--- title: Oneok (OKE) — intrinsic value and fair price canonical: https://sweetvaluelab.com/stocks/oke ticker: OKE as_of: 2026-10-17 sector: Energy industry: Oil & Gas Midstream --- # Oneok (OKE) Oneok (OKE) closed at $93.31 on Oct 16, 2026, undervalued by 29% vs its model value of $131.65 (from a five-year discounted cash flow). ## Key figures | Figure | Value | | --- | ---: | | Last close | $93.31 (Oct 16, 2026) | | Model value (from a five-year discounted cash flow) | $131.65 | | Price vs model | undervalued by 29% vs model | | Range of that model | $61.19 – $363.68 | | Market value | $58.8B | | P/E (fiscal 2025) | 17.2 | | Net margin (fiscal 2025) | 10.1% | | Free cash flow (fiscal 2025) | $2.4B | | Dividend yield (trailing twelve months) | 4.54% | | Beta | 0.72 | | Cost of capital (WACC) | 6.92% | | Business classification | Dividend Payer (High revenue growth (~38% recent), Moderate margins (10% net margin), Strong dividend yield, Highly cyclical earnings) | ## On the stock lists | List | Place | Figure | Page | | --- | ---: | ---: | --- | | Highest dividend yield | #41 | 4.54% | https://sweetvaluelab.com/lists/highest-dividend-yield | ## Dividends | Figure | Value | | --- | ---: | | Trailing dividend yield | 4.54% | | Dividends per share, last 12 months | $4.24 | | Dividends / free cash flow (fiscal 2025) | 105.6% | | Raised | 3 years in a row | | Growth over 5 years | 2.5% a year | | Latest payment | $1.07, ex-date Aug 3, 2026, paid Aug 14, 2026 | | Year of payments | Dividends per share | | --- | ---: | | To Jul 30, 2021 | $3.74 | | To Jul 29, 2022 | $3.74 | | To Jul 31, 2023 | $3.80 | | To Aug 1, 2024 | $3.93 | | To Aug 1, 2025 | $4.08 | | Trailing twelve months (to Aug 3, 2026) | $4.24 | ## Valuation models Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026. | Model | Role | Value per share | Low | High | | --- | --- | ---: | ---: | ---: | | DCF · Perpetuity growth · 5y | primary | $131.65 | $61.19 | $363.68 | | DCF · Perpetuity growth · 10y | cross check | $124.93 | $61.40 | $336.26 | | DCF · EBITDA exit · 5y | cross check | $129.72 | $67.91 | $202.91 | | DCF · EBITDA exit · 10y | cross check | $124.06 | $66.42 | $201.90 | | P/E · peers | cross check | $108.29 | $96.51 | $131.36 | | P/E · own history | cross check | $93.87 | $86.30 | $101.66 | | PEG | sanity check | $64.65 | $64.65 | $64.65 | | EV/EBITDA · peers | cross check | $106.62 | $101.84 | $126.53 | | EV/Revenue · peers | cross check | $301.72 | $219.75 | $340.00 | | Earnings power value | cross check | $13.61 | $1.87 | $31.83 | | Dividend discount | cross check | $77.41 | $53.12 | $127.79 | ## Insider activity (SEC Form 4) No open-market insider buys or sales filed in the past 90 days. | Date | Insider | Relationship | Transaction | Shares | Value | | --- | --- | --- | --- | ---: | ---: | | Sep 23, 2026 | SPEARS MARY M | See Remarks | Option/RSU exercise | 2,316 | — | | Sep 23, 2026 | SPEARS MARY M | See Remarks | Tax withholding | 1,016 | $91,531.4 | | Sep 23, 2026 | SPEARS MARY M | See Remarks | Option/RSU exercise | 2,316 | — | | Sep 23, 2026 | HULSE WALTER S III | See Remarks | Option/RSU exercise | 7,238 | — | | Sep 23, 2026 | HULSE WALTER S III | See Remarks | Option/RSU exercise | 7,238 | — | ## Recent SEC filings | Filed | Form | What | Filing | | --- | --- | --- | --- | | Sep 15, 2026 | 424B5 | Prospectus supplement | https://www.sec.gov/Archives/edgar/data/1039684/000119312526392009/d178192d424b5.htm | | Sep 15, 2026 | 8-K | 1.01 Entry into a Material Agreement; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1039684/000119312526392003/d162704d8k.htm | | Aug 31, 2026 | 8-K | 1.01 Entry into a Material Agreement; 3.02 Unregistered Sale of Equity; 7.01 Regulation FD Disclosure; 8.01 Other Events; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1039684/000119312526377023/d405989d8k.htm | | Aug 4, 2026 | 424B5 | Prospectus supplement | https://www.sec.gov/Archives/edgar/data/1039684/000119312526332962/d132069d424b5.htm | | Aug 4, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/1039684/000103968426000029/oke-20260630.htm | ## Superinvestors holding it (latest 13F) | Manager | Quarter | Shares | Value | | --- | --- | ---: | ---: | | First Eagle | 2026-06-30 | 11,834,827 | $1.0B | | Torray | 2026-06-30 | 238,831 | $20.8M | 2 tracked managers in all. ## About ONEOK, Inc., along with its subsidiaries, functions as a leading energy infrastructure company within the United States. Its primary focus is the comprehensive management of natural gas, encompassing gathering, processing, storage, and transportation. These operations are structured into three distinct segments: Natural Gas Gathering and Processing, Natural Gas Liquids (NGL), and Natural Gas Pipelines. The company owns an extensive system of natural gas gathering pipelines and processing plants, predominantly situated in the Mid-Continent and Rocky Mountain regions. Furthermore, ONEOK manages both federally (FERC) and state-regulated interstate and intrastate natural gas transmission pipelines, alongside crucial natural gas storage facilities. A significant component of ONEOK's business is dedicated to Natural Gas Liquids. The company handles the entire NGL value chain, from collecting,… --- Source: https://sweetvaluelab.com/stocks/oke (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.