Key Stats for ONEOK Stock
- 6-Month Performance: 11%
- 52-Week Range: $64 to $104
- Valuation Model Target Price: $98
- Implied Upside: 19.6%
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What Happened?
ONEOK stock is up about 11% over the past six months, recently trading near $82 per share as investors gained confidence in the company’s integration progress, stable midstream cash flows, and dividend durability heading into 2026.
Shares have gradually strengthened as energy infrastructure demand remained resilient and the company continued positioning itself as a diversified, multi-commodity platform rather than a single-basin operator.
The move higher reflects rising institutional conviction and improved balance sheet visibility following recent acquisitions.
Vanguard increased its stake by 0.9% to 77,222,590 shares, representing about 12.27% of the company and valued at roughly $5.63 billion.
Advisors Capital Management raised its position by 23.6% to 759,241 shares worth about $55.4 million, while NEOS Investment Management boosted its stake by 46.4% to 79,351 shares valued near $5.79 million. Broader institutional ownership stands at approximately 69.13%, reinforcing sustained large-investor participation.
Additional filings showed continued accumulation across several firms. Raiffeisen Bank International more than doubled its stake by 106.2% to 22,561 shares valued at about $1.65 million, M&G PLC increased its holdings by 8.3% to 1,039,005 shares worth roughly $75.85 million, and TCTC Holdings expanded its position by 447.4% to 56,307 shares valued near $4.11 million.
While Todd Asset Management reduced its stake by 36.8%, the overall pattern across disclosures indicates net accumulation among institutional holders during the third quarter.
More recently, ONEOK announced the election of Mark A. McCollum and Precious Williams Owodunni as independent directors effective January 23, 2026, strengthening board oversight with deep energy leadership experience.
The company subsequently filed initial beneficial ownership statements with the SEC on January 27, 2026, formally disclosing both directors’ equity ownership positions as investors assess execution heading into 2026.
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Is ONEOK Undervalued?
Under valuation assumptions, the stock is modeled using:
- Revenue Growth (CAGR): (1.7%)
- Operating Margins: 20.0%
- Exit P/E Multiple: 13.6x
Revenue is expected to normalize slightly following the step-change increase driven by recent acquisitions, stabilizing near the $32 to $34 billion range as integration shifts from expansion to optimization.
Margin expansion toward 20% depends on continued synergy realization, higher utilization across gathering and fractionation systems, and disciplined cost control across the expanded asset footprint.
Performance in 2026 will be driven primarily by natural gas liquids volume growth, improved throughput across the Permian and Mid-Continent regions, and balance sheet improvement from the current 4.49x net debt to EBITDA level.
Strong free cash flow after dividends could support gradual deleveraging while maintaining the company’s 5% dividend yield.
Based on these inputs, the model estimates a target price of $98, implying about 19.6% total upside over the next several years, indicating the stock appears undervalued at current prices.
At current levels near $82 per share, ONEOK appears modestly undervalued, with potential upside supported by integration execution, margin durability, and steady cash flow generation rather than aggressive top-line growth.
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