
ONEOK Inc (OKE) Stock Forecast & Price Target
ONEOK Inc (OKE) Analyst Ratings
Bulls say
ONEOK is supported by a stronger pro forma earnings profile from the Brazos, Canes, and Vaquero assets, with FY27/FY28/FY29 EBITDA estimates rising by $343M/$452M/$440M versus prior forecasts and implied earnings CAGR improving to 4.7% from sub-4%. Its diversified midstream footprint across natural gas, NGLs, refined products, and crude oil in the midcontinent, Permian, and Rocky Mountain regions should benefit from system utilization near 85%, $40MM of assumed synergies, and incremental volumes already flowing on its network. Even with modest leverage and a 10.2x FY3 multiple, the business appears fundamentally resilient because producer activity could still create upside to forward estimates, while the earnings trajectory remains anchored by essential infrastructure demand.
Bears say
ONEOK is viewed negatively because its growth is highly dependent on timely project execution, permitting, and stable regulatory conditions, while leverage and capital-market sensitivity leave earnings exposed if debt costs rise or liquidity tightens. Its fundamentals also appear less compelling than peers because FY3 consensus estimates have fallen about 3% even as its FY3 multiple expanded nearly 14% YTD, implying valuation is outrunning earnings. With roughly 75% hedged in G&P, muted commodity upside, and heavier exposure to the Bakken and MidCon than the Permian, downside risk may outweigh the limited earnings torque.
This aggregate rating is based on analysts' research of ONEOK Inc and is not a guaranteed prediction by Public.com or investment advice.
ONEOK Inc (OKE) Analyst Forecast & Price Prediction
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