ONEOK (OKE) has just raised its 2026 earnings guidance after reporting first quarter revenue of US$9,618 million and net income of US$774 million, up from US$8,043 million and US$636 million a year earlier.

At a share price of US$90.36, ONEOK has given investors a 21.55% year to date share price return. Its 1 year total shareholder return of 17.54% and 5 year total shareholder return of 118.07% sit alongside recent earnings upgrades and affirmed dividends, which together suggest momentum has been building rather than fading.

If ONEOK’s move has you thinking about where else growth and infrastructure demand could intersect, it might be worth scanning 36 power grid technology and infrastructure stocks as potential next ideas.

With earnings guidance lifted, revenue at US$9,618 million and net income at US$774 million, the stock now trades around US$90, close to some analyst targets. Is ONEOK still undervalued, or is future growth already baked in?

Most Popular Narrative: 3.5% Overvalued

ONEOK's most followed narrative pegs fair value at about $87.30, slightly below the last close of $90.36, and builds that view around cash flow and earnings expectations.

Recent tax legislation changes lowering projected cash taxes until 2028, combined with growing free cash flow and reduced leverage, improve ONEOK's capacity for disciplined capital allocation, accelerating shareholder returns and enabling reinvestment to capitalize on global energy trends, supporting long-term net income and cash flow growth.

Want to see why this narrative still supports a premium to current earnings? The core of the story ties together volume assumptions, margins, and a richer future multiple.

Result: Fair Value of $87.30 (OVERVALUED)

However, that story can shift quickly if commodity spreads stay tight for longer, or if integration risks from recent acquisitions start to bite into margins and cash flow.

Another Way To Look At Value

While the popular narrative points to a fair value of $87.30, Simply Wall St’s DCF model presents a very different perspective. It suggests ONEOK is trading about 51% below its estimated future cash flow value of $183.98. That kind of gap raises the question: which story do you trust more?

Next Steps

With mixed signals on value and expectations, this is a good moment to check the numbers yourself and decide where you stand. To see how the upside and downside stack up in one place, take a look at the 3 key rewards and 2 important warning signs.

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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.