ONEOK, Inc.

NYSE:OKE Stock Report

Market Cap: US$52.2b

ONEOK Valuation

Is OKE undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

What is the Fair Price of OKE when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: OKE ($82.28) is trading below our estimate of future cash flow value ($163.84)

Significantly Below Future Cash Flow Value: OKE is trading below future cash flow value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for OKE?

Key metric: As OKE is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for OKE. This is calculated by dividing OKE's market cap by their current earnings.
What is OKE's PE Ratio?
PE Ratio15.3x
EarningsUS$3.39b
Market CapUS$52.20b

Price to Earnings Ratio vs Peers

How does OKE's PE Ratio compare to its peers?

The above table shows the PE ratio for OKE vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average16.9x
MPLX MPLX
12.1x4.50%US$59.8b
ET Energy Transfer
15.3x11.45%US$64.7b
TRGP Targa Resources
26.9x13.67%US$49.8b
EPD Enterprise Products Partners
13.4x5.61%US$78.5b
OKE ONEOK
15.3x6.41%US$52.2b

Price-To-Earnings vs Peers: OKE is good value based on its Price-To-Earnings Ratio (15.3x) compared to the peer average (16.9x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

How does OKE's PE Ratio compare vs other companies in the US Oil and Gas Industry?

9 CompaniesPrice / EarningsEstimated GrowthMarket Cap
SAFX XCF Global
0.4xn/aUS$38.14m
MVO MV Oil Trust
1.8xn/aUS$21.51m
AXAS Abraxas Petroleum
0.09xn/aUS$10.27m
RUBI Rubico
0.8xn/aUS$5.06m
OKE 15.3xIndustry Avg. 14.1xNo. of Companies24PE0816243240+
9 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: OKE is expensive based on its Price-To-Earnings Ratio (15.3x) compared to the US Oil and Gas industry average (14.1x).

Price to Earnings Ratio vs Fair Ratio

What is OKE's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

OKE PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio15.3x
Fair PE Ratio21.9x

Price-To-Earnings vs Fair Ratio: OKE is good value based on its Price-To-Earnings Ratio (15.3x) compared to the estimated Fair Price-To-Earnings Ratio (21.9x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst OKE forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$82.28
US$88.42
+7.46%
10.57%US$104.00US$74.00n/a19
Feb ’27US$79.19
US$87.80
+10.87%
11.28%US$108.00US$74.00n/a20
Jan ’27US$73.50
US$88.63
+20.59%
12.98%US$114.00US$72.00n/a19
Dec ’26US$73.68
US$88.79
+20.51%
13.26%US$114.00US$72.00n/a19
Nov ’26US$67.00
US$89.53
+33.62%
12.68%US$114.00US$75.00n/a19
Oct ’26US$72.98
US$93.89
+28.66%
10.54%US$114.00US$75.00n/a19
Sep ’26US$76.38
US$96.44
+26.27%
11.41%US$126.00US$82.00n/a18
Aug ’26US$78.99
US$102.44
+29.69%
14.04%US$147.00US$87.00n/a18
Jul ’26US$80.99
US$105.36
+30.09%
13.85%US$147.00US$90.00n/a18
Jun ’26US$80.84
US$106.08
+31.22%
13.27%US$147.00US$90.00n/a18
May ’26US$80.93
US$107.25
+32.52%
12.76%US$147.00US$90.00n/a18
Apr ’26US$99.50
US$111.55
+12.11%
10.28%US$147.00US$100.00n/a19
Mar ’26US$100.39
US$111.34
+10.91%
10.21%US$147.00US$90.42n/a19
Feb ’26US$97.17
US$110.55
+13.77%
11.89%US$147.00US$89.00US$79.1917
Jan ’26US$100.40
US$110.65
+10.21%
12.24%US$147.00US$89.00US$73.5016
Dec ’25US$113.60
US$107.96
-4.96%
12.74%US$147.00US$89.00US$73.6816
Nov ’25US$93.36
US$100.67
+7.83%
7.41%US$112.00US$85.00US$67.0017
Oct ’25US$92.28
US$94.15
+2.03%
9.42%US$112.00US$81.00US$72.9816
Sep ’25US$92.36
US$90.45
-2.07%
7.96%US$103.00US$81.00US$76.3816
Aug ’25US$82.06
US$85.85
+4.61%
5.97%US$93.00US$73.00US$78.9918
Jul ’25US$81.72
US$84.73
+3.69%
6.39%US$93.00US$73.00US$80.9918
Jun ’25US$81.00
US$84.40
+4.20%
5.93%US$93.00US$73.00US$80.8418
May ’25US$76.92
US$83.06
+7.99%
5.82%US$90.00US$70.00US$80.9320
Apr ’25US$79.71
US$81.11
+1.76%
5.55%US$88.00US$70.00US$99.5020
Mar ’25US$75.13
US$77.73
+3.47%
8.35%US$87.00US$62.00US$100.3920
Feb ’25US$68.48
US$76.49
+11.70%
7.96%US$86.00US$62.00US$97.1719
US$88.42
Fair Value
6.9% undervalued intrinsic discount
19
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/02/25 17:09
End of Day Share Price 2026/02/25 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

ONEOK, Inc. is covered by 34 analysts. 12 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
William SeleskyArgus Research Company
Ethan BellamyBaird
Theresa ChenBarclays