ONEOK, Inc. (OKE)

ONEOK's stock price has experienced a decline in the past six months. Analyst rating adjustments have occurred, with several analysts adjusting their price targets and ratings for ONEOK. ONEOK reported Q2 2025 earnings per share (EPS) of $1.34, slightly exceeding the consensus estimate of $1.33, and revenue for the quarter was $8.21 billion, surpassing analysts' expectations of $7.20 billion. The company announced a quarterly dividend of $1.03 per share, payable on November 14, 2025, to stockholders of record on November 3, 2025. ONEOK acquired the remaining 49.9% interest in Delaware G&P LLC (Delaware Basin JV) for $940 million, consisting of cash and ONEOK common shares. ONEOK reported Q1 2025 results that aligned with expectations, reaffirming its 2025 financial guidance and 2026 outlook.

Demand for ONEOK's products and services exhibits some seasonality, particularly for refined products. Management has indicated that the company enters its strongest quarters for refined products demand post-winter. The company's earnings growth in 2025 is projected to be driven in part by seasonal refined product demand.

ONEOK, Inc. is a midstream energy company that operates as an intermediary in the energy supply chain, focusing on the gathering, processing, storage, and transportation of natural gas, NGLs, refined petroleum products, and crude oil. The company's business model is largely fee-based, which helps to insulate it from commodity price volatility and ensures stable cash flows. ONEOK's operations are divided into four main segments: Natural Gas Liquids (NGL) Services, Natural Gas Gathering & Processing, Natural Gas Pipelines, and Refined Products and Crude Oil.

ONEOK's operations and infrastructure are primarily located across the United States, connecting key energy supply basins with major market centers. Its natural gas gathering and processing facilities are situated in the Mid-Continent and Rocky Mountain regions, including North Dakota, Montana, Wyoming, Kansas, and Oklahoma. The company's NGL gathering and distribution pipelines, fractionation, terminal, and storage facilities span Oklahoma, Kansas, Texas, New Mexico, Montana, North Dakota, Wyoming, Colorado, Missouri, Nebraska, Iowa, and Illinois. ONEOK also has a significant presence in the Permian Basin, North Texas, and the Gulf Coast region.

ONEOK emphasizes themes like reliability, safety, and community partnership. The company released its 17th annual Corporate Sustainability Report on August 7, 2025, highlighting its commitment to operating in a safe, reliable, environmentally responsible, and sustainable manner. A fire occurred on October 6, 2025, in the heating system of its MB-4 fractionator in Mont Belvieu, Texas, but the company does not expect a material financial impact, suggesting a limited long-term reputational effect.

Institutional investors and hedge funds collectively own a significant portion of ONEOK's stock. Some of the major institutional owners include State Street Corp., Schweizerische Nationalbank, Sumitomo Mitsui Trust Group, Inc., Manulife Financial Corp., and Hennessy Advisors, Inc. Other institutional investors that have recently adjusted their holdings include Prudent Man Advisors LLC, Jackson Hole Capital Partners LLC, Financial Network Wealth Advisors LLC, Global Wealth Strategies & Associates, MorganRosel Wealth Management LLC, and Financial Gravity Asset Management Inc. Individual ownership accounts for 0.18% of the company's shares.