Jefferies Upgrades ONEOK to Buy with $98 Target
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 20 2026
0mins
Should l Buy OKE?
Source: seekingalpha
- Rating Upgrade: Jefferies has upgraded ONEOK (OKE) from Hold to Buy, raising the price target from $80 to $98, indicating a favorable risk-reward profile that reflects strong market confidence.
- Market Dynamics Analysis: Despite the ongoing impact of the Iran war, ONEOK's stock performance suggests that the market has underestimated the risks to energy infrastructure, with analysts arguing that prolonged disruptions should prompt a reassessment of crude structural dynamics, particularly for Bakken.
- Earnings Stability Outlook: Analysts note that stabilization in Bakken crude can enhance confidence in medium-term earnings, especially as investors have largely overlooked commodity uplift potential in recent years, which could lead to a positive earnings outlook for the company.
- Market Opportunities: While there may be 'cleaner' ways to invest in crude, ONEOK's Bakken leverage allows it to outperform gas-levered or mixed midstream peers if elevated pricing persists, showcasing its competitive advantage in the current market environment.
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Analyst Views on OKE
Wall Street analysts forecast OKE stock price to fall
12 Analyst Rating
7 Buy
5 Hold
0 Sell
Moderate Buy
Current: 93.960
Low
75.00
Averages
86.00
High
110.00
Current: 93.960
Low
75.00
Averages
86.00
High
110.00
About OKE
ONEOK, Inc. is a midstream operator that provides gathering, processing, fractionation, transportation, storage and marine export services. The Company's segments include Natural Gas Gathering and Processing; Natural Gas Liquids; Natural Gas Pipelines, and Refined Products and Crude. The Natural Gas Gathering and Processing segment provides midstream services to producers in the Rocky Mountain region, the Mid-Continent region, the Permian Basin region and the North Texas region. The Natural Gas Liquids segment owns and operates facilities that gather, fractionate, treat and distribute natural gas liquids (NGLs) and store Purity NGLs, primarily in the Rocky Mountain region, Mid-Continent region, Permian Basin and Gulf Coast region (including Louisiana). The Natural Gas Pipelines segment transports, stores and markets natural gas. The Refined Products and Crude segment gathers, transports, stores, distributes, blends and markets refined products and crude oil.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
U.S. Stocks Plummet Amid Rising Oil Prices and Iran Negotiation Concerns
- Nasdaq Index Plunge: The Nasdaq 100 experienced its worst one-day drop since October, while the S&P 500 and Nasdaq Composite recorded their worst performance since January 20, indicating heightened market concerns over economic outlook.
- Sector Performance Divergence: Tech stocks have fallen 15.5% from their October highs, whereas the energy sector has risen 10.5% since the onset of the Iran conflict, suggesting a potential reevaluation of asset allocation by investors based on sector resilience.
- Oversold Stocks: Only five stocks in the Nasdaq 100 are considered 'oversold' with an RSI of 30, indicating a bearish market sentiment that may lead to selling pressure, particularly affecting well-known companies like Microsoft and Disney.
- Cruise Line Performance Decline: Carnival Cruise Line's shares have dropped 17.6% over the past three months and 25% since the February 6 high, reflecting a sluggish recovery in the travel industry that could undermine future investor confidence.
See More
ONEOK Board Members Gerald B. Smith and Pattye L. Moore to Retire
- Board Member Retirement: ONEOK announced that directors Gerald B. Smith and Pattye L. Moore will retire on May 20, 2026, in accordance with the company's mandatory retirement age policy, indicating a shift in corporate governance.
- Tenure and Contributions: Smith has served since 2020 and Moore since 2002, with both directors making significant contributions during their tenure that enhanced the company's governance and strategic direction.
- Management Appreciation: ONEOK CEO Pierce H. Norton II expressed gratitude for their guidance and contributions, emphasizing that their decisions have helped shape ONEOK into a leading midstream infrastructure company, thereby strengthening its market position.
- Company Background: ONEOK, headquartered in Tulsa, Oklahoma, is an S&P 500 company with approximately 60,000 miles of pipeline network, providing transportation services for natural gas, NGLs, refined products, and crude oil to meet domestic and international energy demands.
See More
Iran War Shifts U.S. Energy Demand Dynamics
- Demand Growth Outlook: Wells Fargo analysts anticipate that global buyers will increasingly rely on U.S. liquefied petroleum gas (LPG) and liquefied natural gas (LNG), which will drive export expansions for companies like Enterprise Products (EPD), Energy Transfer (ET), and Targa Resources (TRGP), enhancing their market share.
- Enterprise Products Upgrade: Enterprise Products (EPD) was upgraded from Equal Weight to Overweight with a price target raised from $40 to $42, reflecting optimistic expectations for growth in LPG export demand, which is expected to significantly boost its sales volume.
