ONEOK Inc. stock gains as Apollo deal and Medallion acquisition reshape balance sheet

Published on 09/14/2026 at 18:50 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

ONEOK Inc. stock trades near its 52-week high after a 9 billion dollar minority equity deal with Apollo, dated September 14, 2026. The company also completed the 2.6 billion dollar Medallion Midstream acquisition, expanding its fee-based pipeline footprint.

Fotorealistische Erdgas-Pipeline in weiter Prärielandschaft bei Sonnenuntergang — ONEOK Inc. (ISIN US6826801036) Erdgas-Pipeline durchquert weite Prärielandschaft im goldenen Abendlicht fotorealistisch, Illustration mit AI erstellt.

ONEOK Inc. stock (ISIN US6826801036) is trading close to its recent peak as investors digest a 9 billion dollar minority equity deal with Apollo and the completed 2.6 billion dollar acquisition of Medallion Midstream, both highlighted on September 14, 2026. Shares closed at 96.62 dollars on the New York Stock Exchange on September 11, 2026, up 0.94 percent from the previous close of 95.72 dollars, keeping the stock within less than 1 percent of its recent intraday high.

Apollo minority stake provides fresh capital

According to TradingView on September 14, 2026, ONEOK Inc. struck a 9 billion dollar minority equity deal with Apollo, selling a nonvoting Class B stake in newly formed ONEOK Holdings LLC that rating agencies view as credit-enhancing. The structure is designed to inject substantial capital while avoiding voting dilution, giving the company room to fund growth and manage leverage without issuing traditional common equity.

The same overview from TradingView notes that Morgan Stanley lifted its price target for ONEOK Inc. stock to 112 dollars from 105 dollars, implying an increase of 6.7 percent in the target level. For investors, that move underlines that at least one major Wall Street bank sees further upside even after the recent rally, with the new target sitting about 15.9 dollars above the latest closing price of 96.62 dollars.

Medallion deal and fee-based earnings underpin fundamentals

As AKM reported on September 14, 2026, ONEOK completed the acquisition of Medallion Midstream for 2.6 billion dollars, adding crude oil gathering and midstream assets in the Permian region to its portfolio. The purchase price, at 2.6 billion dollars, represents a substantial bolt-on investment that expands the company’s integrated footprint across natural gas liquids, natural gas and crude oil pipelines.

A feature article from 24/7 Wall St on September 14, 2026, highlights that approximately 90 percent of ONEOK’s earnings are fee-based, which stabilizes cash flows compared with pure volume-driven models. The same piece states that full-year adjusted EBITDA reached 8.02 billion dollars, up 18 percent year on year, showing that the enlarged footprint, including earlier EnLink and Medallion assets, has already translated into double-digit earnings growth.

In the same analysis, 24/7 Wall St notes that ONEOK raised its quarterly dividend by 4 percent to 1.07 dollars per share, or 4.28 dollars annualized, up from earlier levels of 0.935, 0.955, 0.99 and 1.03 dollars per share. That step-by-step increase underscores a long-running dividend growth story, with the current 1.07 dollar quarterly payout implying a cash return that the outlet calculates at a yield of around 4.43 percent at prevailing share prices.

Recent earnings trends and valuation context

While the company has not released a new quarterly report in the last few days, recent earnings data compiled by TradingView show that basic earnings per share for ONEOK reached 1.53 dollars in the second quarter of 2026, up from 1.23 dollars in the first quarter of 2026. That represents an increase of 0.30 dollars or 24.77 percent quarter on quarter, indicating that profitability accelerated into mid-2026 even before the latest Apollo and Medallion moves.

Over the full fiscal year 2025, earnings per share stood at 5.43 dollars according to the same TradingView data set, providing a historical benchmark against which investors can measure the current run rate. If the second-quarter EPS of 1.53 dollars is annualized, the implied pace would be above the historic 2025 level, although actual results will depend on volumes, tariffs and integration costs from the new assets.

On the valuation side, a real-time quote page from Robinhood dated September 14, 2026, lists the ONEOK Inc. stock price at 96.62 dollars, with a market capitalization of 60.92 billion dollars and a price-earnings multiple of 16.69. At that capitalization, the company now ranks among the larger North American midstream operators, and the mid-teens earnings multiple reflects the combination of regulated-fee stability, growth projects and balance-sheet considerations after the Apollo deal.

Stock near 52-week high with solid yield

Price data from a German-language portal show that ONEOK shares recently traded at 97.40 dollars in real time, only about 0.02 percent below the 52-week high and 3.68 percent above the 52-week low, underscoring how close the stock currently stands to its yearly high range as of mid-September 2026. With a year-to-date performance of 3.06 percent over the past twelve months and a dividend yield around the mid-4 percent range as noted by 24/7 Wall St, investors are effectively combining modest capital gains with a fairly high cash distribution.

Per the same Robinhood overview dated September 14, 2026, the share traded between an intraday low of 95.47 dollars and a high of 97.19 dollars, with the last price of 96.62 dollars sitting 1.2 percent above the low and 0.6 percent below the high. That narrow band around the high indicates limited short-term volatility as the market processes the strategic deals and updated analyst views.

Risks and next checkpoints for investors

From a risk perspective, the key point in the Apollo minority equity transaction is that the stake is nonvoting Class B equity, according to TradingView. That helps preserve control for existing shareholders but could introduce structural complexity, and the company will need to demonstrate that the proceeds are deployed in projects that sustain the current 8.02 billion dollar adjusted EBITDA level and support further growth.

The Medallion Midstream acquisition, at 2.6 billion dollars as reported by AKM, also increases exposure to crude oil markets in the Permian basin, which can be more cyclical than long-haul natural gas liquids transportation. For investors, one practical checkpoint will be how integration costs and potential commodity sensitivity show up in upcoming quarterly earnings, especially given the strong 24.77 percent sequential EPS growth from the first to the second quarter of 2026.

ONEOK Inc. stock price and trading venue

ONEOK Inc. stock last closed at 96.62 dollars on the New York Stock Exchange on September 11, 2026, according to data consistent with the price history presented by Yahoo Finance. That closing level, combined with intraday movements around 97 dollars as of September 14, 2026, places the shares just below their recent 52-week high, while the market capitalization stands at approximately 60.92 billion dollars in USD terms.