Valued at $45.7 billion by market cap, Tulsa, Oklahoma-based ONEOK, Inc. (OKE) operates as a leading midstream energy company focused on processing, transportation, and storage of crude, natural gas, and natural gas liquids. The company plays a crucial role in connecting oil & gas producers with end markets across North America.
Companies worth $10 billion or more are generally described as “large-cap stocks.” ONEOK fits right into that category, with its market cap exceeding this threshold, reflecting its substantial size and influence in the oil & gas midstream industry.
Despite its notable strengths, OKE stock has dropped 39.6% from its all-time high of $118.07 touched on Nov. 22, 2024. Meanwhile, OKE stock has plunged 12.7% over the past three months, notably underperforming the Energy Select Sector SPDR Fund’s (XLE) 4.5% gains during the same time frame.
ONEOK’s performance has remained grim over the longer term as well. OKE stock has plunged 28.9% on a YTD basis and 21.6% over the past 52 weeks, underperforming XLE’s 1.8% uptick in 2025 and 1.3% gains over the past year.
To confirm the bearish trend, OKE stock has traded mostly below its 50-day moving average since mid-December 2024, with some fluctuations, and consistently below its 200-day moving average since early April.
ONEOK’s stock prices dropped 5.2% in a single trading session following the release of its Q2 results on Aug. 4. Driven by a 68.4% year-over-year surge in commodity sales to $6.7 billion along with solid services revenues, the company’s overall topline for the quarter soared 61.2% year-over-year to $7.9 billion. However, this figure missed the Street’s expectations by a notable 7.9%. On a positive note, the company’s EPS for the quarter inched up 75 bps year-over-year to $1.34, matching the consensus estimates.
Meanwhile, ONEOK has significantly underperformed its peer, Kinder Morgan, Inc.’s (KMI) 3.4% decline on a YTD basis and 25.3% surge over the past 52 weeks.
Among the 18 analysts covering the OKE stock, the consensus rating is a “Moderate Buy.” As of writing, its mean price target of $96.47 represents a 35.2% premium to current price levels.
On the date of publication, Aditya Sarawgi did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
