Stifel has maintained a Buy recommendation on ONEOK Inc. (NYSE: OKE) and reaffirmed a $94.00 price target, according to the firms most recent rating. The call comes as the company reported fourth-quarter 2025 adjusted EBITDA of $2.15 billion, which was marginally under Stifels $2.17 billion estimate and below the $2.16 billion consensus figure.
The quarter displayed a mixed operational picture. Gas Pipelines and Refined Products segments performed better than expected, while NGLs and G&P segments underperformed. The companys adjusted EBITDA result was therefore slightly short of some forecasts despite stronger outcomes in parts of its business.
ONEOK declared a quarterly dividend of $1.07 per share, a 4% increase from the prior quarter, which annualizes to $4.28 per share and represents a current yield of 4.9% at recent prices. The company has paid dividends for 56 consecutive years. The declared quarterly distribution is scheduled to be paid on February 13, 2026 to shareholders of record as of February 2, 2026.
At the time Stifel issued its rating, ONEOK shares were trading at $87.33. Independent research notes indicate the stock appears undervalued at current levels, with a fair value estimate implying potential upside from the trading price.
Corporate governance updates accompanied the financial release. ONEOK appointed Mark A. McCollum and Precious Williams Owodunni as independent directors to its board, with their appointments taking effect January 23, 2026.
Recent analyst activity highlights divergent perspectives across the brokerage community. Mizuho increased its price target on ONEOK to $89 while maintaining a Neutral rating and adjusting its 2025-2027 adjusted EBITDA estimates. JPMorgan moved in the opposite direction on recommendation, downgrading the stock from Overweight to Neutral and cutting its price target to $83, citing concerns about the companys growth trajectory and noting that recent results fell short of EBITDA guidance. Jefferies initiated coverage with a Hold rating and set a $80 price target, forecasting an adjusted EBITDA compound annual growth rate of roughly 3.7% from 2025 to 2030, a pace the firm said is below the peer average.
These varied analyst actions reflect differing assessments of ONEOKs near-term performance and longer-term growth prospects in the midstream energy sector. While some firms see the current share price as offering upside relative to fair value, others have tempered expectations based on recent results and projected EBITDA growth rates.
Sectors affected: Energy, Utilities, Midstream Infrastructure.