ONEOK, Inc. has broad sell-side coverage, but the arithmetic mean of current analyst targets sits near $100 — only about 4% above the latest close — so it does not meet the threshold for a meaningful "can it reach" question. The $110 figure used here therefore comes from identifiable public discussion rather than a consensus. Capital One Financial initiated coverage with a Buy rating and a $110 target in September 2026, and that level sits inside a constructive cluster that includes Wells Fargo ($106), UBS ($108), Citi ($108), and Morgan Stanley ($112).
For context, roughly 20 current analyst price targets range from about $88 to $112, with a simple average near $100. The rating mix is cautious-to-constructive: the majority of firms carry Hold or Neutral ratings, a smaller group carries Buy ratings, and none carry Sell ratings. The wide spread reflects genuine disagreement over how much valuation re-rating ONEOK deserves relative to its midstream peers.
Shares of OKE closed at $95.83 on October 23, 2026, near the top of a 52-week range of roughly $64.02 to $99.85. Reaching $110 would require a gain of approximately 14.8%, a substantial advance that would first require the stock to clear the round-number $100 level and its 52-week high before extending higher.
ONEOK's market capitalization is about $60 billion, and the shares trade near 16 times trailing earnings with a forward dividend yield around 4.5%. The path toward a higher price would likely depend on continued volume growth across its natural gas and NGL systems, successful execution on recently acquired Permian assets, and an expansion of the multiple the market assigns to that earnings stream.
Several fundamentals point in ONEOK's direction. NGL raw feed throughput rose 15.4% year over year in the first quarter, while processed natural gas volumes increased about 5%, and management raised full-year 2026 net income guidance to a midpoint of $3.5 billion. Recent acquisitions of Midland Basin and Permian pipeline interests have materially expanded its footprint and are expected to support mid-single-digit EBITDA (earnings before interest, taxes, depreciation, and amortization) growth through 2030, according to recent analyst commentary.
ONEOK's largely fee-based, contracted model generates relatively stable cash flow, supports a growing dividend, and carries a low beta of roughly 0.56, making it a defensive way to gain exposure to rising natural gas demand from liquefied natural gas exports, power generation, and data-center buildout.
The risks are equally tangible. First-quarter 2026 results were mixed, with revenue of about $9.6 billion beating expectations while earnings per share came in slightly below the consensus estimate. Management has described 2026 guidance as broadly flat versus 2025 and labeled the year a transition period, which several analysts cite as a reason to temper near-term enthusiasm.
Valuation is another constraint: ONEOK trades at an EV/EBITDA (enterprise value to EBITDA) multiple broadly in line with the sector, and parts of its asset base are tied to slower-growth regions. Commodity price swings, higher interest rates, and any slowdown in NGL or natural gas volumes could also weigh on sentiment, as could profit-taking near the 52-week high.
Technically, $100 stands out as both a psychological level and the site of the 52-week high near $99.85, making it the first meaningful resistance level on any path toward $110. Support is visible in the $88 to $92 zone, where the stock consolidated before its latest leg higher. The broader structure is constructive — the stock has climbed steadily from a 52-week low near $64 — but a sustained break above $100 would likely be required to validate a move toward the low-$110s.
Analyst price targets generally reflect a research horizon of about 12 months, though individual firms differ. The most immediate catalyst is ONEOK's next quarterly earnings report, scheduled for late October 2026, which will test whether volume growth and guidance remain intact. Investors should also watch analyst target revisions, natural gas and NGL prices, Permian activity levels, dividend announcements, and Federal Reserve interest-rate decisions, all of which influence the valuation of yield-oriented midstream equities.
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The question of whether OKE can reach $110 rests on a substantial, roughly 15% advance from current levels. The target is not a consensus figure — the broad analyst average sits near $100, with a range of about $88 to $112 — but it does represent a level actively discussed by the more constructive segment of the Street. Support comes from NGL volume growth, raised 2026 guidance, Permian expansion, and a steady dividend, while obstacles include mixed recent results, a transition-year outlook, in-line valuation, and resistance near $100. The next earnings report and any further analyst revisions will be the clearest near-term signposts. No outcome is guaranteed, and investors should weigh the balance of evidence before forming their own view.
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A.I.dvisor indicates that over the last year, OKE has been closely correlated with TRGP. These tickers have moved in lockstep 73% of the time. This A.I.-generated data suggests there is a high statistical probability that if OKE jumps, then TRGP could also see price increases.