Is ONEOK Stock Underperforming the Nasdaq?

Tulsa, Oklahoma-based ONEOK, Inc. (OKE) operates as a midstream service provider of gathering, processing, fractionation, transportation, storage, and marine export services in the United States. The company has a market capitalization of $54.7 billion and operates through Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude segments.

Companies with a market cap of $10 billion or more are typically referred to as “big-cap stocks.” OKE fits right into that category, with its market cap exceeding this threshold, reflecting its substantial size and influence in the oil and gas midstream industry.   

OKE stock reached its 52-week high of $96.07 on May 20, and has slipped 7.4% from that peak. The stock has grown 4.9% over the past three months, underperforming the Nasdaq Composite ($NASX), which rose 17.6% over the same period.  

Over the longer term, the scenario remains the same. OKE is up nearly 10.5% over the past 52 weeks, lagging the NASX's 37.9% return over the same period.        

OKE stock has been trading above its 200-day moving average since February, indicating bullish momentum, and also above its 50-day moving average since the last trading session. 

On Apr. 28, OKE stock rose 2.3% following the release of its Q1 2026 earnings. The company’s revenue for the quarter came in at $9.6 billion, missing the Street’s estimates. Moreover, its adjusted EPS amounted to $1.30, also coming in on top of Wall Street’s estimates. Oneok expects full-year earnings to be $5.53 per share. 

When stacked against its closest peer in the oil and gas midstream industry, Targa Resources Corp. (TRGP) shares have surged 66.4% over the past 52 weeks, outperforming OKE stock.      

Wall Street’s view of OKE stock is moderately optimistic. Among the 22 analysts covering the stock, the overall consensus rating is “Moderate Buy.” Its mean price target of $95.57 suggests an 7.4% upside potential from current price levels.