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ONEOK Upgraded to Overweight by Wells Fargo
Analysts see upside potential for the midstream energy company's stock.
Mar. 28, 2026 at 6:48am
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Wells Fargo & Company has upgraded shares of ONEOK (NYSE:OKE) from an equal weight rating to an overweight rating, setting a new price target of $100 per share, up from the previous $81 target. The upgrade comes as several other equity analysts have also issued positive reports on ONEOK in recent months.
Why it matters
ONEOK is a major midstream energy company that operates critical natural gas and natural gas liquids infrastructure across the central United States. The upgrade from Wells Fargo signals growing optimism about ONEOK's business outlook and potential for stock price appreciation.
The details
In their report, Wells Fargo analysts cited ONEOK's strong asset base, including pipeline systems, processing plants, and NGL transportation and storage infrastructure, as reasons for the more bullish view on the company's prospects. The analysts believe ONEOK is well-positioned to benefit from increasing energy demand and production in its core operating regions.
- Wells Fargo published its upgrade report on March 28, 2026.
- ONEOK last reported earnings on February 23, 2026.
The players
ONEOK
A publicly traded midstream energy company headquartered in Tulsa, Oklahoma that owns and operates natural gas and natural gas liquids pipelines, processing facilities, fractionators, and storage and terminal assets.
Wells Fargo & Company
A major American multinational financial services company that provides various banking, investment, and mortgage products and services.
What’s next
Investors will be watching to see if ONEOK's stock price continues to rise following the Wells Fargo upgrade. The company's next earnings report, expected in late April or early May 2026, will provide further insight into its financial performance and outlook.
The takeaway
The Wells Fargo upgrade underscores the growing optimism around ONEOK's midstream energy business and its ability to capitalize on increasing natural gas and NGL production and demand in its core operating regions. This positive sentiment could drive further gains in the company's share price in the coming months.
