Intrinsic value of ONEOK - OKE

Previous Close

$69.52

  Intrinsic Value

$13.49

stock screener

  Rating & Target

str. sell

-81%

Previous close

$69.52

 
Intrinsic value

$13.49

 
Up/down potential

-81%

 
Rating

str. sell

We calculate the intrinsic value of OKE stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 28.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  8.60
  8.24
  7.92
  7.62
  7.36
  7.13
  6.91
  6.72
  6.55
  6.39
  6.26
  6.13
  6.02
  5.92
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
Revenue, $m
  13,221
  14,310
  15,443
  16,621
  17,844
  19,116
  20,437
  21,811
  23,239
  24,726
  26,272
  27,883
  29,560
  31,309
  33,132
  35,034
  37,020
  39,093
  41,259
  43,522
  45,889
  48,364
  50,954
  53,664
  56,501
  59,472
  62,584
  65,845
  69,261
  72,841
Variable operating expenses, $m
  11,309
  12,232
  13,193
  14,191
  15,228
  16,306
  17,427
  18,591
  19,803
  21,063
  22,275
  23,640
  25,062
  26,545
  28,091
  29,703
  31,387
  33,144
  34,981
  36,900
  38,906
  41,005
  43,201
  45,498
  47,904
  50,423
  53,061
  55,826
  58,722
  61,758
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  11,309
  12,232
  13,193
  14,191
  15,228
  16,306
  17,427
  18,591
  19,803
  21,063
  22,275
  23,640
  25,062
  26,545
  28,091
  29,703
  31,387
  33,144
  34,981
  36,900
  38,906
  41,005
  43,201
  45,498
  47,904
  50,423
  53,061
  55,826
  58,722
  61,758
Operating income, $m
  1,912
  2,078
  2,250
  2,430
  2,616
  2,809
  3,010
  3,219
  3,437
  3,663
  3,998
  4,243
  4,498
  4,764
  5,041
  5,331
  5,633
  5,948
  6,278
  6,622
  6,982
  7,359
  7,753
  8,166
  8,597
  9,049
  9,523
  10,019
  10,539
  11,084
EBITDA, $m
  2,487
  2,692
  2,905
  3,127
  3,357
  3,596
  3,845
  4,103
  4,372
  4,652
  4,943
  5,245
  5,561
  5,890
  6,233
  6,591
  6,964
  7,354
  7,762
  8,188
  8,633
  9,099
  9,586
  10,096
  10,629
  11,188
  11,774
  12,387
  13,030
  13,703
Interest expense (income), $m
  461
  494
  546
  601
  657
  717
  778
  842
  908
  977
  1,049
  1,123
  1,201
  1,282
  1,366
  1,454
  1,545
  1,641
  1,740
  1,844
  1,953
  2,067
  2,186
  2,310
  2,440
  2,576
  2,718
  2,867
  3,023
  3,187
  3,359
Earnings before tax, $m
  1,419
  1,532
  1,650
  1,772
  1,899
  2,031
  2,169
  2,311
  2,460
  2,614
  2,874
  3,042
  3,216
  3,398
  3,588
  3,786
  3,992
  4,208
  4,434
  4,669
  4,916
  5,174
  5,443
  5,726
  6,021
  6,331
  6,656
  6,995
  7,352
  7,725
Tax expense, $m
  383
  414
  445
  478
  513
  548
  586
  624
  664
  706
  776
  821
  868
  917
  969
  1,022
  1,078
  1,136
  1,197
  1,261
  1,327
  1,397
  1,470
  1,546
  1,626
  1,709
  1,797
  1,889
  1,985
  2,086
Net income, $m
  1,036
  1,119
  1,204
  1,294
  1,386
  1,483
  1,583
  1,687
  1,796
  1,908
  2,098
  2,220
  2,348
  2,481
  2,619
  2,763
  2,914
  3,072
  3,236
  3,409
  3,588
  3,777
  3,974
  4,180
  4,396
  4,622
  4,859
  5,107
  5,367
  5,639

