ONEOK falls as board keeps quarterly dividend at $1.07 per share

What happened

ONEOK (OKE) fell 1.4% to close at $90.65 as its board declared a quarterly dividend of $1.07 per share, unchanged from the prior quarter and corresponding to an annualized dividend of $4.28 per share, according to a GlobeNewsWire release. The closing price was reported by Zacks Investment Research. The stock opened 0.7% above the previous close and trading volume was 0.9 times its 20-day average, making the session an ordinary one for this stock. Market action was mixed: the S&P 500 rose 0.3% while the Energy sector median fell 1.0%.

How big was the move

The day’s price change was 0.9 times a typical daily move for this stock, a size that the market’s metrics classify as a normal session rather than a volatile swing. ONEOK’s move was 0.4 percentage points worse than the sector median on the day, reflecting relatively softer performance in midstream names. The company’s market value stood at $56.59 billion at the close. Over the last five sessions the stock rose 0.4%, while the S&P 500 over five sessions fell 0.3%, leaving ONEOK 13.7 percentage points ahead of the S&P 500 over one year after the stock rose 30.3% in that period.

The technical picture

Technically, the stock traded 1.0% above its 20-day moving average and 1.9% below its 50-day moving average, while it was 3.5% above its 200-day moving average. The 50-day average is above the 200-day average, a sign of an established uptrend, and the stock has spent 11 consecutive trading days above the 200-day average. That pattern points to resilience over the medium term even as shorter-term momentum has cooled. Its Relative Strength Index (14 days) was 49, in the neutral range, and the shares were 9.2% below the 52-week high.

Shorter-term performance showed the stock fell 2.2% over one month and fell 3.1% over three months, while 60-day volatility was 26%, lower than 57% of its own readings over five years. A beta of 0.39 indicates the stock tends to move less than the broader market, which helps explain muted sessions like this one. Taken together, the technicals suggest a stock in a longer-term upward trend but with limited near-term upside pressure.

Fundamentals and valuation

For the four quarters through June 30, 2026, ONEOK reported revenue of $39.37 billion, which grew 40.8% from a year earlier, and diluted earnings per share of $5.80, which rose 13.1% from a year earlier. Gross margin was 21.8% versus 22.4% a year earlier, and operating margin was 18.5% versus 19.4% a year earlier, indicating modest compression in profitability despite strong top-line growth. Free-cash-flow margin was 7.4% and return on invested capital was 8.8%. The balance sheet showed net debt of 4.2 times EBITDA, and share count over one year increased by 0.6%.

Valuation measures placed the stock at 15.6 times trailing earnings and 15.9 times expected earnings, with a free-cash-flow yield of 5.1%. Its price to trailing earnings is lower than 62% of its own readings over the past five years, where the five-year median is 16.4 times earnings. Those metrics position ONEOK as moderately valued relative to its recent history while offering a mid-single-digit cash return through free cash flow.

PromtFinance scores rank the company 62 for Value (Neutral), 72 for Growth (Positive), 31 for Quality (Weak), 69 for Momentum (Positive), and 20 for Revisions (Very weak), with Stability at 53 (Neutral). The mix of above-average Growth and Momentum scores alongside weaker Quality and Revisions underscores a profile of improving performance but some concerns about sustainability or analyst outlook.

Earnings and analyst expectations

ONEOK’s next report is scheduled for October 27, 2026. The last report, on August 3, 2026, showed earnings per share of $1.53 against $1.46 expected, 4.8% above estimates, and the company has beaten estimates in one consecutive quarter. The average surprise over the last four reports was 1.6% above estimates, and the typical two-day reaction after recent reports was unchanged. Analysts covering the stock number 39, the consensus rating is Hold, and the consensus price target is $98.64, which is 8.8% above the closing price.

What to watch

• October 27, 2026: next earnings report date.
• Annualized dividend of $4.28 per share declared, quarterly dividend $1.07 per share unchanged.
• Consensus price target $98.64, 44% of analysts rate the stock Buy.
• Net debt of 4.2 times EBITDA and free-cash-flow yield of 5.1%.
• One year performance up 30.3%, 13.7 percentage points ahead of the S&P 500.