ONEOK Inc

OKE: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$65.00	Sgtzdf	Jlbgpdz

Oneok Earnings: Strong Results and 2024 Guidance Boosted by Magellan Synergies and Volumes

Stephen Ellis

Apr 30, 2024

Oneok’s first-quarter results were solid, in our view. We expect to increase our fair value estimate to $73 from $70 per share, as we incorporate slightly higher volumes into our model. Our narrow moat rating remains unchanged. Oneok boosted 2024 EBITDA guidance $75 million to a midpoint of $6.2 billion, slightly above our $6.1 billion forecast.

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