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  18,286
  19,793
  21,360
  22,988
  24,681
  26,439
  28,267
  30,167
  32,143
  34,199
  36,338
  38,565
  40,885
  43,304
  45,826
  48,457
  51,203
  54,070
  57,066
  60,197
  63,470
  66,894
  70,475
  74,224
  78,148
  82,258
  86,562
  91,071
  95,796
  100,749
Adjusted assets (=assets-cash), $m
  18,286
  19,793
  21,360
  22,988
  24,681
  26,439
  28,267
  30,167
  32,143
  34,199
  36,338
  38,565
  40,885
  43,304
  45,826
  48,457
  51,203
  54,070
  57,066
  60,197
  63,470
  66,894
  70,475
  74,224
  78,148
  82,258
  86,562
  91,071
  95,796
  100,749
Revenue / Adjusted assets
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
  0.723
Average production assets, $m
  14,265
  15,441
  16,663
  17,934
  19,254
  20,626
  22,052
  23,534
  25,075
  26,679
  28,348
  30,085
  31,895
  33,782
  35,749
  37,802
  39,944
  42,181
  44,518
  46,961
  49,514
  52,185
  54,979
  57,903
  60,965
  64,171
  67,528
  71,046
  74,732
  78,596
Working capital, $m
  119
  129
  139
  150
  161
  172
  184
  196
  209
  223
  236
  251
  266
  282
  298
  315
  333
  352
  371
  392
  413
  435
  459
  483
  509
  535
  563
  593
  623
  656
Total debt, $m
  10,109
  11,122
  12,175
  13,269
  14,406
  15,588
  16,816
  18,093
  19,421
  20,802
  22,240
  23,737
  25,296
  26,921
  28,616
  30,384
  32,229
  34,156
  36,169
  38,273
  40,473
  42,773
  45,180
  47,699
  50,337
  53,098
  55,991
  59,021
  62,196
  65,524
Total liabilities, $m
  12,288
  13,301
  14,354
  15,448
  16,585
  17,767
  18,996
  20,272
  21,600
  22,981
  24,419
  25,916
  27,475
  29,100
  30,795
  32,563
  34,408
  36,335
  38,348
  40,452
  42,652
  44,952
  47,359
  49,879
  52,516
  55,277
  58,170
  61,200
  64,375
  67,703
Total equity, $m
  5,998
  6,492
  7,006
  7,540
  8,095
  8,672
  9,272
  9,895
  10,543
  11,217
  11,919
  12,649
  13,410
  14,204
  15,031
  15,894
  16,794
  17,735
  18,718
  19,745
  20,818
  21,941
  23,116
  24,345
  25,633
  26,981
  28,392
  29,871
  31,421
  33,046
Total liabilities and equity, $m
  18,286
  19,793
  21,360
  22,988
  24,680
  26,439
  28,268
  30,167
  32,143
  34,198
  36,338
  38,565
  40,885
  43,304
  45,826
  48,457
  51,202
  54,070
  57,066
  60,197
  63,470
  66,893
  70,475
  74,224
  78,149
  82,258
  86,562
  91,071
  95,796
  100,749
Debt-to-equity ratio
  1.690
  1.710
  1.740
  1.760
  1.780
  1.800
  1.810
  1.830
  1.840
  1.850
  1.870
  1.880
  1.890
  1.900
  1.900
  1.910
  1.920
  1.930
  1.930
  1.940
  1.940
  1.950
  1.950
  1.960
  1.960
  1.970
  1.970
  1.980
  1.980
  1.980
Adjusted equity ratio
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328
  0.328

