ONEOK
Connects natural gas, NGLs, refined products and crude oil from producing basins to markets.
Something off on this page? Send us feedback.
Profile
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
Key statistics
Year to date +27.5% · Average volume (30d) 3.6M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 18, 2026 | Morgan Stanley | Reiterate | Equal Weight | $103 | $105 | |
| Jul 29, 2026 | Morgan Stanley | Downgrade | Overweight | Equal Weight | $104 | $103 |
| Jul 21, 2026 | RBC Capital | Reiterate | Sector Perform | $98 | $90 | |
| Jul 17, 2026 | Jefferies | Reiterate | Hold | $80 | $95 | |
| Jul 8, 2026 | Barclays | Reiterate | Equal Weight | $90 | $88 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 3, 2026Q2 FY26 | $1.46 | $1.53 | +4.8% | $8.95B | $12.05B | +34.6% | −0.67% |
| Apr 28, 2026Q1 FY26 | $1.30 | $1.23 | −5.4% | $8.23B | $9.62B | +16.8% | −0.52% |
| Feb 23, 2026Q4 FY25 | $1.50 | $1.55 | +3.3% | $8.75B | $9.07B | +3.6% | −5.08% |
| Oct 28, 2025Q3 FY25 | $1.44 | $1.49 | +3.5% | $8.78B | $8.63B | −1.7% | −2.75% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $8.04B | $7.89B | $8.63B | $9.07B | $9.62B | $12.05B | |
| Gross profit | $1.35B | $1.54B | $1.66B | $2.67B | $2.57B | $1.71B | |
| Operating income | $1.26B | $1.45B | $1.56B | $2.69B | $1.43B | $1.59B | |
| Net income | $636.0M | $841.0M | $939.0M | $979.0M | $774.0M | $966.0M | |
| Diluted EPS | $1.04 | $1.34 | $1.49 | $1.55 | $1.23 | $1.53 | |
| Gross margin | 16.8% | 19.5% | 19.2% | 29.4% | 26.7% | 14.2% | |
| Operating margin | 15.7% | 18.4% | 18.0% | 29.7% | 14.8% | 13.2% |
Fiscal years (4-quarter sums)FY21 $17.27B · FY22 $22.93B · FY23 $17.48B · FY24 $21.70B · FY25 $33.63B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $161.0M · Total debt $33.02B · Total assets $68.55B · Shareholders' equity $22.94B
Dividends
Raised for 36 straight years — most recently to $1.07 from $1.03 in Feb 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 3, 2026 | Aug 3 | Aug 14 | $1.07 | |
| May 4, 2026 | May 4 | May 15 | $1.07 | |
| Feb 2, 2026 | Feb 2 | Feb 13 | $1.07 | raised from $1.03 |
| Nov 3, 2025 | Nov 3 | Nov 14 | $1.03 | |
| Aug 1, 2025 | Aug 1 | Aug 14 | $1.03 | |
| May 5, 2025 | May 5 | May 15 | $1.03 | |
| Feb 3, 2025 | Feb 3 | Feb 14 | $1.03 | raised from $0.99 |
| Nov 1, 2024 | Nov 1 | Nov 14 | $0.99 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 630.15M · Float 628.61M · 99.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 64.54M | 10.24% | 13F | Aug 7, 2026 |
| State Street Corp | 43.63M | 6.92% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 41.11M | 6.52% | 13F | Aug 13, 2026 |
| Vanguard Portfolio Management LLC | 30.90M | 4.90% | 13F | Aug 13, 2026 |
| Sixth Street Partners Management Company, L.P. | 20.37M | 3.23% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Nov 3, 2025 | Brian L. Derksen | director | +2,500 | $66.00 |
Peers
- 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.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| ONEOK | $94.50 | −0.26% | $59.71B | 16.3 | 15.6 | 1.5 | +52.8% |
| Enterprise Products Partners | $39.00 | −0.04% | $84.42B | 13.5 | 12.8 | 1.4 | +60.8% |
| Energy Transfer | $21.34 | +0.12% | $73.33B | 13.2 | 12.9 | 0.7 | +78.4% |
| Targa Resources | $287.82 | +0.01% | $61.78B | 27.4 | 25.7 | 3.7 | +10.3% |
| Williams | $74.47 | +1.02% | $90.18B | 29.3 | 30.4 | 7.4 | +10.2% |
| Kinder Morgan | $31.50 | −0.16% | $70.28B | 20.2 | 21.2 | 3.9 | +10.8% |
| MPLX | $59.28 | −0.05% | $60.12B | 12.7 | 12.8 | 4.7 | +10.6% |
| Plains All American Pipeline | $25.54 | +0.22% | $17.98B | 7.1 | 15.6 | 0.3 | +66.3% |
| Western Midstream Partners | $48.33 | +0.13% | $19.96B | 15.1 | 12.5 | 4.6 | +30.0% |
| Median | 14.3 | 14.3 | 3.8 | +20.4% |