Analyst Consensus ?
ConsensusHold38 ratings
Bullish1744.7%
Neutral2155.3%
Bearish00.0%
ONEOK, Inc. · OKE · FY2025 Q4 · Calendar Q1 2026
ONEOK Maintains 2026 Outlook as Synergies and Projects Advance
The supplied analysis supports a constructive but conditional view of ONEOK's earnings trajectory: management points to durable fee-based growth, acquisition synergies, and capacity expansion, while the key test is whether project execution and incremental synergies offset commodity-spread, throughput, and capital-return risks.
Reported After market closeNYSEEnergy
$53.73B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.55
Consensus $1.50
EPS surprise
+3.3%
Reported versus consensus
Reported revenue
$9.06B
Consensus $8.75B
Revenue surprise
+3.6%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-5.1%
Event window
SPY move
+0.7%
Same window
Abnormal move
-5.8%
Stock minus SPY
Volume
1.8×
Versus trailing sessions
Subsequent drift
+9.7%
Up to 20 sessions
OKESPY benchmark
Ask FN2 about OKE FY2025 Q4
Transcript, numbers and history already loaded
Why did OKE fall 5.1% after beating EPS estimates in FY2025 Q4?What changed in OKE's guidance and outlook in FY2025 Q4?Give me the bull and bear case for OKE after FY2025 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, the discussion moved from reaffirming the existing framework to a more explicit 2026 plan: management cited $8.1 billion of adjusted EBITDA guidance, incremental synergies, and a project timetable while continuing to emphasize debt reduction, dividends, and shareholder returns.
Guidance delta
Maintained: management's 2026 adjusted EBITDA outlook is $8.1 billion, supported by volume growth, acquisition synergies, and scheduled capacity projects.
Key takeaways
- Management described 2025 as a year of double-digit earnings growth and highlighted continued acquisition integration.
- The company said recent acquisitions have generated more than $500 million of synergies, with additional synergies included in the 2026 outlook.
- Major projects including Shadowfax, the Denver pipeline expansion, and Medford Phase 1 were described as on schedule.
- The earnings framework emphasizes fee-based cash generation, volume growth, and continued balance-sheet and shareholder returns.
Management priorities
- Capture additional acquisition synergies.
- Bring scheduled processing, pipeline, and fractionation projects online.
- Grow fee-based volumes across the Permian, Bakken, Mid-Continent, and Gulf Coast.
- Maintain capital discipline while reducing debt and returning capital to shareholders.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$87.16Current
$57Low
$86.8Average
$112High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 1, 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 |
|---|---|---|---|---|
| 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 |
| JP Morgan | Neutral | Neutral | Maintain | Sep 1, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Jul 21, 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 $87.16. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Capital One Financial | Analyst unavailable | $110 | $91.6 | +26.2% | Sep 22, 2026 |
| UBS | Analyst unavailable | $93 | $95.72 | +6.7% | Sep 11, 2026 |
| Morgan Stanley | Robert Kad | $112 | $97.42 | +28.5% | Sep 9, 2026 |
| Truist Financial | Gabe Daoud | $104 | $94.89 | +19.3% | Sep 2, 2026 |
| UBS | Analyst unavailable | $105 | $95.69 | +20.5% | Sep 2, 2026 |
| Wells Fargo | Praneeth Satish | $106 | $95.69 | +21.6% | Sep 2, 2026 |
| Scotiabank | Holly Stewart | $95 | $96.01 | +9.0% | Sep 1, 2026 |
| UBS | Manav Gupta | $108 | $94.76 | +23.9% | Aug 31, 2026 |
| Morgan Stanley | Analyst unavailable | $105 | $96.79 | +20.5% | Aug 18, 2026 |
| Morgan Stanley | Analyst unavailable | $103 | $88.8 | +18.2% | Jul 29, 2026 |
| RBC Capital | Analyst unavailable | $90 | $93.56 | +3.3% | Jul 21, 2026 |
| Jefferies | Analyst unavailable | $95 | $93 | +9.0% | Jul 17, 2026 |
| Barclays | Analyst unavailable | $88 | $90.67 | +1.0% | Jul 8, 2026 |
