ONEOK Inc

OKE: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Oneok Earnings: Combined Operations and Investments Driving Fair Value Estimate Increase

Adam Baker

Feb 26, 2025

After incorporating narrow-moat Oneok's results, we are increasing our fair value estimate to $100 from $89. Adjusting our post-Enlink acquisition assumptions and MPLX joint venture was key to our model increase. The EnLink adjustments, informed by guidance, drove our 2025 and 2026 EBITDA quite a bit higher than our prior expectations, increasing our forecast by 5% and 8%, respectively.

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ONEOK Inc

Oneok Earnings: Combined Operations and Investments Driving Fair Value Estimate Increase

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