ONEOK Inc Stock Research

Market Summary

USD59.48+0.84

Market Closed

1.43%

OKE Stock Price

OKE RSI Chart

OKE Valuation

Market Cap

26.6B

Price/Earnings (Trailing)

15.44

Price/Sales (Trailing)

1.19

EV/EBITDA

11.06

Price/Free Cashflow

15.61

OKE Price/Sales (Trailing)

OKE Profitability

Operating Margin

20.00%

EBT Margin

10.05%

Return on Equity

26.52%

Return on Assets

7.06%

Free Cashflow Yield

6.41%

OKE Fundamentals

OKE Revenue

Revenue (TTM)

22.4B

Revenue Y/Y

-7.17%

Revenue Q/Q

-14.91%

OKE Earnings

Earnings (TTM)

1.7B

Earnings Y/Y

27.82%

Earnings Q/Q

12.31%

Price Action

52 Week Range

49.7171.73

(Low)(High)

Last 7 days

-2.5%

Last 30 days

-10.4%

Last 90 days

-9.3%

Trailing 12 Months

-11.6%

OKE Financial Health

Current Ratio

0.83

Debt/Equity

1.99

Debt/Cashflow

0.23

OKE Investor Care

Dividend Yield

6.29%

Dividend/Share (TTM)

3.74

Shares Dilution (1Y)

0.23%

Diluted EPS (TTM)

3.84

Peers (Alternatives to ONEOK)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
ET	40.6B	89.9B	-10.00%	21.15%	8.97	1.48	33.31%	-13.05%
KMI	37.7B	19.2B	-3.06%	-3.94%	14.81	1.97	15.59%	42.83%
WMB	35.0B	11.0B	-7.02%	-11.72%	17.1	3.19	3.18%	35.07%
CQP	28.8B	17.2B	-11.33%	-12.54%	20.75	2.2	82.38%	53.25%
OKE	26.6B	22.4B	-10.39%	-11.62%	15.44	1.19	35.35%	14.84%
MID-CAP
DCP	8.2B	15.0B	-0.26%	27.40%	9.89	0.59	40.03%	169.05%
NFE	5.7B	2.4B	-27.42%	-24.05%	29.38	2.41	79.03%	100.28%
ENLC	4.7B	9.5B	-10.70%	7.84%	13.13	0.5	42.72%	1512.95%
ETRN	2.3B	1.4B	-15.78%	-33.15%	-8.4	1.67	3.09%	80.92%
DKL	2.1B	1.0B	5.67%	25.80%	13.5	2.07	47.87%	-3.50%
SMALL-CAP
NS	1.6B	226.0M	-8.19%	3.24%	7.28	7.17	436.62%	482.73%
VTNR	646.2M	2.8B	8.38%	-5.43%	-134.01	0.23	2311.20%	73.74%
RTLR	582.1M	404.2M	19.84%	54.87%	15.22	1.44	-0.37%	17.85%
SMLP	202.8M	369.6M	-6.53%	2.82%	-1.71	0.51	-7.74%	-284.00%

Financials for ONEOK

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	-1.7%	22,387	22,775	21,398	18,790	16,540
Cost Of Revenue	-2.3%	17,910	18,336	17,012	14,501	12,257
EBITDA	3.2%	3,552	3,442	3,407	3,327	-
EBITDA Margin	5.0%	0.16*	0.15*	0.16*	0.18*	-
Earnings Before Taxes	5.5%	2,250	2,132	2,082	1,989	1,984
EBT Margin	7.3%	0.10*	0.09*	0.10*	0.11*	-
Interest Expenses	-1.8%	676	688	705	719	733
Net Income	6.5%	1,722	1,617	1,577	1,505	1,500
Net Income Margin	8.4%	0.08*	0.07*	0.07*	0.08*	-
Free Cahsflow	-6.8%	1,704	1,828	1,786	1,698	-

