ONEOK Inc

OKE: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Oneok: We Reaffirm Our Narrow Moat Rating After Fresh Look; Shares Overvalued

Adam Baker

Nov 27, 2024

Narrow-moat-rated Oneok has competently and effectively navigated its recent transformation by buying Magellan, Enlink, and Medallion. The firm is on track to meet its initial synergy targets, providing further value from assets acquired at favorable prices. We raise our fair value estimate to $89 from $88 previously, reflecting the recent sale of three natural gas pipelines and capital projects in the NGL and natural gas pipeline segments. Even so, we believe the market has gotten ahead of Oneok’s fundamentals, likely due to overestimation from synergies resulting from the merger.

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ONEOK Inc

Oneok: We Reaffirm Our Narrow Moat Rating After Fresh Look; Shares Overvalued

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