ONEOK Inc. stock gains fresh analyst support as Morgan Stanley lifts price target

ONEOK Inc. stock (ISIN US6826801036) is trading at USD 96.13 on the New York Stock Exchange as of September 9, 2026, down 1.42% from the previous close of USD 97.51 but still close to its 52-week high of USD 99.85. According to Yahoo Finance, the stock has gained 35.77% year to date and 41.07% over the past twelve months, clearly outperforming the broader S&P 500 index.

Morgan Stanley lifts ONEOK Inc. price target

The most recent catalyst for ONEOK Inc. stock comes from Wall Street: on September 9, 2026, Morgan Stanley analyst Robert Kad maintained his Equal-Weight rating on ONEOK while raising the price target from USD 105.00 to USD 112.00, a 6.67% increase that signals moderate expected upside. This rating change is documented by GuruFocus and reflected in the latest analyst overview on Yahoo Finance, which shows a current analyst target range from USD 89.00 on the low side to USD 112.00 at the high end with an average of USD 100.33.

For investors, this move by Morgan Stanley is notable because it pushes the formal high target up to USD 112.00 while the shares still trade below USD 100.00, leaving a gap of roughly USD 15.87 between the September 9, 2026, price of USD 96.13 and the new target. According to GuruFocus, ONEOK trades at a trailing price-earnings ratio of approximately 16.5, slightly above its five-year median of 16.36 but still within a range that suggests the stock is reasonably valued rather than stretched.

Recent quarterly figures underline earnings power

The rating support comes on the back of strong operational figures. In the second quarter of fiscal 2026, ONEOK generated revenue of USD 12.05 billion and net earnings of USD 966 million, corresponding to a profit margin of 8.02%. These Q2 2026 figures, reported in the earnings trends section of Yahoo Finance, mark a clear step up from the prior-year period, where year-ago quarterly earnings per share stood at USD 1.49 compared with current-year analyst estimates centred around USD 1.57 for the current quarter.

On a trailing twelve-month basis, ONEOK has generated USD 39.37 billion in revenue and USD 3.66 billion in net income attributable to common shareholders, resulting in a diluted earnings per share of USD 5.79 and a profit margin of 9.29%. According to the financial highlights on Yahoo Finance, the company also reports a return on equity of 16.28% and levered free cash flow of around USD 899.88 million over the same period, underscoring robust cash generation in its midstream operations.

Analyst consensus data further underline expectations for continued growth. The analysis section of Yahoo Finance shows average analyst estimates of USD 10.52 billion in revenue for the current quarter ending September 2026 and USD 42.2 billion for the full year 2026, with expected earnings per share of USD 5.79 for 2026 compared with USD 5.42 achieved in the prior year. That implies an EPS growth of roughly 6.8% year on year if the current projections materialize.

Valuation, dividend and sector context

From a valuation and income perspective, ONEOK offers a mix of moderate growth and solid yield. At the September 9, 2026, price of USD 96.13 and a trailing twelve-month EPS of USD 5.79, the stock trades at about 16.6 times earnings, in line with the level indicated by Yahoo Finance. The same source lists a forward annual dividend of USD 4.28 per share, equivalent to a forward dividend yield of 4.39%, which is competitive among large-cap North American midstream peers.

In terms of market positioning, ONEOK sits firmly in the oil and gas midstream industry with a market capitalization of USD 60.597 billion as of September 9, 2026. The company competes with peers such as Enterprise Products Partners, Kinder Morgan and The Williams Companies, and its year-to-date total return of 35.77% compares favourably with the S&P 500’s 11.67% over the same period according to performance data on Yahoo Finance. For long-term investors, that outperformance suggests that the market is already rewarding ONEOK’s growth and integration moves in the midstream value chain.

The combination of sector tailwinds and company-specific execution is also reflected in the GF Score framework applied by GuruFocus, which assigns ONEOK a GF Score of 86 out of 100. Within that score, profitability and growth both receive 8 out of 10 points, while valuation and momentum rank strongly as well, even though financial strength is rated more cautiously at 4 out of 10, highlighting leverage as a risk factor to watch.

Analyst landscape and key risks

Beyond Morgan Stanley, the broader analyst landscape remains supportive but not uniformly bullish. The analyst recommendations grid on Yahoo Finance shows a mix of Strong Buy, Buy and Hold ratings, with the latest formal change being Morgan Stanley’s September 9, 2026, decision to maintain Equal-Weight while raising the target to USD 112.00. In parallel, coverage resumed at other houses in recent days with Hold-oriented stances and price targets around USD 105.00, as reported by TipRanks/TheFly, which notes that Stifel has a Hold rating and a USD 105.00 target on the shares.

For investors, the resulting target range from about USD 89.00 on the low side to USD 112.00 at the high end encapsulates both upside potential and sensitivity to macro factors. Midstream operators like ONEOK are exposed to changes in commodity prices, volumes and regulatory frameworks, and the lower financial strength rating highlighted by GuruFocus underscores that leverage and debt service remain key risk parameters alongside execution on growth projects and integration of prior acquisitions.

Stock trades near top of its 52-week range

From a pure price perspective, ONEOK Inc. stock is currently trading near the upper end of its recent range. As of September 9, 2026, the shares change hands at USD 96.13 on the New York Stock Exchange, within a 52-week range of USD 64.02 to USD 99.85 and with an intraday trading band between USD 95.19 and USD 99.29. At this level, the stock sits only about 3.7% below its 52-week high, while the market capitalization stands at USD 60.597 billion and daily volume on that date amounts to 1,559,776 shares according to the key statistics on Yahoo Finance. For investors following the name, the combination of strong recent performance, elevated but still moderate valuation and fresh analyst support defines the current picture of ONEOK as of early September 2026.

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