Street View: Brokerages flag weak ONEOK outlook after Q4 EBITDA miss

U.S. pipeline operator ONEOK OKE.N reported lower Q4 profit per share on Monday, hurt by a sharp drop in natural gas transportation profits following its 2024 sale of an interstate pipeline network

ONEOK shares down 5.6% at $82.44 premarket

BROKERS EYE ONEOK'S OUTLOOK

RBC Capital Markets ("Sector Perform", PT: $67) says the EBITDA guidance miss mainly reflects lower volume expectations across segments, partly offset by stronger Natural Gas Pipelines forecasts

Adds that the forecast could drive OKE shares to underperform, but could also represent a clearing event for the stock

TD Cowen ("Hold",PT:$74) says it wants more clarity on FY26 volume guidance and how much of 4Q weakness was economic versus weather-driven

Brokerage says it is watching how the weaker near-term outlook shapes ONEOK's medium-term growth prospects, especially in the Rockies, where 4Q25 fees and volumes were lower

TPH&co ("Hold",PT:82) says co expects low-single-digit growth across NGL, refined products & crude, and gathering and processing (G&P), while natural gas pipelines should slip about 2% on lower marketing and optimization gains later in the year