Oneok Inc.
OKE - Insider Information
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+ FollowMarket Cap$61.33B
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Earnings Call Q3 2026
October 28, 2026 - AI Summary
Q3 results were strong; guidance raised again (2026)
- Net income: $1.35B (EPS $2.13), includes a $336M one-time noncash tax benefit tied to the corporate reorganization for the minority equity transaction.
- Adjusted EBITDA: $2.24B (+6% YoY); includes $53M net transaction benefit mainly from debt extinguishment gains.
- 2026 outlook raised for the 3rd time: midpoint net income $4.18B and adjusted EBITDA ~$8.55B (midpoint).
- This is +~$200M vs last quarter’s EBITDA midpoint and +~$450M vs the original February midpoint.
- Incremental drivers: ~$50M transaction-related, ~$75M from Brazos Midland, ~$25M transaction costs, and ~$100M from stronger base business performance.
Capital + acquisition integration: Brazos is already contributing; more projects ahead
- ONEOK closed a ~$9B minority equity investment, extinguished ~$5.5B debt, and received credit rating upgrades (S&P and Fitch to BBB+ stable).
- Brazos Midland acquisition closed earlier in October; management is “very pleased” and says volumes are already above expectations for this point in the year.
- 2026 CapEx: now expected ~$3.5B (from earlier guidance approach upper end near $3.2B).
- Main reasons: ~$200M capital tied to the acquisition + growth/completion activity (e.g., Cutter 2 plants, Delaware NGL expansion, plus compression shifted into 2026 from 2027).
- Forward-looking: No 2027 guidance today, but management expects to provide it after Q4 results in February.
Strategic outlook: expect mid-to-high single digit adjusted EBITDA growth for 5–7 years (from 2025 base)
- Pierce Norton reiterated confidence in mid-to-high single digit growth for next 5–7 years, driven by:
- Producer development plans, drilling/completion efficiencies
- Recently completed projects contributing in 2027
- Additional projects nearing completion + full year of Brazos ownership
- Diversification across natural gas, NGLs, refined products, crude (not dependent on one commodity or single project)
- Hedging program: as the back end of the forward curve rose, ONEOK increased programmatic hedging into 2027 at higher prices/greater percentages than 2026.
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$237.64
168.2% upside
Current Fair Value
168.2% upsideUndervalued by 168.2% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $61.33 Billion |
|---|---|
| Enterprise Value | $94.19 Billion |
| Annual dividend | $4.24 |
| Dividend yield | 4.37% |
| Earnings per Share | $5.43 |
| Beta | 0.72 |
| Outstanding Shares | 631,100,000 |
Return
| Return on Equity | 17.74% |
|---|---|
| Return on Assets | 5.94% |
| Return on Invested Capital | 10.54% |
Valuation & Multiples
| P/E Ratio | 15.05 |
|---|---|
| PEG | 34.38 |
| Price to Sales | 1.3 |
| Price to Book Ratio | 2.46 |
| Enterprise Value to Revenue | 2.18 |
| Enterprise Value to EBIT | 14.57 |
| Enterprise Value to Net Income | 23 |
| Total Debt to Enterprise | 0.35 |
| Debt to Equity | 1.44 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 27, 2026
EPS Estimate
$1.50
Consensus analyst estimateRevenue Estimate
$10.54 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 22, 2027
EPS Estimate
$1.48
Consensus analyst estimateRevenue Estimate
$10.42 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 83.30% |
|---|---|
| Total Calls | 1,900▼ 99.95% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.45%▼ 81.38% |
|---|---|
| Total Invested | $1.87B▼ 95.98% |
| Investors Holding | 622▼ 1103.00% |
About Oneok Inc.
6,326 employees
CEO: Terry Spencer
ONEOK, Inc. is a prominent energy infrastructure company in the United States, specializing in the entire natural gas value chain. Its primary activities encompass the gathering, processing, storage, and transportation of both natural ga...