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	-0.2%	24,379	24,439	24,527	23,993	23,622
Current Assets	-7.9%	2,548	2,765	3,026	2,641	2,374
Cash Equivalents	891.3%	220	22.00	136	15.00	146
Inventory	-19.8%	432	538	620	584	428
Net PPE	0.8%	19,953	19,790	19,601	19,425	19,320
Current Liabilities	-26.3%	3,052	4,139	3,655	3,483	3,185
. Short Term Borrowings	1055.5%	901	78.00	-	-	-
Long Term Debt	-6.5%	12,900	13,800	13,600	13,600	-
LT Debt, Current	0%	925	925	896	896	896
LT Debt, Non Current	6.2%	12,696	11,951	12,873	12,750	12,748
Shareholder's Equity	2.9%	6,494	6,312	6,115	5,994	6,015
Retained Earnings	Infinity%	50.00	-	-	-	-
Additional Paid-In Capital	0.5%	7,253	7,218	7,190	7,177	7,214
Accumulated Depreciation	2.5%	5,063	4,937	4,793	4,648	4,501
Shares Outstanding	0.0%	447	447	447	447	446

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	-0.5%	2,906	2,921	2,718	2,475	2,546
Cashflow From Investing	-8.1%	-1,139	-1,053	-883	-738	-665
Cashflow From Financing	18.2%	-1,692	-2,069	-2,072	-2,124	-2,259
Dividend Payments	0.1%	1,672	1,671	1,670	1,669	1,667

Risks for OKE

What is the probability of a big loss on OKE?

58.1%

Probability that ONEOK stock will be more than 20% underwater in next one year

24.6%

Probability that ONEOK stock will be more than 30% underwater in next one year.

24.6%

Probability that ONEOK stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does OKE drawdown profile look like?

Y-axis is the maximum loss one would have experienced if ONEOK was unfortunately bought at previous high price.

Drawdowns

Returns for OKE

Cumulative Returns on OKE

10.1%

10-Year Cumulative Returns

18.2%

7-Year Cumulative Returns

7.9%

5-Year Cumulative Returns

50.3%

3-Year Cumulative Returns

What are the long-term rolling returns for OKE?

FIve years rolling returns for ONEOK.

Annualized Returns

Which funds bought or sold OKE recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-15	B. Riley Wealth Advisors, Inc.	added	21.98	845,230	2,345,230	0.07%
2023-03-13	Claro Advisors LLC	new	-	206,696	206,696	0.07%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	reduced	-4.57	8,979,200	49,139,200	0.05%
2023-03-10	MATHER GROUP, LLC.	reduced	-4.67	59,583	325,583	0.01%
2023-03-08	SHEETS SMITH WEALTH MANAGEMENT	added	0.08	442,427	2,004,430	0.31%
2023-03-08	Capital Asset Advisory Services LLC	new	-	223,081	223,081	0.02%
2023-03-06	OLD MISSION CAPITAL LLC	new	-	250,382	250,382	0.01%
2023-03-06	Rockefeller Capital Management L.P.	added	323	5,852,000	7,170,000	0.04%
2023-03-03	TIAA, FSB	added	3.12	96,514	395,514	-%
2023-03-02	LORING WOLCOTT & COOLIDGE FIDUCIARY ADVISORS LLP/MA	new	-	77,657	77,657	-%

Latest Funds Activity

Are funds buying OKE calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own OKE

No. of Funds

ONEOK News

Schedule 13G FIlings of ONEOK

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 09, 2023	vanguard group inc	12.05%	53,863,544	SC 13G/A
Feb 07, 2023	state street corp	7.35%	32,835,378	SC 13G/A
Jan 23, 2023	blackrock inc.	10.8%	48,439,908	SC 13G/A
Feb 11, 2022	state street corp	7.03%	31,335,610	SC 13G/A
Feb 09, 2022	vanguard group inc	11.38%	50,731,447	SC 13G/A
Jan 10, 2022	blackrock inc.	10.2%	45,529,862	SC 13G/A
Feb 10, 2021	vanguard group inc	11.09%	49,297,478	SC 13G/A
Feb 09, 2021	state street corp	5.85%	25,977,227	SC 13G
Jan 29, 2021	blackrock inc.	8.7%	38,732,840	SC 13G/A
Feb 14, 2020	state street corp	5.26%	21,739,095	SC 13G

