ONEOK (NYSE: OKE) is a major U.S. energy company that operates in the midstream sector. This means it focuses on the transportation, storage, and marketing of natural gas. ONEOK owns an extensive system of pipelines and processing facilities for natural gas and natural gas liquids (NGLs), which are components of natural gas separated during processing.
Following strong performance, investment firm Raymond James raises its price target for ONEOK to $92.00, an increase from its previous $90.00 target. The firm maintains its "Outperform" rating, which suggests it expects the stock to perform better than the overall market average. At the time of the update, the stock's price was $89.32.
This positive outlook is supported by the company's first-quarter 2026 results. ONEOK announced operating earnings of $1.30 per share, which beat analyst estimates of $1.26. As highlighted by GlobeNewswire, its net income, or profit after all expenses, grew by 12% year-over-year to reach $776 million for the quarter.
The company's growth is driven by higher volumes across its systems. Processed natural gas volumes increased by 5%, while NGL raw feed throughput, which is the amount of raw NGLs processed, jumped by 15.4%. This increased activity helped total revenues grow 19.6% year-over-year to $9.62 billion.
Based on these strong results, ONEOK has increased its financial forecast for 2026. As reported by Reuters, the company raised its annual earnings guidance. It now expects a full-year net income midpoint of $3.5 billion, showing confidence in its continued operational performance for the rest of the year.
