ONEOK boosts 2026 outlook after strong first quarter
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The latest announcement is out from Oneok ( (OKE) ).
On April 28, 2026, ONEOK reported that first-quarter 2026 net income rose 12% year over year to $776 million, or $1.23 per diluted share, while adjusted EBITDA climbed 13% to about $2.0 billion, driven by higher NGL, natural gas processing, refined products and pipeline volumes, as well as strong optimization and marketing activity. The company also raised its 2026 guidance, lifting net income to a midpoint of $3.5 billion and adjusted EBITDA to a midpoint of $8.25 billion, while keeping capital expenditure plans unchanged and highlighting improving market conditions, regional volume gains and balance sheet moves such as redeeming near-term notes and securing a new term loan.
Segment results showed particularly strong gains in Natural Gas Liquids and Natural Gas Pipelines, which offset price-driven weakness in Gathering and Processing, and reflected robust demand in the Gulf Coast/Permian and other key regions. Operational milestones, including relocating a processing plant to the Permian and declaring a higher dividend run-rate, underscore ONEOK’s efforts to build momentum through 2026 and reinforce its positioning as a leading midstream operator benefiting from increased throughput and constructive market dynamics.
The most recent analyst rating on (OKE) stock is a Hold with a $91.00 price target. To see the full list of analyst forecasts on Oneok stock, see the OKE Stock Forecast page.
Spark’s Take on OKE Stock
According to Spark, TipRanks’ AI Analyst, OKE is a Outperform.
Overall score is driven primarily by solid financial performance led by strong and improving cash flow, with some margin pressure and leverage risk. Technicals are supportive with price above key moving averages and healthy momentum. Valuation adds support via a mid-teens P/E and ~5% dividend yield. Earnings call signals steady execution and visible 2026 drivers, tempered by spread/volume headwinds and slower progress toward the leverage target.
To see Spark’s full report on OKE stock, click here.
More about Oneok
ONEOK, Inc., based in Tulsa, Okla., operates in the U.S. midstream energy sector, focusing on natural gas liquids, natural gas gathering and processing, refined products, crude, and natural gas pipelines. The company’s integrated asset portfolio serves key producing regions including the Gulf Coast/Permian, Rocky Mountain, Mid-Continent and major pipeline corridors, with a strategy centered on volume growth, optimization and fee-based transportation and storage services.
Average Trading Volume: 5,043,510
Technical Sentiment Signal: Strong Buy
Current Market Cap: $55.13B
For detailed information about OKE stock, go to TipRanks’ Stock Analysis page.
