Core Thesis - ONEOK, Inc. is viewed positively due to its stable cash flows, long-term contracts, and operational resilience in the midstream energy sector [1][5] Company Overview - ONEOK, Inc. operates as a midstream energy company, focusing on gathering, processing, transporting, and storing natural gas, NGLs, crude oil, and refined products [2] - The company’s business model relies on long-term, fixed-fee contracts, which provide stability against commodity price fluctuations [2] Segment Analysis - The largest segment for ONEOK is NGLs, which processes raw mixtures into ethane, propane, and butane, but it has the lowest operating margin at approximately 18% due to domestic pricing and input costs [2] - The refined products and crude oil segment, enhanced by the Magellan Midstream acquisition, has margins near 40% and is characterized by heavy regulation and high replication costs, indicating a strong competitive advantage [3] Competitive Advantages - ONEOK benefits from significant barriers to entry due to its scale, extensive pipeline network, and capital-intensive infrastructure [4] - The company has a substantial amount of debt; however, it generates strong free cash flow and has a history of dividend growth, currently offering a dividend yield near 6% [4] Market Position and Outlook - The company is positioned well in a volatile energy sector, with ongoing infrastructure projects and growth in LNG exports, making it a stable, cash-generative business [5] - Despite some skepticism in the midstream sector, ONEOK's operational resilience and reliable free cash flow make it an attractive option for income-focused investors [5][7]

Fair Isaac TodayFICOFair Isaac$1,650.00 -15.21 (-0.91%) 52-Week Range$1,300.00▼$2,402.51P/E Ratio64.53Price Target$2,130.29Add to WatchlistShares of Fair Isaac Corp. NYSE: FICO have taken shareholders for a ride last week, first rallying by over 15% and then selling off by nearly 10% in the span of a couple of days. While the stock’s initial surge was driven by a genuinely disruptive announcement, the subsequent drop left some investors confused. The volatility is actually creating a prime dip-buying oppor ...