Wall Street Raises ONEOK Price Target to $100

Wells Fargo upgraded ONEOK (NYSE:OKE) to Overweight from Equal Weight on Wednesday, raising its price target to $100 from $81. The firm’s thesis centers on the Iran war creating a structural shift in global energy demand that will accelerate Permian gas and natural gas liquids supply growth, directly benefiting ONEOK’s midstream network. With shares trading at $90.94, the new target implies meaningful upside from current levels.

The Analyst’s Case

Wells Fargo argues the Iran war will produce a durable, structural shift in global energy flows, with U.S. midstream infrastructure positioned as a primary beneficiary. The firm expects Permian gas and NGL supply to accelerate to meet growing demand, and believes ONEOK will exceed its 2026 guidance and 2027 consensus estimates through spread-based opportunities related to the Iran war. This upgrade was part of a broader call covering three midstream names, all citing the same structural thesis.

Jefferies made a similar move days earlier, upgrading ONEOK to Buy with a $98 target on March 20, citing heightened crude risk premium and specific opportunities in butane blending, location spreads, and Bakken leverage. The geopolitical backdrop is concrete: Iranian strikes on Qatari LNG facilities have significantly increased natural gas prices in Europe and Asia, redirecting demand toward U.S. supply chains that ONEOK’s infrastructure serves.

Why the Move Matters Now

ONEOK’s approximately 90% fee-based earnings structure provides a stable base, and the Iran war thesis adds a commodity-driven upside layer beyond what the fee model captures. WTI crude has already surged well above ONEOK’s conservative 2026 guidance assumption of $55 to $60 per barrel, with WTI reaching $91.85 as of March 13. Meanwhile, natural gas spiked to $13.80 per MMBtu in late January 2026, the highest level since 2008, before normalizing.

The stock has already gained 25.49% year-to-date, but Wells Fargo’s $100 target still sits above the current Street consensus of $87.53 to$87.75. ONEOK trades at a trailing PE of 17x with a 56-year history of consecutive dividend payments and a recently raised quarterly dividend of $1.07 per share ($4.28 annualized).

What to Watch

ONEOK’s Eiger Express Pipeline expansion to 3.7 Bcf/d, fully subscribed under long-term contracts, and the Bighorn processing plant targeting mid-2027 completion are the key organic growth catalysts. Investors should monitor whether elevated commodity prices hold and whether Iran-related LNG supply disruptions persist, as those two factors underpin the entire Wells Fargo upgrade thesis. The company’s own guidance conservatism, built on $55–$60 WTI, leaves room for upside surprises if current energy market conditions continue.