ONEOK, Inc.

NYSE:OKE Stock Report

Market Cap: US$57.1b

ONEOK Valuation

Is OKE undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of OKE when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: OKE ($100.08) is trading below our estimate of fair value ($150.67)

Significantly Below Fair Value: OKE is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for OKE?

Key metric: As OKE is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for OKE. This is calculated by dividing OKE's market cap by their current earnings.
What is OKE's PE Ratio?
PE Ratio20.9x
EarningsUS$2.80b
Market CapUS$57.05b

Price to Earnings Ratio vs Peers

How does OKE's PE Ratio compare to its peers?

The above table shows the PE ratio for OKE vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average17.9x
KMI Kinder Morgan
23.6x8.2%US$58.3b
ET Energy Transfer
14.1x11.3%US$62.6b
WMB Williams Companies
22.6x4.9%US$64.1b
MPLX MPLX
11.2x3.7%US$47.0b
OKE ONEOK
20.9x13.5%US$57.1b

Price-To-Earnings vs Peers: OKE is expensive based on its Price-To-Earnings Ratio (20.9x) compared to the peer average (17.9x).

Price to Earnings Ratio vs Industry

How does OKE's PE Ratio compare vs other companies in the US Oil and Gas Industry?

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
AXAS Abraxas Petroleum
0.09xn/aUS$10.27m
BYRO.F Byron Energy
0.03x-10.3%US$312.17k
USOP.Y U.S. Oil and Gas
n/an/aUS$6.00
No more companies available in this PE range
OKE 20.9xIndustry Avg. 10.9xNo. of Companies16PE0612182430+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: OKE is expensive based on its Price-To-Earnings Ratio (20.9x) compared to the US Oil and Gas industry average (10.9x).

Price to Earnings Ratio vs Fair Ratio

What is OKE's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

OKE PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio20.9x
Fair PE Ratio16x

Price-To-Earnings vs Fair Ratio: OKE is expensive based on its Price-To-Earnings Ratio (20.9x) compared to the estimated Fair Price-To-Earnings Ratio (16x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst OKE forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$100.08
US$110.65
+10.6%
12.2%US$147.00US$89.00n/a16
Dec ’25US$113.60
US$107.96
-5.0%
12.7%US$147.00US$89.00n/a16
Nov ’25US$93.36
US$100.67
+7.8%
7.4%US$112.00US$85.00n/a17
Oct ’25US$92.28
US$94.15
+2.0%
9.4%US$112.00US$81.00n/a16
Sep ’25US$92.36
US$90.45
-2.1%
8.0%US$103.00US$81.00n/a16
Aug ’25US$82.06
US$85.85
+4.6%
6.0%US$93.00US$73.00n/a18
Jul ’25US$81.72
US$84.73
+3.7%
6.4%US$93.00US$73.00n/a18
Jun ’25US$81.00
US$84.40
+4.2%
5.9%US$93.00US$73.00n/a18
May ’25US$76.92
US$83.06
+8.0%
5.8%US$90.00US$70.00n/a20
Apr ’25US$79.71
US$80.71
+1.3%
7.0%US$88.00US$62.00n/a20
Mar ’25US$75.13
US$77.73
+3.5%
8.4%US$87.00US$62.00n/a20
Feb ’25US$68.48
US$76.49
+11.7%
8.0%US$86.00US$62.00n/a19
Jan ’25US$70.22
US$74.77
+6.5%
7.8%US$85.00US$62.00n/a20
Dec ’24US$69.87
US$73.65
+5.4%
6.9%US$80.00US$62.00US$113.6019
Nov ’24US$64.54
US$72.81
+12.8%
7.4%US$80.00US$62.00US$93.3619
Oct ’24US$63.43
US$71.67
+13.0%
7.3%US$81.00US$62.00US$92.2818
Sep ’24US$65.55
US$71.22
+8.7%
7.6%US$80.00US$61.00US$92.3618
Aug ’24US$66.60
US$70.67
+6.1%
7.1%US$80.00US$61.00US$82.0618
Jul ’24US$61.72
US$70.18
+13.7%
8.0%US$80.00US$57.00US$81.7217
Jun ’24US$56.91
US$70.35
+23.6%
8.6%US$81.00US$57.00US$81.0017
May ’24US$65.39
US$72.33
+10.6%
8.3%US$82.00US$61.00US$76.9218
Apr ’24US$63.54
US$72.11
+13.5%
8.0%US$81.00US$61.00US$79.7119
Mar ’24US$66.16
US$71.70
+8.4%
8.6%US$81.00US$58.00US$75.1320
Feb ’24US$68.24
US$71.42
+4.7%
9.1%US$81.00US$58.00US$68.4819
Jan ’24US$65.70
US$68.11
+3.7%
8.6%US$79.00US$58.00US$70.2219
Dec ’23US$67.20
US$67.33
+0.2%
8.5%US$80.00US$58.00US$69.8718

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/20 05:21
End of Day Share Price 2024/12/20 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

ONEOK, Inc. is covered by 43 analysts. 9 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
William SeleskyArgus Research Company
Ethan BellamyBaird
Ishan MajumdarBaptista Research