ONEOK Stock Price Forecast: Where Analysts See the Stock Going by 2027

Nikko Henson • 5 minute read

Last updated Nov 23, 2025

ONEOK Inc. (NYSE: OKE) trades around $70/share after a tough stretch where leverage concerns and weaker sentiment weighed heavily on the stock. Despite the pullback, OKE remains one of the largest natural gas liquids operators in the United States, supported by steady cash flow and long-term demand across its pipeline network.

Recently, ONEOK completed key expansion work across its NGL systems and reported improving activity levels in several of its core operating regions. Management also highlighted stronger demand from export hubs and downstream customers, signaling that operational momentum is picking up even if the stock has not reflected it yet. These updates suggest OKE is positioned to regain stability as the energy backdrop becomes more supportive.

This article explores where Wall Street analysts believe ONEOK could trade by 2027. We’ve gathered consensus targets and valuation model outputs to outline the stock’s potential path. These figures reflect current analyst expectations and are not TIKR’s own predictions.

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Analyst Price Targets Suggest Limited Downside

OKE trades around $70/share, and analysts expect a solid recovery from current levels. The average target sits at $89/share, which represents roughly 30% upside. This places OKE firmly in the category of meaningful upside based on Street expectations.

High estimate: $114/share
Low estimate: $72/share
Median target: $89/share
Ratings: 8 Buys, 5 Outperforms, 7 Holds

For investors, the message is straightforward. Analysts view OKE as undervalued relative to its earnings power. The tight clustering around the $89 target suggests steady confidence that the recent selloff does not reflect the stability of the underlying business. OKE is seen primarily as a dependable cash flow generator where consistent operations can unlock long-term value.

ONEOK stock — ONEOK Analyst Price Target

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OKE Growth Outlook and Valuation

OKE’s fundamentals appear stable and show a clearer recovery path than the recent share price suggests. Margins are steady, volumes are improving and the valuation model points to meaningful upside if current trends continue.

Revenue is projected to grow 19.4% through 2027
Operating margins are expected to hold near 18.1%
Shares trade at a 12x forward P E multiple
Based on analysts’ average estimates, TIKR’s Guided Valuation Model using a 12x forward P E suggests about $102/share by 2027
That implies roughly 45% upside or about 19% annualized returns

These numbers indicate that OKE can compound steadily without requiring a major shift in valuation. The stock’s upside is driven by earnings normalization and a return to healthier operating momentum rather than aggressive growth.

For investors, OKE screens as a dependable operator with a discounted valuation. The business does not need rapid growth for the stock to work, making the path to long-term returns clearer if volumes and margins remain consistent.

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What’s Driving the Optimism?

Sentiment toward OKE has improved as the company’s operations show signs of strengthening. Higher utilization across pipelines, steady demand from petrochemical customers and a more constructive backdrop for natural gas liquids have given investors reasons to feel more confident. The company has also advanced its infrastructure expansion plans, reinforcing the idea that long-term demand for its assets remains intact.

For investors, these developments signal that the business is performing better than the stock price suggests. The long-term nature of OKE’s assets provides stability, and improving activity levels give credibility to the recovery case projected by analysts.

Bear Case: Leverage and Execution Risk

Despite the improving backdrop, OKE still faces risks. Leverage remains elevated relative to peers, and the company must maintain consistent operational performance to support its recovery. Any slowdown in volumes or operational setbacks across key systems could challenge earnings stability.

For investors, the concern is that if conditions soften or execution slips, OKE may have difficulty achieving the return profile implied by the valuation model. The stock’s upside remains tied to stable operations and progress on balance sheet improvement.

Outlook for 2027: What Could ONEOK Be Worth?

Based on analysts’ average estimates, TIKR’s Guided Valuation Model suggests ONEOK could trade near $102/share by 2027. This represents about 45% upside from the current price or approximately 19% annualized returns.

While this forecast is constructive, it already assumes a return to stable earnings and consistent throughput. To deliver stronger upside, OKE would need continued improvement in demand trends, better capital discipline and firmer industry conditions. Without these drivers, investors should expect steady and reliable compounding rather than rapid appreciation.

For investors, ONEOK stands out as a discounted and durable midstream operator with a valuation that does not fully reflect its underlying earnings power. The path back to the $100 range appears achievable if the company maintains its margin profile and operational consistency.

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