ONEOK (OKE) Stock: Q1 Results and 2026 Outlook

ONEOK (NYSE: OKE) has re‑emerged on investors’ radar, driven by robust growth in its natural gas infrastructure and NGL business.

Key Takeaways from the Quarter

■12% net income increase to $776 million, $1.23 per diluted share.

■13% adjusted EBITDA rise to $2.0 billion.

■15% increase in NGL raw feed throughput.

■12% growth in refined product shipments.

Analyst Shifts and Price Target Adjustments

■Barclays trimmed the price target to $88 while maintaining an Equal Weight rating.

■Freedom Broker remains cautious despite the higher price target.

Outlook for 2026: Operational and Financial Guidance

■Midpoint net income target of $3.5 billion.

■Midpoint earnings per diluted share of $5.53.

■Midpoint adjusted EBITDA of $8.25 billion.

■Natural gas volumes projected to rise 5%.

The market views ONEOK’s infrastructure investments and NGL demand as a sustainable growth engine, positioning the stock as a stabilizing factor amid energy‑sector volatility. Yet, the downward revision of price targets by analysts signals lingering short‑term risks.