ONEOK completes Medallion deal. Jefferies cuts target for ONEOK stock

Published on 10/14/2026 at 15:59 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Brazos added USD 4.425 billion of assets and lifted capacity to 2.3 billion cubic feet per day. Jefferies set a USD 94.00 target for ONEOK stock.

Integration and valuation markers

ONEOK completed the USD 2.6 billion Medallion acquisition on October 14, 2026.
The Brazos deal lifted Midland Basin processing capacity to 2.3 billion cubic feet per day on October 6, 2026.
ONEOK had a USD 58.7 billion market capitalization as of October 14, 2026.

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ONEOK (ISIN US30609A1097) completed its USD 2.6 billion acquisition of Medallion Midstream on October 14, 2026, while Jefferies maintained a Hold rating and lowered its target from USD 105.00 to USD 94.00. AKM reported the transaction, and Investing.com reported the analyst action on October 13, 2026.

Three deals shaped the year

The recent sequence shows how quickly ONEOK has expanded its midstream footprint. On October 6, 2026, the company completed the USD 4.425 billion purchase of Brazos Midstream assets, more than doubling Midland Basin processing capacity to 2.3 billion cubic feet per day, according to Finanznachrichten.

On October 13, 2026, Jefferies cut its target from USD 105.00 to USD 94.00 while keeping its Hold rating. The USD 11.00 reduction places valuation discipline beside the acquisition story, with the analyst citing updated market multiples and broader midstream valuation pressure, according to Investing.com.

What does the expansion add?

The Brazos assets include about 600,000 dedicated acres under long-term fixed-fee contracts with more than 12 years of weighted-average remaining term. That combination gives ONEOK added gathering and processing scale while increasing the operating base that must be integrated after the Medallion transaction.

Medallion adds a crude oil transportation system in the Permian Basin with more than 1,200 miles of pipelines and storage capacity of 1.5 million barrels, AKM reported on October 14, 2026. The asset overlap matters because connected infrastructure can improve utilization without requiring an entirely new network.

Results date is October 27

ONEOK is scheduled to report third-quarter 2026 results after the market closes on October 27, 2026, according to Simply Wall St. The report will give investors the first formal checkpoint for integration costs, throughput and the cash-flow contribution of the new assets.

Integration now meets valuation

ONEOK had a market capitalization of USD 58.7 billion as of October 14, 2026. The central tension is concrete: the company is adding billions of dollars of infrastructure, while Jefferies has reduced its target to USD 94.00 from USD 105.00 as valuation multiples come under pressure.