Analyst Consensus ?
ConsensusHold38 ratings
Bullish1744.7%
Neutral2155.3%
Bearish00.0%
ONEOK, Inc. · OKE · FY2024 Q4 · Calendar Q1 2025
ONEOK: Acquisition synergies and infrastructure projects drive growth outlook
The supplied analysis supports a constructive but conditional view: acquisition synergies, basin volumes and infrastructure expansion could sustain earnings growth, while execution, leverage, utilization and demand determine how much of the outlook is realized.
Reported After market closeNYSEEnergy
$58.70B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $1.46
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $6.73B
Revenue surprise
—
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-2.4%
Event window
SPY move
-0.5%
Same window
Abnormal move
-1.9%
Stock minus SPY
Volume
1.5×
Versus trailing sessions
Subsequent drift
+6.9%
Up to 20 sessions
OKESPY benchmark
Ask FN2 about OKE FY2024 Q4
Transcript, numbers and history already loaded
What drove OKE's -2.4% move after FY2024 Q4 earnings?What changed in OKE's guidance and outlook in FY2024 Q4?Give me the bull and bear case for OKE after FY2024 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The current analysis shifts emphasis toward a larger capital program and a new MPLX LPG export-dock joint venture, while maintaining guidance and highlighting incremental acquisition synergies and a 2026 growth outlook.
Guidance delta
Management maintained guidance, with 2025 targets of 8% EPS growth and 21% adjusted EBITDA growth; the analysis also cites a 2026 outlook for more than 15% EPS growth and roughly 10% adjusted EBITDA growth.
Key takeaways
- Management tied the outlook to acquisition synergies, volume growth and new infrastructure.
- The analysis cites incremental synergies above the original target from EnLink, Medallion, Magellan and Easton assets.
- Planned projects include an LPG export dock with MPLX, pipeline expansions and storage growth.
- The main counterweights are execution, leverage, utilization and demand risk.
Management priorities
- Advance the 400,000-barrel-per-day LPG export dock joint venture with MPLX.
- Expand Denver refined-products pipeline capacity and NGL infrastructure.
- Integrate acquired assets and continue realizing synergies.
- Pursue organic growth projects and evaluate strategic M&A.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$93.68Current
$57Low
$87.65Average
$112High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 22, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| RBC Capital | Sector Perform | Sector Perform | Maintain | Oct 21, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Oct 6, 2026 |
| TD Cowen | Hold | Hold | Maintain | Sep 11, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Sep 9, 2026 |
| Citigroup | Buy | Buy | Maintain | Sep 3, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Sep 2, 2026 |
| Truist Securities | Hold | Hold | Maintain | Sep 2, 2026 |
| Jefferies | Hold | Hold | Maintain | Sep 2, 2026 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | Sep 1, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Jul 8, 2026 |
| UBS | Buy | Buy | Maintain | Jan 22, 2026 |
| Raymond James | Outperform | Outperform | Maintain | Oct 24, 2025 |
| Mizuho | Neutral | Neutral | Maintain | Aug 29, 2025 |
| Stifel | Buy | Buy | Maintain | May 1, 2025 |
| Seaport Global | Buy | Buy | Maintain | Oct 29, 2024 |
| Wolfe Research | Peer Perform | Underperform | Upgrade | Jan 10, 2024 |
| B of A Securities | Buy | Neutral | Upgrade | Dec 4, 2023 |
| Credit Suisse | Neutral | Neutral | Maintain | Mar 15, 2022 |
| Goldman Sachs | Neutral | Sell | Upgrade | Jan 14, 2022 |
| Bernstein | Outperform | Market Perform | Upgrade | Sep 23, 2021 |
| SMBC Nikko | Neutral | Neutral | Maintain | Dec 3, 2020 |
| Argus Research | Hold | Buy | Downgrade | Aug 3, 2020 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Apr 30, 2020 |
| Baird | Neutral | Outperform | Downgrade | Mar 9, 2020 |