| Truist Financial | Gabe Daoud | $93 | $90.2 | +6.7% | May 4, 2026 |
| Raymond James | Analyst unavailable | $92 | $90.47 | +5.6% | Apr 30, 2026 |
| Scotiabank | Analyst unavailable | $89 | $89.32 | +2.1% | Apr 30, 2026 |
| Barclays | Analyst unavailable | $90 | $89.32 | +3.3% | Apr 30, 2026 |
| Barclays | Theresa Chan | $82 | $85.6 | -5.9% | Mar 5, 2026 |
| Mizuho Securities | Analyst unavailable | $89 | $87.33 | +2.1% | Feb 23, 2026 |
| Morgan Stanley | Robert Kad | $104 | $79.47 | +19.3% | Jan 28, 2026 |
| UBS | Analyst unavailable | $103 | $75.59 | +18.2% | Jan 22, 2026 |
| Jefferies | Analyst unavailable | $80 | $74.27 | -8.2% | Jan 20, 2026 |
| Scotiabank | Analyst unavailable | $91 | $73.61 | +4.4% | Jan 16, 2026 |
| Barclays | Analyst unavailable | $76 | $75.85 | -12.8% | Jan 15, 2026 |
| Goldman Sachs | John Mackay | $72 | $67 | -17.4% | Nov 3, 2025 |
| Stifel Nicolaus | Selman Akyol | $94 | $67.48 | +7.8% | Oct 30, 2025 |
| Wells Fargo | Michael Blum | $82 | $67.2 | -5.9% | Oct 30, 2025 |
| Raymond James | Analyst unavailable | $82 | $70.01 | -5.9% | Oct 24, 2025 |
| Barclays | Theresa Chen | $78 | $72.38 | -10.5% | Oct 9, 2025 |
| Goldman Sachs | John Mackay | $75 | $73.1 | -14.0% | Sep 29, 2025 |
| Mizuho Securities | Analyst unavailable | $82 | $75.89 | -5.9% | Aug 29, 2025 |
| Morgan Stanley | Analyst unavailable | $110 | $73.85 | +26.2% | Aug 26, 2025 |
| Barclays | Theresa Chen | $83 | $75.33 | -4.8% | Aug 14, 2025 |
| Scotiabank | Holly Stewart | $92 | $81.58 | +5.6% | Jul 15, 2025 |
| Morgan Stanley | Robert Kad | $133 | $102.38 | +52.6% | Mar 25, 2025 |
| Scotiabank | Analyst unavailable | $102 | $89.74 | +17.0% | Mar 6, 2025 |
| Bank of America Securities | Jean Ann Salisbury | $105 | $95.65 | +20.5% | Oct 17, 2024 |
| RBC Capital | Elvira Scotto | $98 | $95.39 | +12.4% | Oct 16, 2024 |
| Morgan Stanley | Robert Kad | $111 | $91.37 | +27.4% | Sep 16, 2024 |
| CFRA | Stewart Glickman | $97 | $92.07 | +11.3% | Sep 10, 2024 |
| Citigroup | Spiro Dounis | $102 | $92.36 | +17.0% | Sep 3, 2024 |
| CFRA | Stewart Glickman | $90 | $83.06 | +3.3% | Aug 7, 2024 |
| Truist Financial | Neal Dingmann | $83 | $82.79 | -4.8% | Jul 30, 2024 |
| Seaport Global | Sunil Sibal | $89 | $82.2 | +2.1% | Jul 30, 2024 |
| Seaport Global | Sunil Sibal | $76 | $68.97 | -12.8% | Feb 8, 2024 |
| Scotiabank | Sector Outperform | $78 | $61.75 | -10.5% | Oct 2, 2023 |
| Truist Financial | Analyst unavailable | $73 | $64.7 | -16.2% | Dec 21, 2022 |
| Citigroup | Analyst unavailable | $67 | $64.12 | -23.1% | Dec 9, 2022 |
| Morgan Stanley | Analyst unavailable | $74 | $57.7 | -15.1% | Jul 20, 2022 |
| Barclays | Analyst unavailable | $62 | $58.36 | -28.9% | Jul 20, 2022 |
| Truist Financial | Neal Dingmann | $78 | $63.31 | -10.5% | May 2, 2022 |
| Wells Fargo | Analyst unavailable | $75 | $65.48 | -14.0% | Apr 28, 2022 |
| Morgan Stanley | Analyst unavailable | $81 | $66.3 | -7.1% | Apr 26, 2022 |
| Raymond James | Analyst unavailable | $75 | $73.02 | -14.0% | Apr 20, 2022 |
| Bank of America Securities | Chase Mulvehill | $66 | $60.46 | -24.3% | Jan 18, 2022 |
| Morgan Stanley | Robert Kad | $70 | $61.49 | -19.7% | Jan 7, 2022 |
| Citigroup | Timm Schneider | $62 | $59.7 | -28.9% | Jan 5, 2022 |
| J.P. Morgan | Jeremy Tonet | $66 | $63.02 | -24.3% | Nov 23, 2021 |
| Raymond James | James Weston | $70 | $62.45 | -19.7% | Nov 4, 2021 |
| Bernstein | Jean Ann Salisbury | $66 | $55.76 | -24.3% | Sep 23, 2021 |
| Neuberger Berman | Mirek Zak | $57 | $53.19 | -34.6% | Jun 8, 2021 |
Track every rating change on OKE the moment it posts. Free to start.
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 earningsLatest beats and misses
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:36:15.940040+00:00
- Polygon adjusted daily market bars · 2026-10-01T21:06:07.036615+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-01T21:06:07.033953+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 2026-10-01. For educational purposes only; not investment advice.