Overview
- The stock fell 26.8% in 2025, with Jim Cramer calling Oneok the sector’s caboose but a buying opportunity.
- Debt swelled to $32 billion by Sept. 30, 2025, up from $12.7 billion in mid‑2023 after a string of large acquisitions.
- Oneok reported a 14% rise in net income to $2.4 billion for the nine months ended Sept. 30, 2025, supported by fee‑based operations.
- Management projected roughly $500 million in Magellan-related cost synergies by the end of 2025 and is integrating recent deals.
- Guidance highlights nearly $1.5 billion in expected cash tax savings over five years, reduced capital spending, dividend growth of 3%–4%, buybacks, and debt repayment, while outside analysis argues the 2025 sell-off may be overdone.