Core Viewpoint - ONEOK, Inc. is set to release its fourth-quarter and year-end 2025 earnings on February 23, 2026, with a conference call scheduled for the following day [1]. Group 1: Company Overview - ONEOK is a leading midstream operator providing essential energy products and services, including gathering, processing, fractionation, transportation, storage, and marine export services [2]. - The company operates an extensive pipeline network of approximately 60,000 miles, transporting natural gas, natural gas liquids (NGLs), refined products, and crude oil to meet both domestic and international energy demands [2]. - As one of the largest integrated energy infrastructure companies in North America, ONEOK plays a crucial role in energy security and delivering reliable energy solutions [2]. Group 2: Earnings Call Details - The earnings conference call will take place at 11 a.m. Eastern on February 24, 2026, with a phone dial-in option and a webcast available on the company's website [4]. - For those unable to attend the live call, a replay will be accessible on ONEOK's website for one year, and a phone recording will be available for seven days [1].

Core Viewpoint - ONEOK, Inc. is a midstream service provider in the natural gas and natural gas liquids sector, with a market cap of $46.8 billion, and is set to announce its fiscal fourth-quarter earnings for 2025 soon [1] Financial Performance - Analysts expect ONEOK to report a profit of $1.52 per share on a diluted basis for the upcoming quarter, which is a decrease of 3.2% from $1.57 per share in the same quarter last year [2] - For the full fiscal year, analysts project an EPS of $5.35, reflecting a 3.5% increase from $5.17 in fiscal 2024, and an expected rise to $5.86 in fiscal 2026, marking a 9.5% year-over-year growth [3] Stock Performance - ONEOK's stock has underperformed significantly, with a decline of 31.5% over the past 52 weeks, contrasting with the S&P 500 Index's gain of 16.9% and the Energy Select Sector SPDR Fund's increase of 2.3% during the same period [4] - Following the Q3 results announcement, ONEOK shares closed down slightly, despite reporting an EPS of $1.49, which exceeded Wall Street expectations of $1.46, and a revenue of $8.6 billion, up 71.9% year over year [5] Analyst Ratings - The consensus opinion on ONEOK stock is moderately bullish, with a "Moderate Buy" rating overall; out of 19 analysts, 11 recommend a "Strong Buy," one suggests a "Moderate Buy," and seven give a "Hold" rating [6] - The average analyst price target for ONEOK is $88.11, indicating a potential upside of 18.4% from current levels [6]

Core Viewpoint - ONEOK Inc. is considered one of the best infrastructure stocks to buy, with significant upside potential despite recent price target reductions by analysts [1][2]. Group 1: Analyst Ratings and Price Targets - Barclays analyst Theresa Chen lowered the price target for ONEOK to $78 from $83, maintaining an Equal Weight rating, indicating that the Q3 2025 financial report will be crucial for assessing the company's synergy targets and earnings growth capabilities [1]. - Earlier, BofA also reduced its price target for ONEOK to $100 from $109 while keeping a Buy rating, reflecting a broader update on price targets for Integrated, Refining, and Midstream stocks [2]. Group 2: Company Overview - ONEOK Inc. operates as a midstream service provider in the U.S., offering services such as gathering, processing, fractionation, transportation, storage, and marine export [3]. - The company is segmented into four main areas: Natural Gas Gathering & Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products & Crude [3].

Core Insights - ONEOK, Inc. (NYSE:OKE) is recognized for its significant upside potential and is included in the list of the 11 Best Retirement Stocks to Buy According to Analysts [1] - Analysts are evaluating ONEOK's strategic growth plans amidst the challenges posed by a shifting energy market [2] Company Developments - ONEOK is expanding its operations in the Permian Basin and is pursuing the Sun Belt Connector pipeline from Texas to Arizona to enhance transport capacity [3] - The company is expected to strengthen its competitive position with its wellhead-to-water NGL system in the Permian, although careful execution is necessary to achieve the anticipated returns [3] Analyst Ratings - Barclays has maintained a 'Hold' rating on ONEOK with a price target set at $83 [4] - The company is recognized as a midstream service provider offering various services including gathering, processing, fractionation, transportation, storage, and marine export in the U.S. [4]

