WallStSmart
OKE

ONEOK Inc

NYSE: OKE · ENERGY · OIL & GAS MIDSTREAM

$92.46
+3.52% today

Updated 2026-04-30

Market cap
$55.13B
P/E ratio
16.14
P/S ratio
1.64x
EPS (TTM)
$5.42
Dividend yield
4.77%
52W range
$63 – $95
Volume
5.1M
OverviewPrice TargetsFinancialsValuationInsidersEarnings

ONEOK Inc (OKE) Financial Forecast & Price Target 2030

Research-backed projections from analyst consensus, management guidance, and sector analysis.

Price target summary

Current
$92.46
Consensus
$92.06
-0.43%
2030 Target
$867.40
+838.14%
DCF
$68.41
-24.10% MoS
17 analysts:
10 Buy7 Hold0 Sell

Management guidance

ONEOK provided 2026 guidance targeting adjusted EBITDA of $7.9B-$8.3B and net income of $3.19B-$3.71B. Management emphasized fee-based earnings growth driven by major expansion projects (Permian Basin processing, LPG export terminal, Eiger Express Pipeline, Medford fractionator rebuild) with most completions between 2026-2029. Company has undertaken 60,000-mile pipeline network expansion to capitalize on growing energy demand, with specific projects targeting volume recovery from Bakken and butane blending synergies.

Sources: Management guidance, analyst consensus, sector analysishigh confidence

Revenue & price projection

Actual revenue Projected revenue Base case Bull to bear range
Bull case (2030)
$1,451.56
$45.6B Rev × 20x P/S
Base case (2030)
$867.40
$45.6B Rev × 12x P/S
Bear case (2030)
$584.17
$45.6B Rev × 8x P/S

Financial forecast — research-backed

Metric2023202420252026 (E)2027 (E)2029 (E)2030 (E)
Revenue$17.7B$21.6B$33.6B$32.5B$35.8B$42.5B$45.6B
Revenue growth—22.4%55.4%-3.4%10.2%8.4%7.3%
EPS$4.29$5.17$5.42$5.77$6.45$7.75$8.35
P/S ratio———12.0x12.0x12.0x12.0x
Implied price———$619.57$681.53$814.29$867.40

Catalysts & risks

Growth catalysts
+ Major construction project completions (Permian Basin expansions, LPG export terminal, Medford fractionator rebuild, Eiger Express Pipeline) delivering volume and margin accretion through 2026-2029
+ EnLink merger integration synergies and scale benefits enhancing fee-based cash flows
+ Bakken volume recovery and butane blending initiatives driving incremental EBITDA
+ Geopolitical tailwinds increasing demand for U.S. midstream capacity and NGL infrastructure
+ Consistent dividend growth (4% increase announced Jan 2026) supporting investor base
Key risks
- Tight commodity spreads pressure margins despite fee-based model insulation
- Execution risk on $7-8B+ capital project portfolio; delays could defer revenue recognition to outer years
- High leverage (Debt/Eq 1.47) limits financial flexibility if interest rates remain elevated
- Natural gas demand sensitivity to macroeconomic slowdown and energy transition headwinds
- Regulatory/environmental risks to pipeline and export infrastructure projects

Methodology

ONEOK Inc's forward estimates are derived from AI-powered research synthesis combining analyst consensus from 17 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts from industry research. Revenue and EPS projections use analyst consensus where available and conservative extrapolation with growth deceleration for outer years. Price targets are calculated using a tiered Price-to-Sales (P/S) methodology, where the P/S multiple is determined by the projected revenue growth rate.

WallStSmart proprietary research model · Not financial advice · Past performance is not indicative of future results · Last researched: April 7, 2026.