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,036
  1,119
  1,204
  1,294
  1,386
  1,483
  1,583
  1,687
  1,796
  1,908
  2,098
  2,220
  2,348
  2,481
  2,619
  2,763
  2,914
  3,072
  3,236
  3,409
  3,588
  3,777
  3,974
  4,180
  4,396
  4,622
  4,859
  5,107
  5,367
  5,639
Depreciation, amort., depletion, $m
  575
  614
  655
  697
  741
  787
  834
  884
  935
  989
  945
  1,003
  1,063
  1,126
  1,192
  1,260
  1,331
  1,406
  1,484
  1,565
  1,650
  1,739
  1,833
  1,930
  2,032
  2,139
  2,251
  2,368
  2,491
  2,620
Funds from operations, $m
  1,611
  1,733
  1,859
  1,991
  2,128
  2,270
  2,417
  2,571
  2,731
  2,897
  3,043
  3,223
  3,411
  3,607
  3,811
  4,024
  4,246
  4,478
  4,720
  4,974
  5,239
  5,516
  5,806
  6,110
  6,428
  6,761
  7,110
  7,475
  7,858
  8,259
Change in working capital, $m
  9
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
  26
  27
  28
  29
  31
  32
Cash from operations, $m
  1,601
  1,723
  1,849
  1,980
  2,117
  2,258
  2,406
  2,559
  2,718
  2,884
  3,029
  3,209
  3,396
  3,591
  3,794
  4,006
  4,228
  4,459
  4,701
  4,954
  5,218
  5,494
  5,783
  6,086
  6,402
  6,734
  7,082
  7,446
  7,827
  8,227
Maintenance CAPEX, $m
  -438
  -476
  -515
  -555
  -598
  -642
  -688
  -735
  -784
  -836
  -889
  -945
  -1,003
  -1,063
  -1,126
  -1,192
  -1,260
  -1,331
  -1,406
  -1,484
  -1,565
  -1,650
  -1,739
  -1,833
  -1,930
  -2,032
  -2,139
  -2,251
  -2,368
  -2,491
New CAPEX, $m
  -1,131
  -1,175
  -1,222
  -1,270
  -1,320
  -1,372
  -1,426
  -1,482
  -1,541
  -1,603
  -1,669
  -1,738
  -1,810
  -1,887
  -1,967
  -2,052
  -2,142
  -2,237
  -2,337
  -2,442
  -2,554
  -2,671
  -2,794
  -2,924
  -3,061
  -3,206
  -3,358
  -3,518
  -3,686
  -3,863
Cash from investing activities, $m
  -1,569
  -1,651
  -1,737
  -1,825
  -1,918
  -2,014
  -2,114
  -2,217
  -2,325
  -2,439
  -2,558
  -2,683
  -2,813
  -2,950
  -3,093
  -3,244
  -3,402
  -3,568
  -3,743
  -3,926
  -4,119
  -4,321
  -4,533
  -4,757
  -4,991
  -5,238
  -5,497
  -5,769
  -6,054
  -6,354
Free cash flow, $m
  33
  72
  112
  154
  199
  245
  292
  341
  392
  444
  471
  526
  583
  641
  701
  762
  826
  891
  958
  1,027
  1,099
  1,173
  1,249
  1,329
  1,411
  1,496
  1,585
  1,677
  1,773
  1,872
Issuance/(repayment) of debt, $m
  970
  1,013
  1,053
  1,094
  1,137
  1,182
  1,228
  1,277
  1,328
  1,381
  1,438
  1,497
  1,559
  1,625
  1,695
  1,768
  1,845
  1,927
  2,013
  2,104
  2,200
  2,301
  2,407
  2,519
  2,637
  2,762
  2,892
  3,030
  3,175
  3,328
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  970
  1,013
  1,053
  1,094
  1,137
  1,182
  1,228
  1,277
  1,328
  1,381
  1,438
  1,497
  1,559
  1,625
  1,695
  1,768
  1,845
  1,927
  2,013
  2,104
  2,200
  2,301
  2,407
  2,519
  2,637
  2,762
  2,892
  3,030
  3,175
  3,328
Total cash flow (excl. dividends), $m
  1,003
  1,084
  1,165
  1,249
  1,336
  1,426
  1,520
  1,618
  1,720
  1,826
  1,909
  2,023
  2,142
  2,266
  2,395
  2,530
  2,671
  2,818
  2,971
  3,131
  3,298
  3,473
  3,656
  3,848
  4,048
  4,258
  4,477
  4,707
  4,948
  5,200
Retained Cash Flow (-), $m
  -470
  -494
  -514
  -534
  -555
  -577
  -600
  -623
  -648
  -674
  -702
  -731
  -761
  -793
  -827
  -863
  -901
  -941
  -983
  -1,027
  -1,074
  -1,123
  -1,175
  -1,230
  -1,287
  -1,348
  -1,412
  -1,479
  -1,550
  -1,624
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  533
  590
  651
  715
  781
  850
  921
  995
  1,072
  1,151
  1,207
  1,292
  1,381
  1,473
  1,568
  1,667
  1,770
  1,877
  1,988
  2,104
  2,225
  2,350
  2,481
  2,618
  2,761
  2,910
  3,065
  3,228
  3,398
  3,576
Discount rate, %
  9.30
  9.77
  10.25
  10.77
  11.30
  11.87
  12.46
  13.09
  13.74
  14.43
  15.15
  15.91
  16.70
  17.54
  18.41
  19.33
  20.30
  21.32
  22.38
  23.50
  24.68
  25.91
  27.20
  28.57
  29.99
  31.49
  33.07
  34.72
  36.46
  38.28
PV of cash for distribution, $m
  487
  490
  486
  475
  457
  433
  405
  372
  336
  299
  256
  220
  185
  153
  124
  99
  76
  58
  43
  31
  22
  15
  10
  6
  4
  2
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

