ONEOK (OKE) maintains a Strong Buy rating, driven by robust execution, high-margin fee-based contracts, and successful integration of recent acquisitions. OKE's diversified segments—NGL, refined products, and natural gas—are delivering growth, with major capacity expansions and the Medford fractionator rebuild enhancing competitive positioning. OKE's valuation is attractive at 11.87x EV/EBITDA, with a 4.76% dividend yield and significant FCF tailwinds from the Magellan tax shield deferring cash taxes until 2029.
ONEOK, Inc. (OKE) Q4 2025 Earnings Call Transcript
ONEOK operates 60,000 miles of pipeline with 90% fee-based earnings, making it one of the most AI-disruption-proof infrastructure plays in the current market rotation. The Williston Basin GOR has doubled since 2016 — throughput grows even when drilling doesn't. ONEOK's Rocky Mountain volumes rose 15% in 2025 with no new rig count needed. Peers trade at 12-14x EV/EBITDA. ONEOK trades at 10.8x. Closing half that gap implies double-digit upside before dividend income is even counted.
ONEOK (NYSE: OKE) posted solid Q4 2025 results after the close on February 23, with full-year earnings growth and a recently raised dividend reinforcing its standing as one of North America's premier midstream operators.
The headline numbers for Oneok (OKE) give insight into how the company performed in the quarter ended December 2025, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.
Oneok Inc. (OKE) came out with quarterly earnings of $1.55 per share, beating the Zacks Consensus Estimate of $1.48 per share. This compares to earnings of $1.57 per share a year ago.
OKE's Q4 results are expected to reflect strong fee-based revenues and rising NGL volumes despite higher interest expenses.
Get a deeper insight into the potential performance of Oneok (OKE) for the quarter ended December 2025 by going beyond Wall Street's top-and-bottom-line estimates and examining the estimates for some of its key metrics.
ONEOK is downgraded to Hold after a strong 27% total return since October, with limited upside following a robust rally. OKE's current 4.8% TTM dividend yield is less compelling versus 10-year Treasuries, and valuation appears stretched with a forward PEG of 5.2. Q4 earnings are expected to show modest sequential growth, but a muted market reaction is likely given OKE's weak earnings surprise history.
In the closing of the recent trading day, Oneok Inc. (OKE) stood at $86.79, denoting a +1.38% move from the preceding trading day.
Evaluate the expected performance of Oneok (OKE) for the quarter ended December 2025, looking beyond the conventional Wall Street top-and-bottom-line estimates and examining some of its key metrics for better insight.
Oneok (OKE) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.