OKE Fair Value

ONEOK fair value in different scenarios

The table shows the Fair Value estimates for ONEOK for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	45.20 -24.01%	82.13 38.08%	170.34 186.38%	251.09 322.14%	389.35 554.59%
Current Inflation	42.64 -28.31%	74.61 25.44%	150.65 153.28%	219.15 268.44%	336.04 464.96%
Very High Inflation	39.35 -33.84%	65.44 10.02%	127.36 114.12%	181.92 205.85%	274.59 361.65%

Historical ONEOK Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of ONEOK

View All Filings

Date Filed	Form Type	Document
Mar 03, 2023	8-K	Current Report
Mar 03, 2023	8-K	Current Report
Feb 28, 2023	10-K	Annual Report
Feb 27, 2023	8-K	Current Report
Feb 24, 2023	4	Insider Trading
Feb 24, 2023	8-K	Current Report
Feb 24, 2023	4	Insider Trading
Feb 24, 2023	4	Insider Trading
Feb 24, 2023	4	Insider Trading
Feb 24, 2023	4	Insider Trading

Latest Insider Trading transactions for OKE

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-02-19	ALLEN STEPHEN BRENT	sold (taxes)	-230,500	67.26	-3,427	senior vp general counsel and
2023-02-19	HULSE WALTER S III	sold (taxes)	-448,557	67.26	-6,669	chief financial officer, treas
2023-02-19	KELLEY CHARLES M	acquired	629,634	67.26	9,361	senior vp natural gas pipeline
2023-02-19	SWORDS SHERIDAN C	acquired	787,010	67.26	11,701	senior vp natural gas liquids
2023-02-19	SCHINGEN SCOTT D	acquired	263,760	67.26	3,921	senior vp operations
2023-02-19	BURDICK KEVIN L	sold (taxes)	-449,028	67.26	-6,676	executive vp and chief commerc
2023-02-19	HULSE WALTER S III	acquired	1,007,450	67.26	14,978	chief financial officer, treas
2023-02-19	BURDICK KEVIN L	acquired	1,007,410	67.26	14,977	executive vp and chief commerc
2023-02-19	SPEARS MARY M	sold (taxes)	-93,222	67.26	-1,386	senior vp, chief accounting of
2023-02-19	ALLEN STEPHEN BRENT	acquired	535,198	67.26	7,957	senior vp general counsel and

About ONEOK

Pierce H. Norton

www.oneok.com

2850

ONEOK, Inc., together with its subsidiaries, engages in gathering, processing, storage, and transportation of natural gas in the United States. It operates through Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines segments. The company owns natural gas gathering pipelines and processing plants in the Mid-Continent and Rocky Mountain regions. It also gathers, treats, fractionates, and transports natural gas liquids (NGL), as well as stores, markets, and distributes NGL products. The company owns NGL gathering and distribution pipelines in Oklahoma, Kansas, Texas, New Mexico, Montana, North Dakota, Wyoming, and Colorado; terminal and storage facilities in Kansas, Missouri, Nebraska, Iowa, and Illinois; and NGL distribution and refined petroleum products pipelines in Kansas, Missouri, Nebraska, Iowa, Illinois, and Indiana, as well as owns and operates truck- and rail-loading, and -unloading facilities connected to NGL fractionation, storage, and pipeline assets. In addition, it operates regulated interstate and intrastate natural gas transmission pipelines and natural gas storage facilities. Further, the company owns and operates a parking garage in downtown Tulsa, Oklahoma; and leases excess office space. It operates 17,500 miles of natural gas gathering pipelines; 1,500 miles of FERC-regulated interstate natural gas pipelines; 5,100 miles of state-regulated intrastate transmission pipeline; six NGL storage facilities; and eight NGL product terminals. It serves integrated and independent exploration and production companies; NGL and natural gas gathering and processing companies; crude oil and natural gas production companies; propane distributors; municipalities; ethanol producers; and petrochemical, refining, and NGL marketing companies, as well as natural gas distribution and electric generation companies, producers, processors, and marketing companies. The company was founded in 1906 and is headquartered in Tulsa, Oklahoma.

