价格与价值对比
- Price
- $88.63
- Fair value
- $74.71
- Potential value
- $80.59
- As of
- 2026-09-25
投资逻辑为何可能成立
Accelerated commercialization of the 400 MMcf/d Bighorn processing plant expansion by mid-2027 expands Permian capacity to 2.4 Bcf/d, while capital spending moderates toward $2.0B-$2.5B post-2027.
哪些因素会改变我们的看法
Operating margin compressing below 14.0% (down from 17.07% in FY2025) as lower-rate discretionary ethane recovery outpaces full-rate C3+ liquids across the Permian, Mid-Continent, and Bakken basins,.
We assign ONEOK Inc. a Reduce rating as the shares trade at an 18.6% premium to our Fair value of $74.71, driven by $32,816 million in total debt and an elevated capital expenditure build that restrict near-term free cash flow,,,.3
The house rating is Reduce. For an ordinary investor, this recommendation advises trimming existing holdings or waiting for a more favorable entry price. Current equity pricing reflects an aggressive operational expansion without providing sufficient compensation for elevated balance sheet debt and capital spending demands.
The analysis was prepared with the stock priced at $88.63 as of September 25, 2026. This report-date price trades 18.6% above our house Fair value midpoint of $74.71, representing an implied downside of 15.71%. The report-date price also stands 10.0% above our of $80.59, leaving no valuation cushion for equity investors.
