ONEOK vs Targa Resources
ONEOK made a transformative bet by acquiring Magellan Midstream, creating one of the largest and most diversified midstream networks in North America spanning natural gas liquids, crude oil, and refined products pipelines, while Targa Resources runs a growing NGL gathering and processing franchise in the Permian Basin that's been a prime beneficiary of the relentless drilling activity in the most prolific oil basin in the world. Both companies generate fee-based cash flows that support growing dividends, and both have benefited from the structural underinvestment in midstream infrastructure following the 2020 collapse. ONEOK vs Targa Resources determines which midstream platform has the better organic growth backlog and which offers more distribution coverage comfort heading into the next capex cycle.
ONEOK made a transformative bet by acquiring Magellan Midstream, creating one of the largest and most diversified midstream networks in North America spanning natural gas liquids, crude oil, and refin...
Why It's Moving
Analysts Rally Behind ONEOK with Fresh Price Target Hikes Signaling Midstream Strength.
- Morgan Stanley boosted its target to $113 on April 7, citing robust growth in natural gas processing volumes.
- Scotiabank maintained a $92 target on April 13, highlighting ONEOK's strategic acquisitions enhancing fee-based revenues.
- Jefferies held a Buy rating with a $100 target on April 8, pointing to resilient demand from U.S. LNG exports.
TRGP Faces Analyst Warnings of 13% Downside Amid Mixed Signals and Recent Dividend Boost
- Technical indicators show a sell signal with the stock in a weak rising trend, risking a break below $162.85 that could signal a broader reversal.
- Targa approved a 25% dividend increase to $5.00 annually, payable May 15, reflecting strong cash flow confidence ahead of earnings.
- Broader analyst consensus leans Moderate Buy with upside potential, though short-term evaluations have downgraded to Sell candidate due to negative signals.
Analysts Rally Behind ONEOK with Fresh Price Target Hikes Signaling Midstream Strength.
- Morgan Stanley boosted its target to $113 on April 7, citing robust growth in natural gas processing volumes.
- Scotiabank maintained a $92 target on April 13, highlighting ONEOK's strategic acquisitions enhancing fee-based revenues.
- Jefferies held a Buy rating with a $100 target on April 8, pointing to resilient demand from U.S. LNG exports.
TRGP Faces Analyst Warnings of 13% Downside Amid Mixed Signals and Recent Dividend Boost
- Technical indicators show a sell signal with the stock in a weak rising trend, risking a break below $162.85 that could signal a broader reversal.
- Targa approved a 25% dividend increase to $5.00 annually, payable May 15, reflecting strong cash flow confidence ahead of earnings.
- Broader analyst consensus leans Moderate Buy with upside potential, though short-term evaluations have downgraded to Sell candidate due to negative signals.
Investment Analysis
ONEOK
OKE
Pros
- ONEOK is considered undervalued by analysts with a discounted cash flow suggesting a 52.4% upside.
- The company demonstrated strong Q3 2025 earnings with increased EBITDA driven by acquisitions and volume growth in key regions.
- ONEOK has a robust dividend yield of about 6.0%, showing commitment to returning capital to shareholders.
Considerations
- ONEOK's stock price has experienced significant declines recently, down about 36.8% year-to-date, reflecting market challenges.
- The company has a relatively high debt-to-equity ratio and a low quick ratio (0.46), indicating potential liquidity concerns.
- Regulatory changes and shifting energy demand trends pose execution and operational risks to its midstream pipeline business.
Targa Resources
TRGP
Pros
- Targa Resources operates a diversified midstream energy portfolio, supporting resilience across market cycles.
- The company has a lower valuation multiple with a P/E ratio expected to decline from 17.8x in 2025 to 15.3x in 2026, potentially signaling value.
- Targa Resources maintains a stable free-float at 89% and offers a growing dividend yield forecasted to rise to 3.28% next year.
Considerations
- Targa Resources’ stock exhibits higher volatility compared to ONEOK, implying greater price fluctuations and investment risk.
- The company’s stock price has declined about 17.58% year-to-date, reflecting some market and operational headwinds.
- Targa faces commodity price sensitivity and execution risks tied to midstream infrastructure investments and regulatory environment.
ONEOK (OKE) Next Earnings Date
ONEOK (OKE) released its Q1 2026 earnings after market close on April 28, 2026, with the conference call held on April 29, 2026. As of April 27, 2026, this marked the next scheduled earnings event, covering the first quarter ending March 31, 2026. The subsequent Q2 2026 earnings are typically expected in late July or early August, consistent with ONEOK's historical quarterly pattern.
Targa Resources (TRGP) Next Earnings Date
Targa Resources' next earnings release is expected on May 7, 2026 before market open, covering the Q1 2026 results. This timing aligns with the company's typical quarterly reporting schedule, following their February 2026 earnings release. Investors should anticipate the earnings announcement and conference call details to be disclosed closer to the release date.
ONEOK (OKE) Next Earnings Date
ONEOK (OKE) released its Q1 2026 earnings after market close on April 28, 2026, with the conference call held on April 29, 2026. As of April 27, 2026, this marked the next scheduled earnings event, covering the first quarter ending March 31, 2026. The subsequent Q2 2026 earnings are typically expected in late July or early August, consistent with ONEOK's historical quarterly pattern.
Targa Resources (TRGP) Next Earnings Date
Targa Resources' next earnings release is expected on May 7, 2026 before market open, covering the Q1 2026 results. This timing aligns with the company's typical quarterly reporting schedule, following their February 2026 earnings release. Investors should anticipate the earnings announcement and conference call details to be disclosed closer to the release date.
Buy OKE or TRGP in Nemo
Zero Commission
Trade stocks, ETFs, and more with zero commission. Keep more of your returns.
Trusted & Regulated
Part of Exinity Group 2015, serving over a million customers globally.
6% Interest on Cash
Earn 6% AER on uninvested cash with daily interest payments.