| Edward Jones | Buy | Hold | Upgrade | Mar 3, 2020 |
| Tudor Pickering | Buy | Buy | Maintain | Nov 8, 2019 |
| Mitsubishi UFJ | Neutral | Neutral | Maintain | Jun 6, 2019 |
| Bank of America | Buy | Neutral | Upgrade | Nov 2, 2018 |
| Argus | Buy | Hold | Upgrade | May 5, 2018 |
| Stifel Nicolaus | Hold | Hold | Maintain | May 3, 2018 |
| Deutsche Bank | Hold | Hold | Maintain | Apr 20, 2018 |
| U.S. Capital Advisors | Buy | Overweight | Maintain | Jan 4, 2018 |
| BMO Capital | Outperform | Market Perform | Upgrade | Jul 5, 2017 |
| Guggenheim | Buy | Buy | Maintain | Apr 18, 2017 |
| US Capital Advisors | Hold | Overweight | Downgrade | May 18, 2016 |
| Oppenheimer | Perform | Outperform | Downgrade | Jan 22, 2016 |
| Evercore ISI Group | Hold | Buy | Downgrade | Feb 25, 2015 |
| ISI Group | Buy | Buy | Maintain | Jul 29, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $93.68. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| RBC Capital | Elvira Scotto | $96 | $93.1 | +2.5% | Oct 21, 2026 |
| Raymond James | Analyst unavailable | $98 | $93.08 | +4.6% | Oct 20, 2026 |
| Scotiabank | Analyst unavailable | $96 | $91.07 | +2.5% | Oct 15, 2026 |
| Jefferies | Julien Dumoulin-Smith | $94 | $92.02 | +0.3% | Oct 13, 2026 |
| Stifel Nicolaus | Robert Hodges | $100 | $90.29 | +6.7% | Oct 9, 2026 |
| Capital One Financial | Analyst unavailable | $110 | $91.6 | +17.4% | Sep 22, 2026 |
| UBS | Analyst unavailable | $93 | $95.72 | -0.7% | Sep 11, 2026 |
| Morgan Stanley | Robert Kad | $112 | $97.42 | +19.6% | Sep 9, 2026 |
| Truist Financial | Gabe Daoud | $104 | $94.89 | +11.0% | Sep 2, 2026 |
| UBS | Analyst unavailable | $105 | $95.69 | +12.1% | Sep 2, 2026 |
| Wells Fargo | Praneeth Satish | $106 | $95.69 | +13.2% | Sep 2, 2026 |
| Scotiabank | Holly Stewart | $95 | $96.01 | +1.4% | Sep 1, 2026 |
| UBS | Manav Gupta | $108 | $94.76 | +15.3% | Aug 31, 2026 |
| Morgan Stanley | Analyst unavailable | $105 | $96.79 | +12.1% | Aug 18, 2026 |
| Morgan Stanley | Analyst unavailable | $103 | $88.8 | +9.9% | Jul 29, 2026 |
| RBC Capital | Analyst unavailable | $90 | $93.56 | -3.9% | Jul 21, 2026 |
| Jefferies | Analyst unavailable | $95 | $93 | +1.4% | Jul 17, 2026 |
| Barclays | Analyst unavailable | $88 | $90.67 | -6.1% | Jul 8, 2026 |
| Truist Financial | Gabe Daoud | $93 | $90.2 | -0.7% | May 4, 2026 |
| Raymond James | Analyst unavailable | $92 | $90.47 | -1.8% | Apr 30, 2026 |
| Scotiabank | Analyst unavailable | $89 | $89.32 | -5.0% | Apr 30, 2026 |
| Barclays | Analyst unavailable | $90 | $89.32 | -3.9% | Apr 30, 2026 |
| Barclays | Theresa Chan | $82 | $85.6 | -12.5% | Mar 5, 2026 |
| Mizuho Securities | Analyst unavailable | $89 | $87.33 | -5.0% | Feb 23, 2026 |
| Morgan Stanley | Robert Kad | $104 | $79.47 | +11.0% | Jan 28, 2026 |
| UBS | Analyst unavailable | $103 | $75.59 | +9.9% | Jan 22, 2026 |
| Jefferies | Analyst unavailable | $80 | $74.27 | -14.6% | Jan 20, 2026 |
| Scotiabank | Analyst unavailable | $91 | $73.61 | -2.9% | Jan 16, 2026 |
| Barclays | Analyst unavailable | $76 | $75.85 | -18.9% | Jan 15, 2026 |
| Goldman Sachs | John Mackay | $72 | $67 | -23.1% | Nov 3, 2025 |
| Stifel Nicolaus | Selman Akyol | $94 | $67.48 | +0.3% | Oct 30, 2025 |
| Wells Fargo | Michael Blum | $82 | $67.2 | -12.5% | Oct 30, 2025 |
| Raymond James | Analyst unavailable | $82 | $70.01 | -12.5% | Oct 24, 2025 |
| Barclays | Theresa Chen | $78 | $72.38 | -16.7% | Oct 9, 2025 |
| Goldman Sachs | John Mackay | $75 | $73.1 | -19.9% | Sep 29, 2025 |
| Mizuho Securities | Analyst unavailable | $82 | $75.89 | -12.5% | Aug 29, 2025 |
| Morgan Stanley | Analyst unavailable | $110 | $73.85 | +17.4% | Aug 26, 2025 |
| Barclays | Theresa Chen | $83 | $75.33 | -11.4% | Aug 14, 2025 |
| Scotiabank | Holly Stewart | $92 | $81.58 | -1.8% | Jul 15, 2025 |
| Morgan Stanley | Robert Kad | $133 | $102.38 | +42.0% | Mar 25, 2025 |
| Scotiabank | Analyst unavailable | $102 | $89.74 | +8.9% | Mar 6, 2025 |
