Oneok’s Surging $620M Volume Climbs to 293rd Rank Amid 2.76% Drop in Energy Infrastructure Sector

On September 19, 2025, , . Despite elevated liquidity, , reflecting investor caution in the energy infrastructure sector amid shifting market dynamics.

Recent developments suggest a focus on operational and regulatory factors influencing Oneok’s valuation. Analysts noted that the company’s performance remains tied to its ability to navigate evolving regulatory frameworks and maintain cost efficiencies in its gas distribution and processing operations. The absence of new project announcements or earnings revisions in the recent news cycle has left the stock vulnerable to broader market sentiment swings.

highlight the stock’s consolidation phase, with trading volume surging as a key metric but failing to translate into price momentum. This divergence underscores short-term uncertainty among traders, though long-term fundamentals such as stable and infrastructure resilience remain intact. Market participants are advised to monitor upcoming earnings reports and regulatory updates for directional cues.

To deliver an accurate back-test, I need to settle a few practical details that aren’t specified in the brief. Could you please confirm (or let me choose reasonable defaults): 1. Universe • Should we look at “all U.S. common stocks” (≈ 5,000 names) or a more limited universe such as the Russell 3000? • ADRs and ETFs included or excluded? 2. Trade-price convention • Enter at today’s close and exit at tomorrow’s close (typical for large-scale volume studies), or would you prefer open-to-open, close-to-open, etc.? 3. Weighting • Equal-weight across the 500 names each day, or volume-weighted / dollar-weighted? 4. Transaction costs • Ignore for now (0 bps round-trip) or apply a per-trade estimate? If you’re happy for me to choose, my standard defaults would be: • Universe: Russell 3000 constituents (ex-ETFs & ADRs) as of each date • Price: close-to-close • Weighting: equal-weight rebalanced daily • Transaction costs: none Let me know if that works or if you’d like adjustments, and I’ll run the back-test from 2022-01-03 (first trading day of 2022) through today.