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Sentiment · FY2026 Q1
| Analyst | Firm | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Theresa Chen | Barclays | 13 | 8% |
| Keith Stanley | Wolfe Research | 12 | 0% |
| Mike Blum | Wells Fargo | 12 | 8% |
| Manav Gupta | UBS | 11 | 0% |
| Jean Salisbury | Bank of America | 11 | 18% |
| Sunil Sibal | Seaport Research Partners | 10 | 0% |
| Jeremy Tonet | JPMorgan | 8 | 25% |
| Spiro Dounis | Citigroup | 8 | 0% |
| Brandon Bingham | Scotiabank | 6 | 0% |
| Jason Gabelman | TD Cowen | 5 | 0% |
| Firm | Analysts | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Barclays | 1 | 13 | 8% |
| JPMorgan | 2 | 12 | 17% |
| Wolfe Research | 1 | 12 | 0% |
| Wells Fargo | 1 |
| 12 |
| 8% |
| Bank of America | 1 | 11 | 18% |
| UBS | 1 | 11 | 0% |
| Seaport Research Partners | 1 | 10 | 0% |
| Citigroup | 2 | 10 | 0% |
ONEOK delivered Q1 adjusted EBITDA of approximately $2 billion, up 13% year-over-year, with EPS of $1.23 increasing 12%. Broad-based volume growth across all segments drove the beat, with NGL volumes increasing more than 30% year-over-year in the Gulf Coast Permian region. Management raised 2026 EBITDA guidance to a midpoint of $8.25 billion and EPS midpoint to $5.53. Capital growth projects remained on track and on budget, and data center and AI power demand drove larger pipeline project opportunities.
Demand | Revenue Growth | Guidance Reliability | Capex Investment | M&A | Pricing | Competitive Dynamics | Margin | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 6 | 3 | 3 | 4 | 4 | 4 | 2 | |
| 2025Q1 | 6 | 7 | 5 | 1 | 4 | 3 | 2 | 1 |
| 2025Q2 | 6 | 3 | 2 | 5 | 6 | 1 | 2 | 5 |
| 2025Q3 | 9 | 5 | 3 | 2 | 2 | 1 | 4 | 2 |
| 2025Q4 | 7 | 3 | 5 | 3 | 4 | 5 | 3 | 2 |
| 2026Q1 | 10 | 8 | 7 | 6 | 10 | 2 | 3 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 6 | 6 | 6 | 9 | 7 | 10 |
| Revenue Growth | 3 | 7 | 3 | 5 | 3 | 8 |
| Guidance Reliability | 3 | 5 | 2 | 3 | 5 | 7 |
| Capex Investment | 4 | 1 | 5 | 2 | 3 | 6 |
| M&A | 4 | 4 | 6 | 2 | 4 | |
| Pricing | 3 | 1 | 1 | 5 | 10 | |
| Competitive Dynamics | 4 | 2 | 2 | 4 | 3 | 2 |
| Margin | 2 | 1 | 5 | 2 | 2 | 3 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
OKE ONEOK | 9 | +19.6% | |
| EPD Enterprise Products Partners L.P. | 5 | -6.7% | |
| KMI Kinder Morgan | 9 | +13.5% | |
| TRGP Targa Resources | 5 | -15.6% | |
| WMB Williams Companies | 6 | -0.6% |