ONEOK (OKE) is back in focus after reporting double digit growth in first quarter 2026 net income and adjusted EBITDA, raising its full year guidance and outlining several volume driven expansion projects.

At a share price of $87.83, ONEOK has delivered an 18.15% year to date share price return. Its 1 year and 5 year total shareholder returns of 12.82% and 101.23% point to stronger longer term momentum, even as the 7 day share price return declined 1.56% and the 90 day share price return eased 0.76% around index rebalancing and guidance updates.

If ONEOK’s mix of income and energy infrastructure appeals to you, it could be a good moment to see what else is moving and review 35 power grid technology and infrastructure stocks

ONEOK’s guidance lift, strong recent returns and a reported intrinsic discount of about 54% paint a mixed picture. Is the stock still offering value at today’s price, or is the market already pricing in future growth?

Most Popular Narrative: 8% Undervalued

ONEOK’s most followed narrative puts fair value at $95.48, versus the recent $87.83 share price, framing the stock as modestly undervalued on updated earnings assumptions and risks.

Persistent growth in global demand for U.S. natural gas and NGLs, driven by increasing international energy needs and continued coal-to-gas switching, supports long-term volume throughput and higher utilization rates across ONEOK's midstream and export infrastructure, directly underpinning future revenue and EBITDA growth.

Want to see what powers that valuation gap for ONEOK? The narrative leans on steady volume growth, fatter margins, and a future earnings multiple usually reserved for faster growing sectors.

Result: Fair Value of $95.48 (UNDERVALUED)

However, ONEOK’s story can shift quickly if tighter commodity spreads persist or if higher leverage from recent acquisitions starts to constrain cash flow and project flexibility.

Next Steps

With ONEOK’s mix of risks and rewards in focus, consider acting promptly and weighing the trade offs yourself by reviewing the 3 key rewards and 2 important warning signs.

Looking for more investment ideas beyond ONEOK?

If ONEOK has you thinking more seriously about your portfolio, do not stop here. Use this momentum to compare other opportunities before the next move in markets.

Line up potential bargains by reviewing companies highlighted in the 44 high quality undervalued stocks.

Strengthen your income stream by scanning for reliable payers in the 7 dividend fortresses.

Reduce potential surprises by focusing on sturdier companies surfaced in the 74 resilient stocks with low risk scores.

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.