ONEOK, Inc. is an energy midstream service provider in the United States. The Company owns and operates natural gas liquids (NGL) systems, and is engaged in the gathering, processing, storage and transportation of natural gas. THe Company's operations include a 38,000-mile integrated network of NGL and natural gas pipelines, processing plants, fractionators and storage facilities in the Mid-Continent, Williston, Permian and Rocky Mountain regions. The Company operates through three business segments. The Natural Gas Gathering and Processing segment provides midstream services to contracted producers in North Dakota, Montana, Wyoming, Kansas and Oklahoma. The Natural Gas Liquids segment owns and operates facilities that gather, fractionate, treat and distribute NGLs and store NGL products primarily in the Mid-Continental, Permian Basin and the Rocky Mountain regions. The Natural Gas Pipelines segment provides transportation and storage services to end users.

FINANCIAL RATIOS  of  ONEOK (OKE)

Valuation Ratios
P/E Ratio 41.6
Price to Sales 1.6
Price to Book 77.5
Price to Tangible Book
Price to Cash Flow 10.8
Price to Free Cash Flow 20.2
Growth Rates
Sales Growth Rate 14.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -47.4%
Cap. Spend. - 3 Yr. Gr. Rate -22.6%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 4190.5%
Total Debt to Equity 4995.2%
Interest Coverage 3
Management Effectiveness
Return On Assets 4.5%
Ret/ On Assets - 3 Yr. Avg. 3.8%
Return On Total Capital 3.7%
Ret/ On T. Cap. - 3 Yr. Avg. 3.2%
Return On Equity 134.1%
Return On Equity - 3 Yr. Avg. 69.4%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 20.3%
EBITDA Margin - 3 Yr. Avg. 16.1%
Operating Margin 14.4%
Oper. Margin - 3 Yr. Avg. 11.4%
Pre-Tax Margin 10.7%
Pre-Tax Margin - 3 Yr. Avg. 8.1%
Net Profit Margin 3.9%
Net Profit Margin - 3 Yr. Avg. 3.2%
Effective Tax Rate 22.1%
Eff/ Tax Rate - 3 Yr. Avg. 22.3%
Payout Ratio 147.2%

OKE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the OKE stock intrinsic value calculation we used $12173.907 million for the last fiscal year's total revenue generated by ONEOK. The default revenue input number comes from 0001 income statement of ONEOK. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our OKE stock valuation model: a) initial revenue growth rate of 8.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 9.3%, whose default value for OKE is calculated based on our internal credit rating of ONEOK, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of ONEOK.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of OKE stock the variable cost ratio is equal to 85.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for OKE stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for ONEOK.