OKE Income Statement

2022-12-31

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues
Revenues	$ 22,386,892	$ 16,540,309	$ 8,542,242
Cost of sales and fuel (exclusive of items shown separately below)	17,909,866	12,256,655	5,110,146
Operations and maintenance	958,246	900,420	761,176
Depreciation and amortization	626,132	621,701	578,662
Impairment charges (Notes E and F)	0	0	607,200
General taxes	191,458	166,668	125,028
Other Operating Income (Expense), Net	106,229	1,394	1,327
Operating income	2,807,419	2,596,259	1,361,357
Equity in net earnings from investments (Note N)	147,720	122,520	143,241
Impairment of equity investments (Note N)	0	0	(37,730)
Allowance for equity funds used during construction	2,551	1,682	23,662
Other	(32,099)	(3,333)	24,672
Interest expense (net of capitalized interest of $57,426, $25,150 and $75,436, respectively)	(675,946)	(732,924)	(712,886)
Income before income taxes	2,249,645	1,984,204	802,316
Income taxes (Note M)	(527,424)	(484,498)	(189,507)
Net income	1,722,221	1,499,706	612,809
Less: Preferred stock dividends	1,100	1,100	1,100
Net income available to common shareholders	$ 1,721,121	$ 1,498,606	$ 611,709
Basic earnings per common share (Note J)	$ 3.85	$ 3.36	$ 1.42
Diluted earnings per common share (Note J)	$ 3.84	$ 3.35	$ 1.42
Average shares (thousands)
Basic	447,507	446,403	431,105
Diluted	448,447	447,403	431,782
Commodity Sales
Revenues
Revenues	$ 20,975,462	$ 15,180,264	$ 7,255,259
Services
Revenues
Revenues	$ 1,411,430	$ 1,360,045	$ 1,286,983

OKE Balance Sheet

2022-12-31

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 220,227	$ 146,391
Accounts receivable, net	1,532,292	1,441,786
Materials and supplies	148,985	153,019
NGLs and natural gas in storage	431,740	427,880
Commodity imbalances	42,983	39,609
Other current assets	171,548	165,689
Total current assets	2,547,775	2,374,374
Property, plant and equipment
Property, plant and equipment	25,015,135	23,820,539
Accumulated depreciation and amortization	5,062,609	4,500,665
Net property, plant and equipment (Note E)	19,952,526	19,319,874
Investments and other assets
Investments in unconsolidated affiliates (Note N)	801,794	797,613
Goodwill and net intangible assets (Note F)	752,867	763,295
Other assets	324,132	366,457
Total investments and other assets	1,878,793	1,927,365
Total assets	24,379,094	23,621,613
Current liabilities
Current maturities of long-term debt (Note G)	925,000	895,814
Accounts payable	1,359,475	1,332,391
Commodity imbalances	254,139	309,054
Accrued interest	233,053	235,602
Operating lease liability, current (Note P)	12,289	13,783
Other current liabilities	267,671	397,975
Total current liabilities	3,051,627	3,184,619
Long-term debt, excluding current maturities (Note G)	12,695,834	12,747,636
Deferred credits and other liabilities
Deferred income taxes (Note M)	1,738,525	1,166,690
Operating lease liability, noncurrent (Note P)	68,110	75,636
Other deferred credits	331,113	431,869
Total deferred credits and other liabilities	2,137,748	1,674,195
Commitments and contingencies (Note O)
Equity (Note H)
Preferred stock, $0.01 par value: authorized and issued 20,000 shares at December 31, 2022, and at December 31, 2021	0	0
Common stock, $0.01 par value: authorized 1,200,000,000 shares; issued 474,916,234 shares and outstanding 447,157,771 shares at December 31, 2022; issued 474,916,234 shares and outstanding 446,138,177 shares at December 31, 2021	4,749	4,749
Paid-in capital	7,253,154	7,213,861
Accumulated other comprehensive loss (Note I)	(108,256)	(471,351)
Retained earnings	50,396	0
Treasury stock, at cost: 27,758,463 shares at December 31, 2022, and 28,778,057 shares at December 31, 2021	(706,158)	(732,096)
Total equity	6,493,885	6,015,163
Total liabilities and equity	$ 24,379,094	$ 23,621,613