- ONEOK Rating Boost: ONEOK (OKE) was also upgraded to Overweight with a price target increased from $81 to $100, primarily based on widening near-term spreads and increased supply from producers responding to higher prices, which is expected to enhance its market performance.
- Kinetik Holdings Positive Outlook: Kinetik Holdings (KNTK) was raised from Equal Weight to Overweight with a price target increased from $47 to $52, reflecting strong expectations for robust five-year growth in gas and NGL supply from the Permian Basin.
See More
Latest Rating Changes on Wall Street
- Tesla Neutral Rating: Goldman Sachs maintains a neutral stance on Tesla, expressing caution regarding its semiconductor ventures, noting a mixed track record in semiconductor engineering, while suggesting potential applications for inference chips in data centers and distributed computing remain to be seen.
- Upgrade Based on Iran War: Wells Fargo upgrades Kinetik, ONEOK, and Enterprise Products Partners from equal weight to overweight, anticipating that the Iran war will create a structural shift in global energy markets, boosting demand for U.S. energy, particularly in Permian gas and NGL supply.
- ESCO Technologies Buy Initiation: Deutsche Bank initiates coverage on ESCO Technologies with a Buy rating and a $350 target price, highlighting its potential for “defensive growth at a discount” in the aerospace and defense sectors, indicating strong confidence in the company's future.
- Arm Rating Upgrade: Wolfe upgrades Arm from market perform to outperform, citing the company's recent in-house chip launch and significantly increased earnings forecasts for FY28 and FY31, setting a target price of $166, reflecting optimism about its new business model.
See More
Comfort Systems USA and HCA Options Trading Activity Surges
- Surge in Options Volume: Comfort Systems USA Inc (Ticker: FIX) saw an options trading volume of 2,013 contracts today, equating to approximately 201,300 shares, which represents about 43.4% of its average daily trading volume of 463,990 shares over the past month, indicating a significant increase in market interest.
- Focus on Specific Strike Price: Among FIX options, the $1260 strike put option has garnered particular attention, with 402 contracts traded today, representing around 40,200 shares, suggesting heightened investor expectations for potential downward price movement, which could impact stock performance.
- Active HCA Options Trading: HCA Healthcare Inc (Ticker: HCA) recorded an options trading volume of 4,644 contracts today, translating to approximately 464,400 shares, which is 41.1% of its average daily trading volume of 1.1 million shares over the past month, reflecting strong market interest in the company.
- High Strike Price Attention: For HCA, the $525 strike put option has seen a trading volume of 1,920 contracts, representing about 192,000 shares, indicating a cautious sentiment among investors regarding the stock's future performance, which may influence its short-term market behavior.
See More
Jefferies Upgrades ONEOK to Buy with $98 Target
- Rating Upgrade: Jefferies has upgraded ONEOK (OKE) from Hold to Buy, raising the price target from $80 to $98, indicating a favorable risk-reward profile that reflects strong market confidence.
- Market Dynamics Analysis: Despite the ongoing impact of the Iran war, ONEOK's stock performance suggests that the market has underestimated the risks to energy infrastructure, with analysts arguing that prolonged disruptions should prompt a reassessment of crude structural dynamics, particularly for Bakken.
- Earnings Stability Outlook: Analysts note that stabilization in Bakken crude can enhance confidence in medium-term earnings, especially as investors have largely overlooked commodity uplift potential in recent years, which could lead to a positive earnings outlook for the company.
- Market Opportunities: While there may be 'cleaner' ways to invest in crude, ONEOK's Bakken leverage allows it to outperform gas-levered or mixed midstream peers if elevated pricing persists, showcasing its competitive advantage in the current market environment.
See More
U.S. Stocks Plummet Amid Rising Oil Prices and Iran Negotiation Concerns
- Nasdaq Index Plunge: The Nasdaq 100 experienced its worst one-day drop since October, while the S&P 500 and Nasdaq Composite recorded their worst performance since January 20, indicating heightened market concerns over economic outlook.
- Sector Performance Divergence: Tech stocks have fallen 15.5% from their October highs, whereas the energy sector has risen 10.5% since the onset of the Iran conflict, suggesting a potential reevaluation of asset allocation by investors based on sector resilience.
- Oversold Stocks: Only five stocks in the Nasdaq 100 are considered 'oversold' with an RSI of 30, indicating a bearish market sentiment that may lead to selling pressure, particularly affecting well-known companies like Microsoft and Disney.
- Cruise Line Performance Decline: Carnival Cruise Line's shares have dropped 17.6% over the past three months and 25% since the February 6 high, reflecting a sluggish recovery in the travel industry that could undermine future investor confidence.
See More
ONEOK Board Members Gerald B. Smith and Pattye L. Moore to Retire
- Board Member Retirement: ONEOK announced that directors Gerald B. Smith and Pattye L. Moore will retire on May 20, 2026, in accordance with the company's mandatory retirement age policy, indicating a shift in corporate governance.
