidance was raised to net income of $3.41B-$3.79B and adjusted EBITDA of $8.2B-$8.5B, with EPS midpoint of $5.68. Management said if momentum holds, guidance could be updated again in Q3.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-04
Raised 2026 guidance again after strong Q2, with record NGL volumes and robust demand across all segments. Major projects are advancing, CapEx is accelerating, and deferred tax benefits boost free cash flow. Mid to high single-digit EBITDA growth is targeted over the next 5–7 years.
Q1 2026 Q1 2026 2026-04-29
Raised 2026 guidance after strong Q1, with net income up 12% and adjusted EBITDA up 13% year-over-year. Segment volumes grew across NGL, refined products, and gas, while major capital projects and export infrastructure expansions remain on track.
Q4 2025 Q4 2025 2026-02-24
Delivered double-digit earnings growth in 2025, driven by successful integration of acquisitions, record volumes, and strong capital returns. 2026 guidance reflects continued EBITDA growth, incremental synergies, and disciplined capital allocation amid cautious commodity price assumptions.
Q3 2025 Q3 2025 2025-10-29
Q3 2025 saw strong sequential and year-over-year growth in adjusted EBITDA and net income, driven by volume gains, synergy realization, and successful integration of acquisitions. Guidance for 2025 was affirmed, with continued focus on capital discipline, operational leverage, and growth in key segments.
Q2 2025 Q2 2025 2025-08-05
Q2 2025 saw Adjusted EBITDA up 12% and net income up 30% sequentially, with strong volume growth across NGL, refined products, and natural gas segments. 2025 guidance was affirmed, while 2026 EBITDA outlook was trimmed by 2% due to commodity prices.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

⚠️ Important Disclaimers — Please read without fail.

Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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