Is ONEOK Stock Underperforming the S&P 500?

Company Overview - ONEOK, Inc. operates as a midstream service provider in the United States, focusing on gathering, processing, fractionation, transportation, storage, and marine export services, with a market capitalization of $53.4 billion [1] - The company operates through various segments, including Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude [1][2] Stock Performance - The stock reached a 52-week high of $103.64 on March 25, 2025, and is currently trading 18.2% below that peak [3] - Over the past three months, OKE stock has increased by 11.3%, outperforming the S&P 500 Index, which saw only a marginal rise during the same period [3] - However, over the past 52 weeks, OKE has declined by 9.6%, while the S&P 500 delivered returns of 18.9% [6] Earnings Report - Following the release of mixed Q4 2025 earnings, OKE shares fell by 5.1%. The company's adjusted EBITDA decreased by 1.3% year-over-year to $2.1 billion, failing to meet market expectations [7] - The earnings per share (EPS) for the quarter was $1.55, which exceeded Wall Street estimates [7] - For the next fiscal year, the company anticipates adjusted EPS and EPS midpoint to be approximately $8.1 billion and $5.45, respectively [7] Competitive Position - Compared to its peer, Cheniere Energy, Inc. (LNG), OKE has underperformed, with LNG stock rising by 13.2% over the past year [8] - Despite the underperformance, Wall Street sentiment on OKE remains somewhat positive, with a consensus rating of "Moderate Buy" among 20 analysts and a mean price target of $88.11, indicating a 4% upside potential from current price levels [8]