ONEOK, Inc. (OKE)

ONEOK's stock experienced a turbulent 2025, losing 26.8% of its value due to massive acquisitions that strained its stock price by adding employee-related and integration costs, as well as significant debt. In August 2025, ONEOK announced a Permian-to-Gulf Coast Region Joint Venture Natural Gas Pipeline. In September 2025, ONEOK announced an open season for the proposed Sun Belt Connector pipeline. In October 2025, the company announced higher third-quarter 2025 earnings and affirmed its 2025 net income and adjusted EBITDA guidance ranges and declared its quarterly dividend. In November 2025, MarketWatch highlighted ONEOK as a stock pick beyond the AI trade. In December 2025, articles discussed ONEOK's valuation, suggesting it was a bargain after its 2025 stock slide and that it was poised for a comeback in 2026 due to contributions from recent acquisitions and expected tax expense reductions, and insider buying activity was noted. In January 2026, UBS reiterated a "Buy" rating and a $114.00 price target on ONEOK, while Goldman Sachs adjusted its price target to $72, maintaining a "Neutral" rating, and Stifel also reduced its price target to $94 from $97, while maintaining a "Buy" rating.

Demand for ONEOK's products and services exhibits seasonality, particularly for refined products and natural gas. The company experiences its strongest quarters for refined products demand post-winter, benefiting from the travel season. Natural gas demand can be influenced by heating needs in colder months. ONEOK's operations are vital for meeting domestic and international energy demand for heating, electricity generation, and end-use products, and the company also expects increased demand for natural gas pipelines due to rising U.S. LNG export capacity.

ONEOK, Inc. is a diversified energy infrastructure company specializing in midstream services, operating within the Energy sector and the Oil & Gas Midstream industry. The company's core business includes gathering, processing, fractionation, transportation, storage, and marine export of natural gas, NGLs, refined products, and crude oil, managing an extensive pipeline network of approximately 60,000 miles. ONEOK provides natural gas gathering and processing services to producers in regions such as the Rocky Mountain, Mid-Continent, Permian Basin, and North Texas. ONEOK gathers, fractionates, treats, distributes, and stores NGL products primarily in the Rocky Mountain, Mid-Continent, Permian Basin, and Gulf Coast areas, including Louisiana. ONEOK offers interstate and intrastate transportation and storage of natural gas. ONEOK gathers, transports, stores, distributes, blends, and markets petroleum products, including marine export facilities.

ONEOK's operations are primarily concentrated in North America, specifically across the United States. Its natural gas gathering and processing activities are prominent in the Rocky Mountain region, the Mid-Continent region, the Permian Basin, and North Texas. NGL gathering and distribution pipelines extend across Oklahoma, Kansas, Texas, New Mexico, Montana, North Dakota, Wyoming, and Colorado. The company also has significant refined products and crude oil infrastructure, including the longest refined products pipeline system in the U.S., extending from the Gulf Coast into the eastern Rockies, the Great Plains, the Upper Midwest, and across Texas into New Mexico. ONEOK's headquarters are located in Tulsa, Oklahoma.

ONEOK maintains a strong reputation as a leading midstream energy infrastructure company in the U.S. It is a Fortune 500 company and a member of the S&P 500. Forbes has recognized ONEOK in several lists in 2025 and 2026, including America's Best-In-State Companies (2026), America's Best Employers By State (2025), Global 2000 (2025), Global 2000: United States (2025), Most Trusted Companies in America (2025), and America's Best Companies (2025). The company emphasizes safe, reliable, and environmentally responsible practices.

ONEOK's stock ownership is a mix of institutional, insider, and retail investors. Institutions hold a significant portion of ONEOK's shares, with approximately 71.90% of the company owned by institutional shareholders, including Vanguard Group Inc., BlackRock, Inc., and State Street Corp. Retail investors own approximately 27.22% of the company. ONEOK insiders own approximately 0.89% of the company, and insider buying activity has been noted in the past three months.