| Bank of America Securities | Jean Ann Salisbury | $105 | $95.65 | +12.1% | Oct 17, 2024 |
| RBC Capital | Elvira Scotto | $98 | $95.39 | +4.6% | Oct 16, 2024 |
| Morgan Stanley | Robert Kad | $111 | $91.37 | +18.5% | Sep 16, 2024 |
| CFRA | Stewart Glickman | $97 | $92.07 | +3.5% | Sep 10, 2024 |
| Citigroup | Spiro Dounis | $102 | $92.36 | +8.9% | Sep 3, 2024 |
| CFRA | Stewart Glickman | $90 | $83.06 | -3.9% | Aug 7, 2024 |
| Truist Financial | Neal Dingmann | $83 | $82.79 | -11.4% | Jul 30, 2024 |
| Seaport Global | Sunil Sibal | $89 | $82.2 | -5.0% | Jul 30, 2024 |
| Seaport Global | Sunil Sibal | $76 | $68.97 | -18.9% | Feb 8, 2024 |
| Scotiabank | Sector Outperform | $78 | $61.75 | -16.7% | Oct 2, 2023 |
| Truist Financial | Analyst unavailable | $73 | $64.7 | -22.1% | Dec 21, 2022 |
| Citigroup | Analyst unavailable | $67 | $64.12 | -28.5% | Dec 9, 2022 |
| Morgan Stanley | Analyst unavailable | $74 | $57.7 | -21.0% | Jul 20, 2022 |
| Barclays | Analyst unavailable | $62 | $58.36 | -33.8% | Jul 20, 2022 |
| Truist Financial | Neal Dingmann | $78 | $63.31 | -16.7% | May 2, 2022 |
| Wells Fargo | Analyst unavailable | $75 | $65.48 | -19.9% | Apr 28, 2022 |
| Morgan Stanley | Analyst unavailable | $81 | $66.3 | -13.5% | Apr 26, 2022 |
| Raymond James | Analyst unavailable | $75 | $73.02 | -19.9% | Apr 20, 2022 |
| Bank of America Securities | Chase Mulvehill | $66 | $60.46 | -29.5% | Jan 18, 2022 |
| Morgan Stanley | Robert Kad | $70 | $61.49 | -25.3% | Jan 7, 2022 |
| Citigroup | Timm Schneider | $62 | $59.7 | -33.8% | Jan 5, 2022 |
| J.P. Morgan | Jeremy Tonet | $66 | $63.02 | -29.5% | Nov 23, 2021 |
| Raymond James | James Weston | $70 | $62.45 | -25.3% | Nov 4, 2021 |
| Bernstein | Jean Ann Salisbury | $66 | $55.76 | -29.5% | Sep 23, 2021 |
| Neuberger Berman | Mirek Zak | $57 | $53.19 | -39.2% | Jun 8, 2021 |
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Start freeCompany context
Snapshot as of publicationONEOK, Inc., along with its subsidiaries, functions as a leading energy infrastructure company within the United States. Its primary focus is the comprehensive management of natural gas, encompassing gathering, processing, storage, and transportation. These operations are structured into three distinct segments: Natural Gas Gathering and Processing, Natural Gas Liquids (NGL), and Natural Gas Pipelines. The company owns an extensive system of natural gas gathering pipelines and processing plants, predominantly situated in the Mid-Continent and Rocky Mountain regions. Furthermore, ONEOK manages both federally (FERC) and state-regulated interstate and intrastate natural gas transmission pipelines, alongside crucial natural gas storage facilities. A significant component of ONEOK's business is dedicated to Natural Gas Liquids. The company handles the entire NGL value chain, from collecting, treating, and fractionating to transporting, storing, marketing, and distributing these products.…
Historical context
All OKE earningsEnergy peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| KMI Kinder Morgan, Inc. | FY2026 Q3 · Calendar Q4 2026 | +9.2% | +1.2% | KMI Q3: Record backlog expands long-term gas infrastructure runway |
Latest beats and misses
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Missed on EPS
- GL-PDFY2026 Q3 · October 21, 2026-1.2% EPS— move
- GLFY2026 Q3 · October 21, 2026-1.2% EPS-3.8% move
- METAFY2026 Q3 · October 21, 2026-41.4% EPS+0.5% move
- LVSFY2026 Q3 · October 21, 2026-20.9% EPS-1.7% move
- MCOFY2026 Q3 · October 21, 2026-2.6% EPS+1.2% move
- CCIFY2026 Q3 · October 21, 2026-2.5% EPS-3.1% move
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2025-02-10T00:02:09.030919+00:00
- Polygon adjusted daily market bars · 2026-10-22T14:40:47.546782+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-22T14:40:47.543930+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-22. For educational purposes only; not investment advice.