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    How ONEOK’s Updated Deleveraging and Capital Plans At Wells Fargo Symposium (OKE) Has Changed Its Investment Story

    Simply Wall St·12/19/2025 06:33:36
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    • In early December 2025, ONEOK participated in a fireside chat and presented at the Wells Fargo 24th Annual Energy and Power Symposium in New York, where management outlined updated views on its financial and operating outlook.
    • Management’s emphasis on a clear path to lowering leverage and capital spending intensity has sharpened investor focus on the company’s improving balance sheet and potential for stronger future cash returns.
    • Next, we’ll examine how ONEOK’s clearer deleveraging roadmap and capital discipline may reshape the existing investment narrative for the company.

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    ONEOK Investment Narrative Recap

    To own ONEOK today, you need to believe in its ability to steadily grow cash flows from U.S. NGL and gas infrastructure while bringing leverage down to more comfortable levels. Management’s clearer deleveraging targets and lower capital intensity message from the Wells Fargo symposium reinforce the balance sheet improvement story, but they do not fundamentally change the near term focus on execution risk around commodity sensitive earnings and integration of recent acquisitions.

    The most relevant recent announcement alongside this updated outlook is ONEOK’s October 2025 Q3 report, which showed higher revenue and earnings year over year while the quarterly dividend held at US$1.03 per share. Together, the reaffirmed dividend, ongoing share buybacks and the new leverage roadmap frame the key catalyst many shareholders are watching: whether stronger free cash generation can still materialize if commodity spreads stay tight and volumes become a bigger driver of results.

    Yet even as leverage trends look more reassuring, investors should be aware that...

    Read the full narrative on ONEOK (it's free!)

    ONEOK's narrative projects $34.0 billion revenue and $4.2 billion earnings by 2028.

    Uncover how ONEOK's forecasts yield a $88.79 fair value, a 24% upside to its current price.

    Exploring Other Perspectives

    OKE 1-Year Stock Price Chart
    OKE 1-Year Stock Price Chart

    Ten fair value estimates from the Simply Wall St Community range widely from US$65 to about US$142 per share, highlighting sharply different expectations. Against that backdrop, ONEOK’s promise of a clearer path to lower leverage and more disciplined capex could either support confidence in those higher estimates or disappoint investors if commodity driven earnings remain under pressure.

    Explore 10 other fair value estimates on ONEOK - why the stock might be worth 9% less than the current price!

    Build Your Own ONEOK Narrative

    Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

    • A great starting point for your ONEOK research is our analysis highlighting 5 key rewards and 1 important warning sign that could impact your investment decision.
    • Our free ONEOK research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate ONEOK's overall financial health at a glance.

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    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.