Is ONEOK Stock Outperforming the Dow?

Based in Tulsa, Oklahoma, ONEOK, Inc. (OKE) is a leading midstream energy company operating an approximately 60,000-mile pipeline network. It provides gathering, processing, fractionation, transportation, storage, and marine export services for natural gas, NGLs, refined products, and crude oil, supporting domestic and international energy demand. The company has a market capitalization of approximately $60.2 billion.

Companies worth between $10 billion and $200 billion are generally classified as “large-cap stocks,” and ONEOK comfortably fits this category. Its substantial market capitalization reflects its size, influence, and established position within the oil and gas midstream industry. ONEOK’s strength lies in the breadth and resilience of its energy network.

OKE has slipped 4.4% from its 52-week high of $99.85, reached on September 1, 2026. Over the past three months, OKE shares have gained 7.3%, outperforming the Dow Jones Industrial Average ($DOWI), which has advanced 3.6% over the same period.

Shares of OKE have gained 29.8% YTD and 28.3% over the past 52 weeks, outpacing the Dow’s 11.1% year-to-date gain and 17.1% return over the same period.

OKE has been trading mostly above its 50-day moving average since late November last year and above its 200-day moving average since late January, indicating a sustained uptrend.

ONEOK has outperformed the broader market, potentially benefiting from strong performance across the energy sector, raised full-year guidance, and its commitment to returning 75% to 85% of free cash flow to shareholders through dividends and buybacks. Its attractive dividend yield may also appeal to investors seeking reliable income amid market uncertainty.

On August 30, ONEOK announced an agreement to acquire Brazos Midstream’s Permian Midland Basin natural gas assets for $4.425 billion, funded by a $9 billion Apollo investment. The deal is expected to boost earnings and free cash flow per share, reduce leverage, and support future dividends and share buybacks. Investors were pleased and rewarded with a 1.3% uptick in ONEOK shares in the following trading session.

In the competitive oil and gas midstream industry, top rival The Williams Companies, Inc. (WMB) has underperformed OKE on a YTD basis, gaining 23.4%. Over the past 52 weeks, however, WMB has slightly outperformed OKE, delivering a 28.8% return.

Wall Street analysts are cautiously bullish on OKE’s prospects. The stock carries a consensus “Moderate Buy” rating from the 21 analysts covering it, while the mean price target of $99.90 suggests potential upside of 4.7% from current OKE levels.

On the date of publication, Kritika Sarmah did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.