Last refreshed: September 4, 2026 (US ET)
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OKE

Defensive

ONEOK, Inc.

Energy·Oil & Gas Midstream·β 0.81Yield: High (3-5%)

ONEOK, Inc. operates as a midstream service provider of gathering, processing, fractionation, transportation, storage, and marine export services in the United States. It operates in four segments: Natural Gas Gathering and Processing; Natural Gas Liquids; Natural Gas Pipelines; and Refined Products and Crude. The company owns natural gas gathering pipelines and processing plants in the Mid-Continent, Permian Basin, North Texas, Gulf Coast region, and Rocky Mountain regions; and provides midstream services to producers of NGLs.

Close · 3M

+7.20%

OKE · 3M

+7.20%

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Held by 2 AI ETFs

AIEQ1.610%

as of Sep 4

PQUS0.120%

as of Sep 1

Signal performance

Each tracked ETF's moves on this stock, grouped by fund. Returns are measured from the signal date to the latest close — hypothetical, no commissions or slippage.

Buy signals2
Win rate100% (2/2)
Avg buy return+9.36%
AIEQnow 1.610% of fund2 signals

AIEQ · Sudden change · 1d

weight 0.050% → 1.630% (+1.580 pp)·stock up 8.4% in the 30 days before

Sep 1·entry $95.69·now $95.75

+0.06%
since Sep 1

AIEQ · New entry · 1d

weight 0 → 0.050% (new)

Jul 1·entry $85.73·now $95.75Chased

+11.69%
since Jul 1
PQUSnow 0.120% of fund1 signal

PQUS · New entry · 1d

weight 0 → 0.060% (new)·stock up 6.7% in the 30 days before

Jul 26·entry $89.46·now $95.75Drifting

+7.03%
since Jul 26

Sell signals show what the stock did after the AI exited. A negative number means the AI's exit was well-timed.

Buffett-style framework

Fails the frameworkas of Jul 26

AI ETFs like PQUS are newly entering ONEOK, and AIEQ maintains a holding, suggesting they perceive value or positive signals in the company. This stands in contrast to the Buffett-style framework's 'Fail' verdict, which is driven by significant concerns regarding the company's financial health and elevated leverage indicated by the high EV/EBITDA ratio.

  • Circle of CompetenceThe fee-based nature of ONEOK's midstream operations provides relatively stable and predictable cash flows, allowing for reasonable projection over a ten-year horizon despite broader energy sector dynamics.
  • Economic MoatONEOK benefits from a strong economic moat derived from high barriers to entry, significant capital requirements, and scale advantages inherent in its extensive pipeline and processing infrastructure.
  • ManagementThe provided financial data does not offer sufficient information to assess management's candor, capital allocation discipline, or personal alignment with shareholder interests.
  • Financial HealthThe exceptionally high EV/EBITDA of 41.11 suggests potentially unmanageable debt or severely suppressed earnings, causing a clear failure on the criterion for manageable debt and stable financial health.
  • Margin of SafetyWithout a robust calculation of owner earnings and a conservative estimate of intrinsic value, it is not possible to determine if the current price offers a sufficient margin of safety.

While ONEOK operates within a predictable industry and possesses strong competitive advantages in its midstream infrastructure, its financial health raises critical concerns. The exceptionally high EV/EBITDA ratio points to potentially unmanageable debt, which prevents the company from passing the rigorous financial criteria. Therefore, despite its operational strengths, the overall verdict is a 'Fail' based on this framework.

Educational interpretation generated by AI applying frameworks Warren Buffett documented in his shareholder letters and other public writings. Not a statement by Mr. Buffett or Berkshire Hathaway, and not investment advice.