Oneok Outlook - A Deteriorating Technical Picture Amid Mixed Market Sentiment

Market Snapshot

Oneok (OKE) is currently trading at a 2.30% decline, with bearish technical signals and weak internal diagnostic scores suggesting a cautious stance is warranted. The stock faces headwinds as bearish momentum dominates on the chart, with no clear signs of a reversal in sight.

News Highlights

Recent developments in the global oil and gas sector could have indirect effects on Oneok’s operations. Notably:

• Colombia’s 8% E&P investment jump highlights growing regional upstream activity, but Oneok, a U.S.-based energy infrastructure company, is not a direct beneficiary.
• President Tinubu’s executive orders in Nigeria aim to cut project costs and boost tax incentives for oil and gas projects. While positive for the sector’s long-term outlook, the impact on Oneok remains limited in the near term.
• OPEC+ plans a larger-than-expected output hike of 411,000 bpd for July, which could weigh on oil prices and margin pressures for infrastructure and midstream players like Oneok.

Analyst Views & Fundamentals

Analyst sentiment for Oneok remains mixed. The simple average rating is 3.33, while the performance-weighted rating is 2.23, signaling a generally bearish lean when accounting for historical accuracy. Recent ratings are split between “Buy” and “Neutral,” and these do not align well with the stock’s current price decline.

Key fundamental values show a mixed picture:

• Net profit attributable to parent company shareholders / Net profit: 95.66%
• Net income-to-revenue ratio: 19.65%
• Inventory turnover ratio: 13.72
• Inventory turnover days: 13.12 days
• Fixed assets turnover ratio: 0.34
• Total assets turnover ratio: 0.25
• Long-term debt to working capital ratio: 7.09%
• Asset-to-market value ratio: 1.59
• Profit-to-market value ratio: 1.31
• Revenue-to-market value ratio: 1.60

These factors are weighted in our model, with Asset-MV and Revenue-MV carrying the most weight (16.96% and 10.55% respectively). The internal diagnostic score for fundamentals is 3.15, suggesting weak overall health in these areas.

Money-Flow Trends

Big money is flowing out of Oneok, with an overall inflow ratio of 0.488 and all major investor categories showing negative trends. This includes extra-large and large funds, which are typically seen as barometers for institutional confidence. Retail investors are also selling, with Small and Medium trend indicators both negative. The fund-flow internal diagnostic score is 7.79, which is “good,” but this is misleading, as the negative direction suggests caution. The positive score here reflects strong outflow tracking, not optimism.

Key Technical Signals

Technically, Oneok is struggling. The technical score is 3.63, a “weak” internal diagnostic score (0-10), and we see a clear dominance of 3 bearish indicators over zero bullish ones. Here's a breakdown of the key indicators:

• MACD Golden Cross (score: 3.70) – Suggested bullish potential, but lacks strength.
• WR Overbought (score: 2.62) – Suggests potential exhaustion of upward momentum.
• WR Oversold (score: 2.40) – Indicates oversold conditions that may fail to reverse.
• MACD Death Cross (score: 5.81) – A strong bearish signal, suggesting continuation of downward momentum.

Recent chart patterns, as of September 8, 2025, show WR Oversold and MACD Death Cross as active bearish signals. These suggest a continuation of the downtrend, with no clear reversal indicators. The overall momentum is weak, and the key insights from our model point to a volatile and unclear direction on the chart.

Conclusion

Oneok is in a challenging technical and market environment. While the stock has strong fundamentals, the bearish price action, weak technical signals, and negative fund flows paint a cautionary picture. Consider waiting for a clearer reversal or a pullback before entering or increasing positions in the stock. For now, the internal diagnostic technical score of 3.63 and the negative fund-flow trends suggest it’s better to watch from the sidelines and monitor for a potential catalyst or clearer market direction.