Tulsa, Oklahoma-based ONEOK, Inc. (OKE) operates as a midstream service provider of gathering, processing, fractionation, transportation, storage, and marine export services. With a market cap of $52.7 billion, the company is involved in the natural gas and natural gas liquids business across the U.S.

Companies worth $10 billion or more are generally described as “large-cap stocks,” and OKE perfectly fits that description, with its market cap exceeding this mark, underscoring its size, influence, and dominance within the oil & gas midstream industry. ONEOK's strategic assets across key regions support its services, while its fee-based model minimizes commodity price exposure, driving financial stability and resilience.

Despite its notable strength, OKE slipped 29.1% from its 52-week high of $118.07, achieved on Nov. 22, 2024. Over the past three months, OKE stock declined 10.4%, underperforming the Dow Jones Industrials Average’s ($DOWI) 3.4% gains during the same time frame.

In the longer term, shares of OKE dipped 16.6% on a YTD basis but climbed 6.3% over the past 52 weeks, underperforming DOWI’s YTD marginal losses and 9.2% returns over the last year.

To confirm the bearish trend, OKE is trading below its 200-day moving average since early April. However, the stock has been trading above its 50-day moving average recently despite a negative price momentum.

On Apr. 29, OKE reported its Q1 results, and its shares closed down by 6.5% in the following trading session. Its EPS of $1.04 missed Wall Street expectations of $1.23. 

In the competitive arena of oil & gas midstream, MPLX LP (MPLX) has taken the lead over OKE, showing resilience with an 8.4% uptick on a YTD basis and solid 26.1% gains over the past 52 weeks.

Wall Street analysts are bullish on OKE’s prospects. The stock has a consensus “Strong Buy” rating from the 16 analysts covering it, and the mean price target of $105 suggests a potential upside of 25.4% from current price levels.