Is ONEOK, Inc. (NYSE:OKE) a buy in 2026?
Yes, on balance. The Compass leans toward accumulating ONEOK, Inc. at current levels.
The Permian's NGL toll collector just bought scale most rivals can't replicate, and the market still treats it like a yield product.
Where OKE is headed
By late 2027, ONEOK (NYSE:OKE) is no longer the pure-play NGL story it was in 2023. After absorbing Magellan and the EnLink/Medallion deals, it sits on something close to a wellhead-to-water franchise across the Permian, Mid-Con and Bakken, with refined products and crude bolted onto the original NGL spine. The destination is a business doing roughly $30B in revenue, $8.5-9B in EBITDA, and throwing off $3-3.5B in distributable free cash after growth capex normalises below $2.5B. That math, against today's $54.8B market cap, is not a yield trade. It is a re-rating candidate.
Read the full Compass Direction on OKE
The complete destination call, the overlooked angle, milestones, and bull, base, and bear price scenarios (around $92.15).
See the full OKE analysisGet calls like this, free
Join the Alexandria e-letter for forward-looking verdicts, earnings intelligence, and the contrarian reads the crowd misses. Twice a week, no noise.
Free forever. Unsubscribe anytime. We never share your email.
Frequently asked questions
Is ONEOK, Inc. (NYSE:OKE) a buy in 2026?
Yes, on balance. The Compass leans toward accumulating ONEOK, Inc. at current levels. The Permian's NGL toll collector just bought scale most rivals can't replicate, and the market still treats it like a yield product.
What is OKE's Compass Score?
ONEOK, Inc. scores 87/100 on Alexandria's Compass, placing it in the "True North" tier. Scores blend eight factors and update weekly.
What is the price target for OKE?
Alexandria's full Compass Direction includes bull, base, and bear price scenarios with the valuation math behind each. Read the full breakdown on the OKE page.
Compass verdicts are AI-generated, forward-looking editorial research from publicly available data, not investment advice or a recommendation regarding any security. Scores and verdicts update as the data changes.