• In late January 2026, ONEOK’s board added two independent directors, former Weatherford CEO Mark A. McCollum and Mountaintop Consulting CEO Precious Williams Owodunni, assigning them to key audit, compensation and governance committees.
• The appointments bring deep energy, finance and governance expertise to ONEOK’s board at the same time the company is increasing its quarterly dividend to US$1.07 per share.
• With the dividend increase as a focal point, we’ll examine how these developments shape ONEOK’s investment narrative in the weeks ahead.

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What Is ONEOK's Investment Narrative?

To own ONEOK today, you really have to believe in the durability of its fee-based midstream model and its ability to turn fairly modest revenue growth into steadily rising earnings and dividends. The latest dividend bump to US$1.07 per share keeps income front and center, but it also sharpens the question of how comfortably that payout sits against free cash flow and a balance sheet where debt is not fully covered by operating cash flow. The board additions of Mark McCollum and Precious Williams Owodunni look supportive rather than transformational in the near term, potentially tightening oversight on audit, cash returns and governance just as analysts trim price targets after softer EBITDA against guidance. That mix leaves near-term catalysts anchored in Q4 2025 results, dividend coverage trends and any commentary on debt and capital spending, with the biggest risk that funding an attractive yield starts to constrain financial flexibility if conditions stay tough.

However, investors also need to weigh how tight dividend coverage could limit ONEOK’s options. ONEOK's shares have been on the rise but are still potentially undervalued. Find out how large the opportunity might be.

Exploring Other Perspectives

Ten fair value views from the Simply Wall St Community span roughly US$65 to a very large upper estimate, underlining how far opinions can stretch. Set that against ONEOK’s richer dividend and questions over cash flow coverage, and it becomes clear why you may want to compare multiple viewpoints before deciding what the stock is really worth.

Explore 10 other fair value estimates on ONEOK - why the stock might be worth over 2x more than the current price!

Build Your Own ONEOK Narrative

Disagree with this assessment? Create your own narrative 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 3 key rewards and 2 important warning signs 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.