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OKE · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is ONEOK, Inc. (OKE) stock moving?
ONEOK raised its 2026 financial guidance with Q3 results announced Oct 27, and management said AI data center and utility demand should support gathering, processing and NGL volumes, with a possible Q4 tailwind and momentum into 2027. Analysts followed with higher targets: Freedom Capital Markets and Freedom Broker at Buy with $110, Truist at Hold with $105, Scotiabank at Sector Perform with $97, Jefferies at $97 from $94, and Barclays at Equal-Weight with $94 from $88. The average of these five targets is about $101, roughly 15% above the Nov 10 close of $87.37, but most published ratings remain Hold. The stock nevertheless fell from a $96.00 close on Oct 30 to $85.19 on Nov 6, about 11%, with heavy selling on Nov 4 (5.6M shares, the window's highest volume) against a 30-day average near 3.5M. The news feed gives no company-specific reason for that decline. Nov 10 brought a rebound to $87.37 on 5.06M shares, the second-highest volume in the window, but the close is still about 9% below the Oct 30 level. Sell-side sentiment is constructive on earnings and demand, yet the price has not followed the rising targets, so near-term direction depends on whether the rebound holds above the recent low area near $84-85.
News behind the analysis
- Barclays Maintains Hold Rating on ONEOK, Raises Price Target to $94Barclays kept its Hold rating on ONEOK and raised its price target from $88 to $94. The analyst is Theresa Chen.
- Barclays Reinstates Equal-Weight on ONEOK, Announces $94 Price TargetBarclays reinstated an Equal-Weight rating on ONEOK with a $94 price target. The note is a routine analyst update.
- Scotiabank Adjusts ONEOK, Inc. Price TargetScotiabank kept its Hold rating on ONEOK and raised its price target from $96 to $97. The analyst is Brandon Bingham.
- Scotiabank Maintains Sector Perform on ONEOK, Raises Price Target to $97Scotiabank maintained a Sector Perform rating on ONEOK and lifted its target to $97.
- Freedom Broker Maintains ONEOK at Buy, Raises Price Target to $110Freedom Broker reaffirmed its Buy rating on ONEOK and raised its price target from $105 to $110. It is the highest target among recent notes.
- Freedom Capital Markets Raises ONEOK Price Target to $110Analyst Sergey Pigarev of Freedom Capital Markets kept a bullish rating on ONEOK and raised the target from $105 to $110.
- Truist Securities Maintains ONEOK at Hold, Raises Price Target to $105Truist Securities kept its Hold rating on ONEOK and raised its price target from $104 to $105.
- Jefferies Adjusts Price Target on ONEOK to $97 From $94Jefferies raised its price target on ONEOK from $94 to $97.
- ONEOK Q3 2026 Earnings Call TranscriptONEOK reported third-quarter 2026 results on Oct 28 and published the earnings call transcript. The results followed the Oct 27 filing that raised 2026 guidance.
- ONEOK Says AI Data Centers, Utilities To Drive NatGas Demand, Supporting Gathering, Processing, NGL And Petrochemical Opportunities; Says Q4 Could See A "Nice Tailwind" If Current Conditions Hold, With Momentum Extending Into 2027Management said AI data centers and utilities should lift natural gas demand, supporting gathering, processing and NGL volumes. It said Q4 could see a nice tailwind if current conditions hold, with momentum into 2027.
About Oneok, Inc.
ONEOK is a Tulsa, Oklahoma-based midstream energy company that owns a large network of pipelines, processing plants, fractionators and storage facilities for natural gas, natural gas liquids (NGLs), refined products and crude oil. After acquiring Magellan Midstream, EnLink and Medallion, it became one of the largest US midstream operators, with major positions in the Permian Basin, Mid-Continent and Rocky Mountain regions. It is structured as a regular corporation that pays a sizable dividend (about $4.28 per share a year in 2026), not as a partnership.
How it makes money
ONEOK earns mostly fee-based revenue for gathering, processing, moving, fractionating and storing energy products. Its main segments are natural gas liquids (historically the largest earnings contributor), natural gas gathering and processing, natural gas pipelines, and refined products and crude oil. Reported revenue looks very large (about $12 billion in Q2 2026) because it includes the value of commodities it buys and sells, but profit depends mainly on volumes and fees. Some earnings are tied to commodity prices, especially in processing. The company guided to roughly $8.5–8.6 billion of adjusted EBITDA for 2026.
What usually moves OKE
- Permian and Bakken production and NGL volumes
- Natural gas and NGL prices
- Interest rates and debt levels
- Acquisition integration and capital spending
- Dividend outlook and energy export demand