ONEOK has delivered a powerful run in recent years, and at a last close of US$95.82 the stock now invites a straightforward question about whether that price is supported by its earnings profile. With the share price already reflecting a strong story, the key issue for you is how much of the current earnings strength is already baked into the valuation.
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ONEOK has returned 95.1% over the past 5 years, which puts real pressure on the question of whether its current earnings can carry that higher price tag.
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Recent earnings outperformance and higher future earnings expectations may support a richer view of what each dollar of profit is worth for this business.
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Your read on ONEOK is one view; the desks covering it have another. See what analysts think ONEOK’s shares could be worth.
The stock’s next move may depend on whether ONEOK’s current earnings, and the price investors are paying for them, still line up.
If you want to explore the same earnings question you are considering for ONEOK across a broader set of companies, scan through 30 high quality undervalued stocks.
Is ONEOK a Bargain on Earnings?
P/E fits ONEOK well because earnings per share drive much of the discussion around this stock. At a current P/E of 14.9x, investors are paying less for each dollar of profit than the broader Oil and Gas sector, where the average sits near 12.3x, but also less than the peer group on roughly 19.4x. That places ONEOK in a middle ground where it is not the cheapest option in the sector, yet also not priced like the higher multiple peers.
The fair multiple implied by the valuation work, which blends factors like growth profile, profitability and risk, points to a higher P/E than ONEOK trades on today. As a result, the model reads the stock as undervalued on this metric. Because ONEOK recently lifted its 2026 earnings guidance after stronger Q3 numbers, the current discount to that tailored benchmark suggests the market is not fully matching the upgraded outlook with a richer earnings multiple. Explore the numbers behind ONEOK’s P/E valuation.
NYSE:OKE P/E Ratio as at Oct 2026
The ONEOK Narrative: What Would Justify Today’s Price?
Narratives pick up where the P/E debate for ONEOK leaves off. They spell out which paths for ONEOK’s growth, margins and earnings would need to play out for the current share price to look meaningfully high or low, and they live on Simply Wall St’s Community page. Each scenario links its number to a clear view of how growth, profitability and risk could evolve, giving you something concrete to revisit as new information emerges.
Community views on ONEOK split between investors who see more value left in the expansion story and those who think the good news is mostly reflected already.
Bull case: 6% undervalued
“The main thing that has to go right is that ONEOK successfully executes its Brazos Midland integration, planned Permian processing and takeaway expansions, and Texas City LPG export buildout…”
Discover why this Narrative puts ONEOK at 6% undervalued.
Bear case: 5% overvalued
“Recent margin pressure from lower fee ethane barrels and contract repricing in the Mid Continent suggests that future throughput gains could add less incremental EBITDA than prior projects…”
Explore why this Narrative puts ONEOK at 5% overvalued.
ONEOK’s price is only the starting point of your decision
What really rounds out the picture for ONEOK is how professional analysts currently map out its earnings a few years from now, and how that compares with the valuation you see today. Explore where analysts expect ONEOK to be in a few years.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include OKE.
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Source: finance.yahoo.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.
