ONEOK INC /NEW/(OKE)Stock Analysis
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Rank #241 of 2,879 stocksTOP 10%
Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.
Revenue Growth
Profitability
Balance Sheet
Earnings Quality
Free Cash Flow
Institutional Flow
Revenue Scale
Dilution Risk
OKE Stock Analysis & AI Quality Score
AI stock analysis and institutional research for ONEOK INC /NEW/ (OKE), a Energy sector company. 13F Pro's AI-powered ranking engine scores OKE at 72.0/100 on a 32-signal composite quality model, placing it at rank #241 of 2,879 stocks — the top 10% of the AI-ranked universe. OKE scores in the top quartile across revenue scale (95.9), revenue growth (89.9). Based on the latest XBRL financial filings (Q1 2026), ONEOK INC /NEW/ reports quarterly revenue of $9.6B, net income of $774.0M, free cash flow of $70.0M. Top institutional holders of OKE by reported 13-F value include BlackRock,, STATE STREET, VANGUARD CAPITAL MANAGEMENT, based on the most recent SEC filings. OKE trades on the NYSE exchange and files with the SEC under CIK 1039684. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate OKE daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for ONEOK INC /NEW/ directly from SEC EDGAR. ONEOK INC /NEW/'s 13F Pro composite quality score has ranged between 8 and 75 since 2021, currently 72.0 — an improving long-term trajectory across 56 quarterly and live scoring snapshots.
What's Driving OKE's Business? Latest 10-Q Breakdown
AI-extracted from ONEOK INC /NEW/'s 10-Q filed 2026-04-29 — Q1 2026 (quarter ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Q1 2026 net income of $774M (+22% YoY) driven by higher optimization and marketing activity, NGL volumes, and Refined Products shipments across integrated midstream network.
Biggest Revenue Drivers
Higher NGL, Refined Products and natural gas volumes, and higher optimization and marketing activity
Transportation, storage, exchange services and gathering and processing fees
Largest Expense Items
Lower operating costs due to methane fees no longer incurred in 2026
Relatively stable across periods
Margins: Operating income increased 17% to $1.428B, driven by higher optimization and marketing activity and increased volumes across all segments. Segment adjusted EBITDA increased to $2.004B (+11% YoY), reflecting higher earnings contributions from Natural Gas Liquids, Natural Gas Pipelines, and Refined Products segments, partially offset by lower commodity prices in Natural Gas Gathering and Processing.
Watch Items from the Filing
- Powder Springs impairment: Recorded $60M noncash impairment charge on 50% investment in Refined Products and Crude segment joint venture, indicating valuation challenges in that asset.
- Leverage ratio of 4.2x EBITDA as of March 31, 2026, with covenant extended to 5.5x through Q2 2026 due to recent acquisition, then decreasing to 5.0x, indicating elevated debt levels and covenant constraints.
- Working capital deficit of $2.3B at March 31, 2026, primarily due to current debt maturities; company expects to refinance via debt issuances and commercial paper program ($1.6B outstanding).
- Unrealized commodity derivative losses of $198M (net of tax) expected to be reclassified into earnings within 12 months; accumulated other comprehensive loss of $266M as of quarter-end reflects volatile hedging environment.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Revenue
Q1 2026
$9.6B
Net Income
Q1 2026
$774.0M
Free Cash Flow
Q1 2026
$70.0M
ROIC
Q1 2026
2.6%
D/E Ratio
Q1 2026
1.56
Revenue & Net Income
Earnings Per Share
Key Financials Over Time
Export Financial Table · Pro+Revenue
+55.0% YoYNet Income
+11.8% YoYOperating Income
+15.1% YoYEPS (Diluted)
+4.8% YoYTotal Assets
+4.0% YoYTotal Debt
+2.7% YoYOp. Cash Flow
+14.5% YoY| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|
| Revenue | $33.63B +55.0% | $21.70B +22.7% | $17.68B -21.0% | $22.39B +162.1% | $8.54B -16.0% | $10.16B |
| Net Income | $3.39B +11.8% | $3.04B +14.1% | $2.66B +54.4% | $1.72B +181.0% | $612.8M -52.1% | $1.28B |
| Operating Income | $5.74B +15.1% | $4.99B +22.5% | $4.07B +45.1% | $2.81B +106.2% | $1.36B -28.9% | $1.91B |
| EPS (Diluted) | $5.42 +4.8% | $5.17 -5.7% | $5.48 +42.7% | $3.84 +170.4% | $1.42 -53.7% | $3.07 |
| Total Assets | $66.64B +4.0% | $64.07B +44.7% | $44.27B +81.6% | $24.38B +5.6% | $23.08B +5.8% | $21.81B |
| Total Debt | $34.06B +2.7% | $33.16B +49.5% | $22.18B +52.7% | $14.53B +2.0% | $14.24B +11.9% | $12.73B |
| Operating Cash Flow | $5.60B +14.5% | $4.89B +10.6% | $4.42B +52.1% | $2.91B +53.0% | $1.90B -2.5% | $1.95B |
AI Insight: OKE Ratio Trends
Operating margins compressed from 25.1% in Q2 2024 to 14.8% in Q1 2026, while ROIC declined to 10.0% in the latest quarter.
• Operating margin declined from 25.1% in Q2 2024 to 14.8% in Q1 2026, a 1030bp compression.
• ROIC fell from 12.5% in Q4 2024 to 10.0% in Q1 2026 after briefly recovering to 11.1%.
• Debt-to-equity ratio remained relatively stable, fluctuating between 1.39 and 1.95 across the period.
⚠ Q1 2026 showed sequential deterioration with operating margin dropping 310bp and ROE falling 350bp quarter-over-quarter.
⚠ Net profit margin compressed to 8.1% in Q1 2026 from 10.8% in Q4 2025.
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Top Institutional Holders of OKE
BlackRock, Inc.
$5.4B59,388,699 shSTATE STREET CORP
$3.8B41,574,381 shVANGUARD CAPITAL MANAGEMENT LLC
$3.7B40,867,532 shVANGUARD PORTFOLIO MANAGEMENT LLC
$2.8B30,817,918 shCHARLES SCHWAB INVESTMENT MANAGEMENT INC
$1.7B18,368,622 shGEODE CAPITAL MANAGEMENT, LLC
$1.5B17,122,850 shCapital International Investors
$1.2B13,116,823 shUBS Group AG
$1.1B12,710,262 shMORGAN STANLEY
$1.1B12,588,158 shFirst Eagle Investment Management, LLC
$1.1B11,679,175 sh
| Fund | Value | Shares |
|---|---|---|
| BlackRock, Inc. | $5.4B | 59,388,699 |
| STATE STREET CORP | $3.8B | 41,574,381 |
| VANGUARD CAPITAL MANAGEMENT LLC | $3.7B | 40,867,532 |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $2.8B | 30,817,918 |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $1.7B | 18,368,622 |
| GEODE CAPITAL MANAGEMENT, LLC | $1.5B | 17,122,850 |
| Capital International Investors | $1.2B | 13,116,823 |
| UBS Group AG | $1.1B | 12,710,262 |
| MORGAN STANLEY | $1.1B | 12,588,158 |
| First Eagle Investment Management, LLC | $1.1B | 11,679,175 |
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Is OKE a good stock to buy?
13F Pro's AI-powered analysis of ONEOK INC /NEW/ (OKE) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Energy sector (listed on NYSE). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for OKE are available on the OKE stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.
Which hedge funds own OKE?
Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling OKE. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of ONEOK INC /NEW/'s investment landscape.