OKE
EnergyONEOK, Inc. · Oil & Gas Midstream · $57B
What is ONEOK, Inc.?
ONEOK, Inc. is a large-cap midstream energy company headquartered in Tulsa, Oklahoma, focused on natural gas and natural gas liquids infrastructure across the United States.
ONEOK gathers, processes, stores, and transports natural gas and natural gas liquids (NGLs) through an extensive pipeline and facility network spanning the Mid-Continent and Rocky Mountain regions. Revenue comes primarily from fee-based midstream services, giving the business a degree of cash flow predictability tied to volumes rather than commodity prices alone.
Founded in 1980, ONEOK is based in Tulsa, Oklahoma.
- Natural gas gathering and processing
- NGL fractionation, storage, and distribution
- Interstate and intrastate natural gas pipeline transmission
Is OKE a Good Stock to Buy?
UQS Score rates OKE as Good overall.
ONEOK's Quality and Valuation pillars both register as Good, reflecting a business model built on durable infrastructure assets and fee-based cash flows. Its extensive pipeline network across multiple states provides a degree of operational scale that supports consistent earnings.
The Risk pillar scores Weak, reflecting the leverage typical of capital-intensive midstream businesses, while Moat and Growth both register as Neutral.
See the exact pillar breakdown and full financial metrics by signing up for a UQS Pro account. Sign up free →
Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does OKE pay dividends?
Yes — ONEOK, Inc. pays a dividend.
ONEOK pays a regular dividend, consistent with the midstream sector's tradition of returning cash to shareholders. The company's fee-based revenue model supports dividend sustainability, making OKE a name income-oriented investors often research.
When does OKE report earnings?
ONEOK reports earnings on a quarterly cadence, typical for US-listed equities.
Results have generally reflected the scale of ONEOK's pipeline and processing operations, with segment performance tied to throughput volumes across its gathering, NGL, and transmission businesses. Investors watch volume trends and leverage metrics closely each quarter.
For the most recent quarter's results, visit ONEOK's investor relations page directly.
OKE Price History
+87.7% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in ONEOK, Inc.?
Based on ONEOK, Inc.'s historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
Frequently Asked Questions
What does ONEOK do?
ONEOK operates midstream energy infrastructure — gathering, processing, storing, and transporting natural gas and natural gas liquids across the central and western United States. It earns revenue primarily through fee-based services tied to volumes moving through its pipeline and facility network.
Does OKE pay dividends?
Yes, ONEOK pays a regular dividend. The company's midstream business model, with its fee-based cash flows, has historically supported consistent dividend payments. Income-focused investors often include OKE when screening for energy dividend payers.
When does OKE report earnings?
ONEOK reports on a quarterly cadence. For the exact schedule and most recent results, check the investor relations section of ONEOK's official website.
Is OKE a good stock to buy?
UQS Score rates OKE as Good overall. Quality and Valuation are the strongest pillars, while Risk scores Weak — reflecting the leverage common in midstream infrastructure. Whether it fits your portfolio depends on your income goals and risk tolerance.
Is OKE overvalued?
The UQS Valuation pillar for OKE is rated Good, suggesting the stock is not trading at a significant premium relative to its fundamentals. The full valuation metrics are available to Pro members.
What is OKE's market cap bracket?
ONEOK is classified as a large-cap company, reflecting its scale as one of the more significant midstream operators in the US natural gas and NGL space.
Is OKE a long-term quality investment?
From a long-term quality standpoint, ONEOK's durable infrastructure assets and fee-based model provide a degree of earnings stability. However, the Weak Risk pillar — driven by leverage — is a factor long-term investors should weigh carefully alongside the Good overall UQS Score.
What sector does OKE belong to?
ONEOK operates in the Energy sector, specifically within midstream infrastructure. Midstream companies sit between upstream producers and downstream consumers, earning fees for moving and processing energy commodities.
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Pro Analysis
OKE — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| Aug 17, 2026 | 44.6 | 50.4 | 50.0 | 22.1 | 40.8 | 59.9 | -8.2 |
| Aug 3, 2026 | 52.8 | 59.4 | 50.0 | 64.3 | 16.7 | 66.8 | +0.1 |
| Jul 27, 2026 | 52.7 | 59.2 | 50.0 | 65.3 | 16.7 | 65.5 | +0.5 |
| Jul 25, 2026 | 52.2 | 59.2 | 50.0 | 65.5 | 16.7 | 62.0 | -0.4 |
| Jul 24, 2026 | 52.6 | 59.2 | 50.0 | 65.5 | 16.7 | 64.4 | -0.2 |
| Jul 23, 2026 | 52.8 | 59.3 | 50.0 | 65.5 | 16.7 | 65.6 | +0.1 |
| Jul 22, 2026 | 52.7 | 59.3 | 50.0 | 65.4 | 16.7 | 65.1 | +0.3 |
| Jul 18, 2026 | 52.4 | 59.2 | 50.0 | 65.4 | 16.7 | 63.7 | +0.1 |
| Jul 17, 2026 | 52.3 | 59.2 | 50.0 | 64.9 | 16.7 | 63.0 | -0.2 |
| Jul 16, 2026 | 52.5 | 59.4 | 50.0 | 64.9 | 16.7 | 64.3 | 0.0 |
OKE — Pillar Breakdown
Quality
— 50.4/100 (25%)ONEOK, Inc. has average quality metrics, with room for improvement in margins or capital efficiency.
How effectively capital is deployed to generate returns.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Free cash flow relative to market value.
Growth
— 22.1/100 (20%)ONEOK, Inc. faces growth headwinds with declining or stagnant revenue trends.
Revenue trajectory over the last twelve months.
Analyst consensus for future revenue growth.
Risk
— 40.8/100 (15%)ONEOK, Inc. has some risk factors including moderate leverage or solvency concerns.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 59.8/100 (15%)ONEOK, Inc. trades at a reasonable valuation with decent earnings yield and FCF multiples.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
Enterprise value multiple relative to sector median.
Moat
— 50/100 (25%)ONEOK, Inc. possesses some competitive advantages but faces meaningful competition. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for OKE.
Score Composition
Financial Data
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How is the OKE UQS Score Calculated?
The UQS (Unified Quality Score) for ONEOK, Inc. is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses ONEOK, Inc.'s competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether ONEOK, Inc. is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.