ONEOK Inc

OKE: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Oneok Earnings: Full-Year Guidance Maintained but Macro Forces Could Have an Impact

Adam Baker

Apr 30, 2025

Narrow-moat Oneok posted earnings per share below PitchBook consensus for the first quarter of $1.04 versus $1.27. This was largely the result of higher operating costs and weaker commodity prices offsetting some of the growth from the inclusion of Enlink. Even so, the company has left guidance untouched for the quarter, with 2025 EBITDA still at $8.225 billion at the midpoint. For now, we are maintaining our $100 fair value estimate, with shares looking undervalued.

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ONEOK Inc

Oneok Earnings: Full-Year Guidance Maintained but Macro Forces Could Have an Impact

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