Core Viewpoint - ONEOK (OKE) stock is currently undervalued despite the company's strong fundamentals and stable cash flow from its fee-based pipeline network, presenting a potential investment opportunity [2][3][6]. Financial Performance - OKE has experienced a 27% decline in stock price this year, but its Price-to-Sales (P/S) ratio is 38% lower than a year ago, and its Price-to-Earnings (P/E) ratio is below the S&P 500 median [6]. - The company has achieved nearly $500 million in synergies from acquisitions year-to-date, indicating operational strength [7]. Growth Prospects - Recent increases in natural gas throughput and volumes in the Rocky Mountain and Mid-Continent regions suggest positive operational developments [7]. - New projects, such as the Bighorn plant and Eiger Express pipeline, are expected to enhance capacity and boost future revenue [7]. Market Position - OKE's fee-based business model supports stable cash flow, which is crucial for sustaining earnings during market fluctuations [4][7]. - Despite a moderated outlook for 2026 due to commodity prices, recent Q3 results have surpassed expectations, indicating resilience [7]. Valuation Metrics - OKE trades at a P/E multiple of 13.1, which is considered modest given its strong fundamentals [10]. - The stock's historical performance shows significant declines during past market downturns, but it has also demonstrated the ability to rebound from sharp declines [8].