ONEOK Stock Lags S&P 500 Over Past Year

Analysts remain moderately optimistic about the midstream company's growth potential despite recent underperformance.

Published on Mar. 5, 2026

Got story updates? Submit your updates here. ›

ONEOK, Inc. (OKE), a major midstream service provider in the U.S. oil and gas industry, has underperformed the S&P 500 Index over the past year, declining 9.6% compared to the broader market's 18.9% gain. However, the company's stock has shown some bullish momentum in recent months, trading above its 200-day and 50-day moving averages. Wall Street analysts maintain a 'Moderate Buy' consensus rating on OKE, with a mean price target suggesting a 4% upside potential.

Why it matters

As a large-cap stock in the midstream energy sector, ONEOK's performance is closely watched by investors and analysts. The company's underperformance relative to the broader market raises questions about its growth prospects and ability to keep pace with industry peers like Cheniere Energy, which has outperformed ONEOK over the past year.

The details

ONEOK, headquartered in Tulsa, Oklahoma, operates as a midstream service provider, offering gathering, processing, fractionation, transportation, storage, and marine export services in the United States. The company's mixed Q4 2025 earnings results, which saw a 1.3% year-over-year decline in adjusted EBITDA, contributed to a 5.1% drop in its share price on February 24. However, the company's EPS for the quarter exceeded Wall Street estimates.

  • ONEOK stock reached its 52-week high of $103.64 on March 25, 2025.
  • The stock has been trading above its 200-day moving average since January 2026.
  • The stock has been trading above its 50-day moving average since November 2025.

The players

ONEOK, Inc.

A midstream service provider of gathering, processing, fractionation, transportation, storage, and marine export services in the United States, with a market capitalization of $53.4 billion.

Cheniere Energy, Inc.

A peer company in the midstream energy sector that has outperformed ONEOK over the past year.

Got photos? Submit your photos here. ›

The takeaway

This case highlights the challenges facing large-cap midstream energy companies like ONEOK in maintaining consistent performance and keeping pace with the broader market. Investors will be closely watching ONEOK's ability to execute on its growth strategies and deliver stronger financial results to regain investor confidence and outperform its peers.