- Tenure and Contributions: Smith has served since 2020 and Moore since 2002, with both directors making significant contributions during their tenure that enhanced the company's governance and strategic direction.
- Management Appreciation: ONEOK CEO Pierce H. Norton II expressed gratitude for their guidance and contributions, emphasizing that their decisions have helped shape ONEOK into a leading midstream infrastructure company, thereby strengthening its market position.
- Company Background: ONEOK, headquartered in Tulsa, Oklahoma, is an S&P 500 company with approximately 60,000 miles of pipeline network, providing transportation services for natural gas, NGLs, refined products, and crude oil to meet domestic and international energy demands.
See More
Iran War Shifts U.S. Energy Demand Dynamics
- Demand Growth Outlook: Wells Fargo analysts anticipate that global buyers will increasingly rely on U.S. liquefied petroleum gas (LPG) and liquefied natural gas (LNG), which will drive export expansions for companies like Enterprise Products (EPD), Energy Transfer (ET), and Targa Resources (TRGP), enhancing their market share.
- Enterprise Products Upgrade: Enterprise Products (EPD) was upgraded from Equal Weight to Overweight with a price target raised from $40 to $42, reflecting optimistic expectations for growth in LPG export demand, which is expected to significantly boost its sales volume.
- ONEOK Rating Boost: ONEOK (OKE) was also upgraded to Overweight with a price target increased from $81 to $100, primarily based on widening near-term spreads and increased supply from producers responding to higher prices, which is expected to enhance its market performance.
- Kinetik Holdings Positive Outlook: Kinetik Holdings (KNTK) was raised from Equal Weight to Overweight with a price target increased from $47 to $52, reflecting strong expectations for robust five-year growth in gas and NGL supply from the Permian Basin.
See More
Latest Rating Changes on Wall Street
- Tesla Neutral Rating: Goldman Sachs maintains a neutral stance on Tesla, expressing caution regarding its semiconductor ventures, noting a mixed track record in semiconductor engineering, while suggesting potential applications for inference chips in data centers and distributed computing remain to be seen.
- Upgrade Based on Iran War: Wells Fargo upgrades Kinetik, ONEOK, and Enterprise Products Partners from equal weight to overweight, anticipating that the Iran war will create a structural shift in global energy markets, boosting demand for U.S. energy, particularly in Permian gas and NGL supply.
- ESCO Technologies Buy Initiation: Deutsche Bank initiates coverage on ESCO Technologies with a Buy rating and a $350 target price, highlighting its potential for “defensive growth at a discount” in the aerospace and defense sectors, indicating strong confidence in the company's future.
- Arm Rating Upgrade: Wolfe upgrades Arm from market perform to outperform, citing the company's recent in-house chip launch and significantly increased earnings forecasts for FY28 and FY31, setting a target price of $166, reflecting optimism about its new business model.
See More
Comfort Systems USA and HCA Options Trading Activity Surges
- Surge in Options Volume: Comfort Systems USA Inc (Ticker: FIX) saw an options trading volume of 2,013 contracts today, equating to approximately 201,300 shares, which represents about 43.4% of its average daily trading volume of 463,990 shares over the past month, indicating a significant increase in market interest.
- Focus on Specific Strike Price: Among FIX options, the $1260 strike put option has garnered particular attention, with 402 contracts traded today, representing around 40,200 shares, suggesting heightened investor expectations for potential downward price movement, which could impact stock performance.
- Active HCA Options Trading: HCA Healthcare Inc (Ticker: HCA) recorded an options trading volume of 4,644 contracts today, translating to approximately 464,400 shares, which is 41.1% of its average daily trading volume of 1.1 million shares over the past month, reflecting strong market interest in the company.
- High Strike Price Attention: For HCA, the $525 strike put option has seen a trading volume of 1,920 contracts, representing about 192,000 shares, indicating a cautious sentiment among investors regarding the stock's future performance, which may influence its short-term market behavior.
See More
Jefferies Upgrades ONEOK to Buy with $98 Target
- Rating Upgrade: Jefferies has upgraded ONEOK (OKE) from Hold to Buy, raising the price target from $80 to $98, indicating a favorable risk-reward profile that reflects strong market confidence.
- Market Dynamics Analysis: Despite the ongoing impact of the Iran war, ONEOK's stock performance suggests that the market has underestimated the risks to energy infrastructure, with analysts arguing that prolonged disruptions should prompt a reassessment of crude structural dynamics, particularly for Bakken.
- Earnings Stability Outlook: Analysts note that stabilization in Bakken crude can enhance confidence in medium-term earnings, especially as investors have largely overlooked commodity uplift potential in recent years, which could lead to a positive earnings outlook for the company.
- Market Opportunities: While there may be 'cleaner' ways to invest in crude, ONEOK's Bakken leverage allows it to outperform gas-levered or mixed midstream peers if elevated pricing persists, showcasing its competitive advantage in the current market environment.
See More