Corporate tax rate of 27% is the nominal tax rate for ONEOK. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the OKE stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for OKE are equal to 107.9%.

Life of production assets of 33.6 years is the average useful life of capital assets used in ONEOK operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for OKE is equal to 0.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $5527.867 million for ONEOK - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 411.249 million for ONEOK is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of ONEOK at the current share price and the inputted number of shares is $28.6 billion.

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COMPANY NEWS

▶ ONEOK, Inc.s Recent Acquisition Now Looks Even Smarter   [Sep-12-18 03:06PM  Motley Fool]
▶ ONEOK to Present at Barclays CEO Energy Conference   [Aug-30-18 04:15PM  PR Newswire]
▶ 2 Embarrassingly Unsustainable Dividend Stocks   [Aug-28-18 01:04PM  Motley Fool]
▶ 3 Dividend Stocks That Pay You More Than IBM   [Aug-21-18 11:09AM  Motley Fool]
▶ 5 Stocks That Are Primed to Change Direction   [Aug-20-18 03:15PM  TheStreet.com]
▶ How to Invest in Midstreamers   [09:00AM  Motley Fool]
▶ ONEOK, Inc. to Host Earnings Call   [10:00AM  ACCESSWIRE]
▶ Oneok Inc. (OKE) Q2 Earnings Surpass Estimates   [Jul-31-18 05:35PM  Zacks]
▶ Oneok: 2Q Earnings Snapshot   [04:32PM  Associated Press]
▶ What to Watch When ONEOK, Inc. Reports Earnings   [Jul-30-18 03:04PM  Motley Fool]
▶ ONEOK Increases Quarterly Dividend   [Jul-25-18 04:15PM  PR Newswire]
▶ Jefferies Issues MLP Update With New Franchise Pick   [Jul-22-18 05:00PM  Benzinga]
▶ Stay Safe as Trade War Escalates: 5 Top Defensive Stocks   [Jul-06-18 12:30PM  InvestorPlace]
▶ 2 Stocks That Turned $5,000 Into More Than $85,000   [Jun-30-18 10:19AM  Motley Fool]
▶ ONEOK Inc. Continues to Fill Up Its Growth Tank   [Jun-28-18 12:04PM  Motley Fool]
▶ ONEOK Announces $1.25 Billion Notes Offering   [Jun-19-18 05:06PM  PR Newswire]
▶ This High-Yield Dividend Stock Is in a Class of Its Own   [Jun-17-18 09:30AM  Motley Fool]
▶ 1 High-Yield Stock to Keep an Eye On   [Jun-04-18 01:04PM  Motley Fool]
▶ 5 Reason ONEOK Inc.s Management Team Is Optimistic   [May-15-18 03:05PM  Motley Fool]
▶ Oneok: 1Q Earnings Snapshot   [May-01-18 04:39PM  Associated Press]
▶ Southern Company Leads 6 Dividend Stocks Boosting Payouts   [Apr-21-18 12:30PM  InvestorPlace]
▶ ONEOK Increases Quarterly Dividend   [Apr-19-18 04:15PM  PR Newswire]
▶ 3 Stocks for Baby Boomers to Reach Their Goals   [Apr-14-18 07:02AM  Motley Fool]
▶ ONEOK to Participate in Mizuho Energy Summit   [Apr-05-18 04:15PM  PR Newswire]
▶ ONEOK Natural Gas Pipelines Operating Normally   [Apr-03-18 06:35PM  PR Newswire]
▶ 1 High-Yield Stock I Wouldn't Touch With a 10-Foot Pole   [Mar-27-18 03:05PM  Motley Fool]

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