ONEOK stock price target lowered to $94 at Stifel on 2026 outlook

Investing.com - Stifel lowered its price target on ONEOK Inc (NYSE:OKE) to $94.00 from $97.00 on Thursday, while maintaining a Buy rating on the stock. With ONEOK currently trading at $67.33, Stifel’s target implies a 40% upside potential. InvestingPro analysis indicates the stock appears undervalued based on its Fair Value assessment.

The price target reduction follows ONEOK’s third-quarter 2025 results, which Stifel noted were in line with expectations. The company maintained its 2025 EBITDA guidance during the earnings report. ONEOK reported $6.84 billion in EBITDA for the last twelve months, supporting its current market capitalization of $42.5 billion.

While ONEOK did not provide specific guidance for 2026, the company expressed confidence that 2026 would show growth due to several factors including rising gas-to-oil ratios (GORs), liquefied natural gas (LNG) developments, and a full year of contribution from assets placed in service. The stock currently offers a 6.13% dividend yield and trades at a P/E ratio of 12.4, metrics that InvestingPro subscribers can contextualize with over 30 additional financial indicators and ProTips.

ONEOK reiterated that capital spending would decline after 2025 and expressed confidence that its leverage ratio would trend lower over time. The company also indicated a preference for organic growth over acquisitions.

Stifel’s decision to maintain its Buy rating while reducing the price target reflects its updated assessment of ONEOK’s near-term valuation in light of the company’s latest quarterly performance and outlook.

In other recent news, ONEOK Inc. reported a robust third quarter for 2025, with net income rising to $940 million, reflecting a 10% increase from the previous quarter. The company’s adjusted EBITDA was recorded at $2.12 billion. These figures highlight the company’s financial strength and operational efficiency. There was no significant change in ONEOK’s stock following the earnings announcement. The steady performance may have reassured investors about the company’s financial stability. Additionally, analyst firms have not reported any recent upgrades or downgrades for ONEOK. Investors and stakeholders are likely to keep a close eye on the company’s future performance given these developments.

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