Reading the tape
NYSE: OKE
ONEOK, Inc.
Energy · Oil & Gas Midstream
Market Cap
$53.65B
52w High
$95.30
52w Low
$64.02
P/E
15.20
Volume
4.06M
Outstanding Shares
630.03M
Price vs Fundamentals
Why The Stock Is Moving
Mixed / unclearLow confidence
1Y Price: 3.54%Revenue (TTM): 41.04%FCF (TTM): -26.68%P/FCF: 77th pct
What changed
The stock rose 3.54% over the last year. Revenue grew 41.04% over the trailing twelve months. Operating margin moved from 20.82% to 20.26%. Free cash flow declined 26.68% over the trailing twelve months.
What the market seems to be pricing
The stock has moved higher with no clear directional signal from operating metrics. The operating data does not yet tell a clear story — the move may reflect sentiment, sector rotation, or macro factors rather than company-specific earnings power.
What would invalidate this read
Operating margin currently stands at 20.26%. A decisive move in revenue — currently up 41.04% — would be the clearest signal to resolve the ambiguity.
Company profile
ONEOK, Inc., together with its subsidiaries, engages in gathering, processing, storage, and transportation of natural gas in the United States.
CEOPierce H. Norton
SectorEnergy
IndustryOil & Gas Midstream
Employees6,326
IPO dateOct 1, 1980
Valuation
Forward P/E—
EV/EBITDA10.15
Enterprise value$79.04B
Stock splits
Feb 3, 2014↑ Forward
Every 5000 shares became 5711
Jun 4, 2012↑ Forward
Every 1 shares became 2
Jun 12, 2001↑ Forward
Every 1 shares became 2
Mar 1, 1990↑ Forward
Every 1 shares became 2
Jan 17, 1978↑ Forward
Every 2 shares became 3
Profitability & growth
Revenue growth19.58%
Gross margin23.95%▼8.03%vs FY2024
Operating margin20.26%▼10.72%vs FY2024
ROE15.1%▼15.25%vs FY2024
Analyst consensus
RatingHold
Target price$92.50▲8.62%
19
Buy
20
Hold
0
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
Aug 3, 2026
Q3 FY26 · EPS est $1.41 · Revenue est $8.52B
View
Dividends
$4.20/shareQuarterlyDividend Aristocrat · 36yrStretchedOKE pays a dividend with a 4.93% dividend yield, 36 consecutive years of growth, growing at 2.35% annually, covered 0.9× by free cash flow.
Dividend Yield
4.93%
Annual Div / Share
$4.20
5yr CAGR
+2.35%
Doubles every ~29.9yr
Payout Ratio
73.99%
Stretched
Dividend Growth Rate
3yr CAGR
+3.57%
5yr CAGR
+2.35%
10yr CAGR
+5.54%
Dividend Safety
3/10Stretched
Dividend History
Annualized dividend cycles per share
YearAnnual DivYoY
2026$4.20+4.0%
2025$4.04+3.9%
2024$3.89+2.9%
2023$3.78+1.1%
2022$3.74+0.0%
2021$3.74+1.8%
2020$3.67+7.9%
Income Projection
Invest
$
Growth rate:
Reinvest dividends
Today
$49/yr
$4/mo
In 5 yrs
$55/yr+12%
$5/mo
In 10 yrs
$62/yr+26%
$5/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$49/yr $4/mo | $55/yr+12% $5/mo | $62/yr+26% $5/mo |
Yield-on-cost grows from 4.93% → 6.22% over 10yr
Analysis
Dividend Strengths
Dividend Aristocrat
OKE has raised its dividend for 36 consecutive years — qualifying as a Dividend Aristocrat, demonstrating long-term commitment to shareholder income.
Risks to Watch
Dividend exceeds free cash flow
Free cash flow covers only 0.95× the dividend. The company is paying out more than it generates in cash, which is unsustainable without borrowing or asset sales.