Energy and commodity pricesmixed · 4 filings
“Our natural gas processed volumes increased for the three months ended March 31, 2026, compared with the same period in 2025, due to increased production in all regions.”10-Q · Apr 29, 2026 ↗
ONEOK, Inc.
OKE
Market read
ONEOK, Inc.'s move is being confirmed by its market group.
OKE accounts for 3.4% of the group's measured movement across 8.1 effective names. raw member direction is mixed; 12 of 12 SPY-adjusted paths align to the upside. Capital-flow agreement is 11%, so confirmation is not yet clean. No verified headline preceded the measured group move.
MOVE ANATOMY
SPY-adjusted 5m pathsIs this move genuinely shared?
Role in the moveAligned contributor#11 of 12 by movement share
Group movement share3.4%Absolute path energy—not portfolio weight
Relative path+0.61%aligned
Effective breadth8.1 / 12broad
Relative alignment12/12upside path · 0 counter-moving
Capital-flow agreement11%not yet clean
SEQUENCE READ
No material onset for OKE could be timestamped inside the aligned 5-minute window.
What changed
- Revenue increased 19.6% versus the comparable filing period.
EVIDENCE COVERAGE
10 of 15 members in Oil & Gas are active. 0 of 8 disclosed connections are confirming.
What would change this read
Watch this read- At least 10 of 15 members remain active in the next snapshot.
- Capital-flow agreement rises above 55%.
- A filing-linked outsider such as AM begins moving with the group.
Invalidation: The live read weakens if participation falls to 5 of 15 members or fewer.
Research brief
The story so far
OKE accounts for 3.4% of the group's measured movement across 8.1 effective names. raw member direction is mixed; 12 of 12 SPY-adjusted paths align to the upside. Capital-flow agreement is 11%, so confirmation is not yet clean. No verified headline preceded the measured group move.
Evidence that supports
- Revenue increased 19.6% versus the comparable filing period.
- Net income increased 21.7% versus the comparable filing period.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- At least 10 of 15 members remain active in the next snapshot.
- Capital-flow agreement rises above 55%.
- A filing-linked outsider such as AM begins moving with the group.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations617
Usable filing statements46
Verified relationships10
Evidence supporting the case
- Latest annual revenue changed +55.0% year over year.
- Operating cash flow covered net income at 1.65x in the latest annual period.
- Energy and commodity prices has repeated favorable evidence across 4 filings.
Evidence challenging the case
- Operating margin changed -5.9 percentage points in the latest annual period.
- Net margin changed -3.9 percentage points in the latest annual period.
- Diluted shares increased 6.7% in the latest annual period.
Questions before a position
- P/E is 42% below the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 69% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Oct 2, 2026
87.906m-0.5%12m+20.4%24m-2.6%
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$16.5B+93.6%$3.35+3.6%
2022-12-31$22.4B+35.4%$3.84+0.2%
2023-12-31$17.7B-21.0%$5.48+8.3%
2024-12-31$21.7B+22.7%$5.17+20.8%
2025-12-31$33.6B+55.0%$5.42+6.7%
What management says matters
Persistent and emerging business drivers
Credit and interest ratesmixed · 3 filings
“Net income and diluted EPS increased due primarily to the items discussed above, offset partially by higher interest expense due to higher debt balances resulting from the September 2024 $7.0 billion notes offering, the August 2025 $3.0 billion notes offering…”10-K · Feb 24, 2026 ↗
Demand and volumemixed · 3 filings
“Adjusted EBITDA decreased $24 million for the three months ended March 31, 2026, compared with the same period in 2025, primarily as a result of the following: • a decrease of $64 million due to lower realized prices, primarily NGL and natural gas prices, net…”10-Q · Apr 29, 2026 ↗
Capital investment and capacitymixed · 2 filings
“Due to the timing of construction of our larger projects, proactively monitoring lead times on materials and equipment used in constructing capital projects and entering into procurement agreements for long-lead items, we do not expect the announced tariffs t…”10-Q · Oct 29, 2025 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 1.6× · EV/sales 2.5×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
87.90+0.8% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 2 Oct, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for OKE. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
Fundamentals strengthened in the latest filing
10-Q filed 2026-04-29 against the comparable filing from 2025-04-30.
OperationsconstructiveEvidence score +3
liquidityneutralEvidence score 0
valuationdiscount
What improved
- Revenue increased 19.6% versus the comparable filing period.
- Net income increased 21.7% versus the comparable filing period.
What weakened
No thresholded deterioration was identified.
Filing receipts
“Changes in commodity prices and demand for our services or products, whether because of general economic conditions, changes in supply, changes in demand for the end products that are made with our products or increased competition from other service providers, could affect our earnings and operating cash flows.”
“Our operating cash flows can also be impacted by changes in our inventory balances, which are driven primarily by commodity prices, supply, demand and the operation of our assets.”
“Adjusted EBITDA increased $71 million for the three months ended March 31, 2026, compared with the same period in 2025, primarily as a result of the following: • an increase of $42 million in optimization and marketing due primarily to $25 million of higher earnings on sales of Purity NGLs held in inventory and $9 million of higher optimization volumes; and • an increase of $24 million in exchange services due primarily to: ◦ $80 million of higher volumes in the Gulf Coast/Permian and Rocky Mountain regions; offset partially by ◦ $41 million of lower average fee rates in the Gulf Coast/Permian and Mid-Continent regions; and ◦ $19 million of narrower product price differentials captured thro...”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind OKE
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
MPLXMPLX LPpartnerFeb 24, 2026 ▾
“Joint Ventures Eiger Express Pipeline - In 2025, we, WhiteWater, MPLX LP and Enbridge Inc., through the existing Matterhorn joint venture, announced the new approximately 450-mile, 48-inch Eiger Express Pipeline, designed to transport up to approximately 3.7…”
DTMDT Midstream, Inc.supplierAug 5, 2025 ▾
“Natural Gas Pipelines Interstate Natural Gas Pipeline Divestiture - On December 31, 2024, we completed the sale of three of our wholly owned interstate natural gas pipeline systems to DT Midstream, Inc.”
Depended on by
BKVBKV CorporationsupplierMar 6, 2026 ▾
“For the assets we acquired in the Devon Barnett Acquisition, approximately 95% of our natural gas is gathered and transported by ONEOK through various contracts that govern the services provided for the Bridgeport, Ponder, and Jarvis systems.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 8 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
OKE is currently a Participant in the organic co-movement group Oil & Gas. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.