Core Thesis - Enterprise Products Partners L.P. (EPD) is viewed positively due to its strong market position, governance, and financial metrics, with a current share price of $31.65 and P/E ratios of 11.85 trailing and 10.68 forward [1][4] Company Overview - EPD operates a comprehensive, vertically integrated system of pipelines, processing plants, storage, and export terminals across various energy sectors, providing significant market access and reliability to major oil companies [2] - The company has a strong presence in the U.S. petrochemical industry, serving all domestic ethylene crackers and 90% of refining capacity east of the Rockies, with a focus on the low-cost Permian Basin [3] Financial Performance - EPD offers a 7% yield, supported by a distributable cash flow (DCF) coverage of 1.7x, allowing for reinvestment at attractive returns [4] - The company has achieved a 12% pre-tax return on invested capital (ROIC) since 2005, with 26 consecutive years of distribution growth [4] - EPD's balance sheet is conservative, with a leverage ratio of 3.1x and long-term fixed debt averaging 17.7 years at a 4.7% coupon [4] Future Prospects - Upcoming projects worth $6 billion are expected to come online in 2025, potentially adding $700 million in EBITDA [4] - EPD is projected to deliver annual returns exceeding 10.5%, driven by its durable assets, disciplined capital allocation, and strong governance [4][5]

Financial Data and Key Metrics Changes - Targa Resources reported a record adjusted EBITDA of $4.1 billion for 2024, a 17% increase compared to 2023, despite weak natural gas and NGL prices [13][37] - The fourth quarter adjusted EBITDA was $1.122 billion, reflecting a 5% increase over the third quarter, driven by higher Permian volumes [36][37] - The company expects full-year 2025 adjusted EBITDA to be between $4.65 billion and $4.85 billion, representing a 15% increase over 2024 [39] Business Line Data and Key Metrics Changes - Permian GMP volumes grew by 14% year-over-year, with an incremental 709 million cubic feet per day moving through the system [11] - NGL pipeline transportation volumes averaged a record during the fourth quarter, with fractionation volumes also reaching a record of 1.1 million barrels per day [21] - The logistics and transportation segment is expected to benefit from full-year contributions of the Daytona NGL pipeline and trains nine and ten [40] Market Data and Key Metrics Changes - The company anticipates continued volume growth in the Permian Basin, which will drive operating margins across its businesses [39] - The outlook for NGL supply growth remains robust, supported by downstream system expansions to handle growth from the Permian systems [22] Company Strategy and Development Direction - Targa Resources announced three new projects aimed at increasing NGL capacity, including the Delaware Express pipeline expansion and new fractionators [9][10] - The company is focused on organic growth opportunities while maintaining a strong balance sheet to support capital returns to shareholders [34][66] - The strategy includes opportunistic share repurchases and significant dividend increases, with a 33% increase in the common dividend per share expected for 2025 [14][68] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, highlighting strong commercial success and increased infrastructure investments [7][10] - The company expects a back-half weighted growth in 2025, with significant contributions from new commercial agreements [51][52] - Management noted that 2026 is projected to be even stronger than 2025, driven by the addition of four new plants [53][118] Other Important Information - Targa Resources repurchased $755 million of common shares in 2024, a substantial increase from $347 million in 2023 [33] - The company closed a new five-year $3.5 billion revolving credit facility, enhancing its liquidity position [43][44] - Targa purchased BP's 12% interest in Cedar Bayou Fractionators for approximately $111 million, now owning 100% of the asset [25] Q&A Session Summary Question: Forward outlook and EBITDA trajectory - Management indicated a strong growth outlook for 2025, with expectations for more back-half growth and significant contributions from commercial deals [50][52] Question: Badlands buy-in clarification - Management stated the decision was opportunistic, driven by a strong balance sheet and the potential for $80 million in annual cash savings [62][63] Question: Capital allocation priorities - The company maintains an all-of-the-above approach, focusing on organic growth while also executing opportunistic share repurchases [66][68] Question: Commercial success across footprint - Management highlighted good commercial success in both the Midland and Delaware basins, with significant acreage positions available for growth [76][78] Question: Expected returns on new projects - Management confirmed that the previously provided framework holds, with expectations to exceed the five and a half times build multiple [104] Question: North Texas Mountain Valley NGL pipeline timing - Management discussed the need for new capital and the flexibility provided by third-party offload deals to manage growth [127][131]