ONEOK Inc's stock plummeted 5.87% in pre-market trading on Tuesday, following the company's disappointing fourth-quarter earnings report and cautious guidance from analysts.
The U.S. pipeline operator reported lower Q4 profit per share, hurt by a sharp drop in natural gas transportation profits following its 2024 sale of an interstate pipeline network. Multiple brokerages flagged a weak outlook for ONEOK after the company missed EBITDA guidance, with RBC Capital Markets noting the miss mainly reflects lower volume expectations across segments.
TD Cowen expressed concerns about the company's FY26 volume guidance and questioned how much of the fourth-quarter weakness was economic versus weather-driven. The brokerage is watching how the weaker near-term outlook shapes ONEOK's medium-term growth prospects, particularly in the Rockies region where fees and volumes were lower in Q4 2025.
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