Company Reports

Oneok has competently navigated its recent transformation by buying Magellan, EnLink, and Medallion. It is on track to maximize the benefits of these purchases, providing additional value from assets acquired at favorable prices. In the short term, Oneok will focus on integrating the acquisitions into its existing operations, making gradual investments, and reducing its debt.

Oneok has competently navigated its recent transformation by buying Magellan, EnLink, and Medallion. It is on track to maximize the benefits of these purchases, providing additional value from assets acquired at favorable prices. In the short term, Oneok will focus on integrating the acquisitions into its existing operations, making gradual investments, and reducing its debt.

Oneok announced two transactions, selling a $9 billion stake in its operating company and purchasing Brazos Midstream, a gathering and processing operation in the Permian, for $4.45 billion. The remainder of the funds will be used to retire $5 billion in debt.

Oneok has competently navigated its recent transformation by buying Magellan, EnLink, and Medallion. It is on track to maximize the benefits of these purchases, providing additional value from assets acquired at favorable prices. In the short term, Oneok will focus on integrating the acquisitions into its existing operations, making gradual investments, and reducing its debt.

Oneok's adjusted EBITDA of $2.12 billion in the second quarter just edged PitchBook consensus of $2.10 billion. The company raised its 2026 adjusted EBITDA guidance by $100 million, to $8.35 billion, as volumes and higher commodity prices result in more fees.

Oneok has competently navigated its recent transformation by buying Magellan, EnLink, and Medallion. It is on track to maximize the benefits of these purchases, providing additional value from assets acquired at favorable prices. In the short term, Oneok will focus on integrating the acquisitions into its existing operations, making gradual investments, and reducing its debt.

Oneok led its first-quarter announcement with increased full-year guidance for EBITDA and earnings per share, driven by an improved macro environment and higher volumes. The midpoint of EBITDA guidance increased by $150 million, to $8.25 billion.

Oneok has competently and effectively navigated its recent transformation by buying Magellan, EnLink, and Medallion. The firm is on track to maximize the benefits of these purchases, providing additional value from assets acquired at favorable prices. In the short term, Oneok will focus on integrating the acquisitions into its existing operations, making gradual investments, and reducing its debt.

2025 EBITDA came in at the bottom of management's guidance, about $8 billion. Management guided to $8.1 billion for 2026. This flat guide stands in stark contrast to the previous guidance of midsingle to low-double-digit EBITDA growth.

Oneok has competently and effectively navigated its recent transformation by buying Magellan, EnLink, and Medallion. The firm is on track to maximize the benefits of these purchases, providing additional value from assets acquired at favorable prices. In the short term, Oneok will focus on integrating the acquisitions into its existing operations, making gradual investments, and reducing its debt.

Oneok reported a narrow earnings surprise, with earnings per share at $1.49 versus $1.44 FactSet consensus. Record natural gas liquid (NGLs) volumes driven by higher ethane recovery in the Bakken and new contracted volumes from the Permian.

Oneok has competently and effectively navigated its recent transformation by buying Magellan, EnLink, and Medallion. The firm is on track to maximize the benefits of these purchases, providing additional value from assets acquired at favorable prices. In the short term, Oneok will focus on integrating the acquisitions into its existing operations, making gradual investments, and reducing its debt.

Oneok has undergone a substantial transformation over the past two years via acquisitions. Still, most profit is generated by its natural gas liquids business line.

Oneok has competently and effectively navigated its recent transformation by buying Magellan, EnLink, and Medallion. The firm is on track to maximize the benefits of these purchases, providing additional value from assets acquired at favorable prices. In the short term, Oneok will focus on integrating the acquisitions into its existing operations, making gradual investments, and reducing its debt.

Oneok missed adjusted EBITDA expectations, posting $1,941 million versus PitchBook consensus of $2,014 million. Management maintained 2025 EBITDA guidance, while communicating that 2026 would likely come in $200 million lower than originally expected at the beginning of 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.

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 that were acquired at favorable prices. Oneok's near-term focus will revolve around integrating the acquisitions into its broader portfolio and making incremental investments, all while reducing debt.

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.

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 that were acquired at favorable prices. From 2025 onward will revolve around integrating the acquisitions into its broader portfolio and making incremental investments, all while reducing debt.

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.