ONEOK (OKE)
Connects natural gas, NGLs, refined products and crude oil from producing basins to markets.
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Gathers and processes natural gas, fractionates and transports NGLs, and moves natural gas, refined products and crude oil through pipelines, storage and terminals. Predominantly fee-based operations connect major U.S. producing basins with inland, Gulf Coast and export markets.
Connects producers, refineries and demand centers through an approximately 60,000-mile North American midstream network. Four operating segments—Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude—gather and process wellhead gas, fractionate and store NGLs, transport and store natural gas, and move refined products and crude oil through pipelines, terminals and marine export facilities.
Generates predominantly fee-based earnings by linking the Williston, Mid-Continent and Permian basins with Gulf Coast, Midwest and other U.S. markets. Scale and asset integration support routing, storage and processing across commodities, while throughput still depends on producer drilling, production and end-market demand. Interstate pipeline rates and operations are subject to federal regulation, alongside state and environmental requirements.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 22, 2026 | Capital One Financial | Target | Target: — | Target: $110 |
| Sep 11, 2026 | UBS | Target | Target: $105 | Target: $93 |
| Sep 9, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $105 | Target: $112 |
| Sep 2, 2026 | Truist Financial | Target | Target: $93 | Target: $104 |
| Sep 2, 2026 | UBS | Target | Target: $108 | Target: $105 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $161.0M · Total debt $33.02B · Total assets $68.55B · Shareholders' equity $22.94B
- Revenue
- $12.05B
- Operating income
- $1.59B
- Net income
- $966.0M
HistoryDividendAnnual yield
| Institutions | 84.91% | 535.23M shares | |
|---|---|---|---|
| 1,724 holders · as of Jun 30, 2026 | |||
| Insiders | 0.17% | 1.10M shares | |
| 16 holders · as of Jun 1, 2026 | |||
| Other | 14.92% | 94.04M shares | |
| remainder | |||
630.37M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 10.24% | 64.54M | as of Jun 30, 2026 |
State Street CorpInstitution | 6.92% | 43.63M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 6.52% | 41.11M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 4.90% | 30.90M | as of Jun 30, 2026 |
Charles Schwab Investment Management IncInstitution | 3.23% | 20.37M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Nov 3, 2025 | Brian L. Derksen | director | +2,500 | $66.00 |
- Enterprise Products Partners
Broadest US NGL midstream peer; contests OKE on every commodity and basin.
- Energy Transfer
140,000-mile multi-commodity rival; near-identical commodity breadth to OKE.
- Targa Resources
Fastest-growing NGL fractionator; direct rival in Permian G&P and Gulf Coast.
- Williams
US natural gas pipeline leader; overlaps OKE in G&P and interstate transport.
- Kinder Morgan
Largest US gas pipeline operator; direct rival in refined products pipelines.
- MPLX
MPC-affiliated MLP competing in NGL fractionation and Permian G&P.
- Plains All American Pipeline
Crude oil midstream MLP with direct Permian gathering overlap with OKE.
- Western Midstream Partners
Occidental-backed Delaware Basin G&P specialist; overlaps OKE JV position.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| ONEOK | $92.57 | +0.83% | $57.85B | 15.8 | 15.6 | 1.5 | +52.8% |
| Enterprise Products Partners | $38.60 | +0.34% | $83.23B | 13.4 | 12.6 | 1.4 | +60.8% |
| Energy Transfer | $20.92 | +0.10% | $71.92B | 13.0 | 12.8 | 0.7 | +78.4% |
| Targa Resources | $292.85 | +1.20% | $62.11B | 27.6 | 26.0 | 3.7 | +10.3% |
| Williams | $71.84 | +0.26% | $87.64B | 28.4 | 29.9 | 7.2 | +10.2% |
| Kinder Morgan | $31.63 | −0.30% | $70.63B | 20.3 | 21.4 | 3.9 | +10.8% |
| MPLX | $59.66 | +0.96% | $59.96B | 12.7 | 13.0 | 4.7 | +10.6% |
| Plains All American Pipeline | $24.89 | −0.40% | $17.63B | 6.9 | 14.8 | 0.3 | +66.3% |
| Western Midstream Partners | $46.83 | +0.55% | $19.25B | 14.6 | 12.2 | 4.4 | +30.0% |
| Median | 14.0 | 13.9 | 3.8 | +20.4% |