Based on the provided data, here's a concise analysis of OKE's valuation:
Valuation Analysis: OKE's current P/E ratio of 19.31 and EV/EBITDA of 14.39 in Q3 2024 indicate a moderate premium compared to historical levels, showing an upward trend from Q2 2024 levels of 18.04 and 13.25 respectively.
Recent Analyst Views: Wolfe Research just upgraded OKE to Outperform with a $110 price target on February 10, 2025, citing strategic value from its MPLX export joint venture and competitive growth potential. Barclays initiated coverage with a Hold rating and $105 target on February 6, 2025.
Growth Catalysts: The company's recent acquisitions of Medallion Midstream and EnLink, along with new LPG export terminal joint ventures, provide significant growth opportunities. These strategic moves justify some premium valuation.
Market Position: OKE's strong position in natural gas infrastructure and data center projects supports its current valuation multiples, though they're trending higher than historical averages.