ONEOK stock may be undervalued after management raised 2026 earnings guidance, with its current price-to-earnings ratio of about 16.0 times sitting below a tailored fair P/E estimate of roughly 21.0 times. The shares recently closed at US$89.92 and have returned 122.3% over five years, yet the market is pricing ONEOK at a discount to closer peers that average 19.5 times earnings, though above the broader oil and gas sector average of 13.4 times. The valuation debate hinges on whether the company can deliver on expansion projects and volume growth without eroding returns, with a bull case suggesting the stock is 6% undervalued and a bear case pointing to 7% overvaluation. Overall, ONEOK screens as modestly undervalued on earnings multiples, but mixed broader checks indicate it is not a clear bargain.
ONEOK IncManagement raised 2026 earnings guidance and the stock appears undervalued relative to fair P/E estimate and peers.