ET vs OKE Stock Comparison: AI Score, Valuation, Performance and Upside
ET and OKE both own midstream energy infrastructure but differ most importantly in structure. Energy Transfer is a partnership paying distributions and issuing a K-1, typically at a higher yield with more leverage and a very broad asset base. ONEOK is a corporation paying dividends with a 1099, simpler to own, focused on natural gas liquids and grown through acquisitions.
Use this ET vs OKE comparison to start with the tax structure, because it affects your after-tax outcome and where you can hold the position. Partnerships can defer taxes for taxable accounts but complicate filings and create issues in retirement accounts. A corporation avoids all of that at the cost of corporate-level tax.
ET holds the edge across 3 of 5 key metrics in this comparison. ET leads on both 1-year return (+24.65%) and forward P/E quality (11.58x vs 15.06x for OKE), a relatively favorable combination of momentum and valuation. On fundamentals, ET is growing revenue faster (78.40%), while OKE maintains the higher operating margin (13.25%) — a classic growth-versus-profitability split. Analyst consensus implies meaningfully more upside for ET (+22.34%) than for OKE (+1.96%).
Human Wall Street analysts' price targets, typically implying a ~12-month view — a separate signal from this site's own AI Prediction Signal further down the page, which is a 5-/30-day machine-learning forecast based on price history alone.
- Want a high distribution yield from diversified midstream assets
- Hold in a taxable account and can handle K-1 reporting
- Value export terminal exposure to growing international demand
- Accept higher leverage and a mixed governance history
- Prefer a corporation with simple 1099 dividend reporting
- Want natural gas liquids exposure tied to producer activity
- Value the simplicity of holding it in a retirement account
- Accept acquisition integration risk and volume dependence on drilling
| Metric | ET | OKE |
|---|---|---|
| AI scorei | 45.4 | 52.4 |
| AI ranki | #698 | #352 |
| Latest closei | $20.19 | $88.63 |
| 1M returni | -5.79% | -6.61% |
| 6M returni | +6.16% | -5.67% |
| 1Y returni | +24.65% | +20.31% |
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | ET | OKE |
|---|---|---|
| 1Y ago | $13.43K (+34.3%) started 2025-09-25 | $12.07K (+20.7%) started 2025-09-25 |
| 5Y ago | $50.3K (+403.0%) started 2021-09-27 | $23.16K (+131.6%) started 2021-09-27 |
| 10Y ago | $97.9K (+879.0%) started 2016-09-26 | $63.23K (+532.3%) started 2016-09-26 |
Hypothetical — past performance does not guarantee future results.
| Metric | ET | OKE |
|---|---|---|
| Market capi | $69.52B | $59.73B |
| Trailing P/Ei | 13.83 | 16.37 |
| Forward P/Ei | 11.58 | 15.06 |
| Price/Salesi | 0.65 | 2.05 |
| EV/Revenuei | 1.47 | 2.36 |
| Analyst targeti | $24.70 | $96.62 |
| Target upsidei | +22.34% | +1.96% |
| Metric | ET | OKE |
|---|---|---|
| Revenue growthi | 78.40% | 52.80% |
| Earnings growthi | 85.30% | 14.20% |
| EPS growthi | +85.30% | +14.20% |
| FCF margini | +2.94% | +2.29% |
| Operating margini | 10.41% | 13.25% |
| Profit margini | 4.92% | 9.29% |
| ROIC proxyi | 14.56% | 16.28% |
| Return on equityi | 14.56% | 16.28% |
| Dividend yieldi | 6.74% | 4.52% |
| Payout ratioi | 91.44% | 72.54% |
| Dividend growth streaki | 4 yrs | No increase yet |
| Betai | 0.57 | 0.71 |
| Debt/equityi | 138.33 | 143.07 |
| Current ratioi | 1.16 | 0.74 |
| Quick ratioi | 0.91 | 0.52 |
Over the past year, ET and OKE have moved moderately in the same direction (correlation of 0.65), based on daily returns.
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | ET | OKE |
|---|---|---|---|
| 1Y | Growthi | +24.65% | +20.68% |
| CAGRi | +24.67% | +20.72% | |
| Volatilityi | 16.75% | 27.15% | |
| Sharpe ratioi | 1.14 | 0.67 | |
| Sortino ratioi | 1.80 | 0.93 | |
| Max drawdowni | 8.04% | 12.97% | |
| Current drawdowni | 7.09% | 9.11% | |
| Avg drawdowni | 2.50% | 4.41% | |
| Ulcer Indexi | 3.25% | 5.43% | |
| Max daily dropi | 2.55% | 5.08% | |
| Max wkly dropi | 5.20% | 9.66% | |
| 5Y | Growthi | +211.21% | +84.68% |
| CAGRi | +25.53% | +13.07% | |
| Volatilityi | 23.83% | 28.00% | |
| Sharpe ratioi | 0.89 | 0.42 | |
| Sortino ratioi | 1.29 | 0.56 | |
| Max drawdowni | 24.56% | 43.77% | |
| Current drawdowni | 7.09% | 22.50% | |
| Avg drawdowni | 5.41% | 13.21% | |
| Ulcer Indexi | 7.88% | 17.78% | |
| Max daily dropi | 8.86% | 12.77% | |
| Max wkly dropi | 16.44% | 20.89% | |
| 10Y | Growthi | +175.96% | +210.91% |
| CAGRi | +10.69% | +12.02% | |
| Volatilityi | 33.90% | 38.84% | |
| Sharpe ratioi | 0.34 | 0.38 | |
| Sortino ratioi | 0.48 | 0.51 | |
| Max drawdowni | 72.82% | 80.17% | |
| Current drawdowni | 7.09% | 22.50% | |
| Avg drawdowni | 16.97% | 15.04% | |
| Ulcer Indexi | 24.24% | 22.57% | |
| Max daily dropi | 27.82% | 37.76% | |
| Max wkly dropi | 44.00% | 58.57% |
| Category | ET | OKE |
|---|---|---|
| Company | Energy Transfer LP | ONEOK, Inc. |
| Sector | Energy / Midstream | Energy |
| Industry | Oil & Gas Midstream | Oil & Gas Midstream |
| Core business | Large diversified master limited partnership operating natural gas, crude oil, natural gas liquids, and refined products pipelines, storage, and export terminals, with interests in other listed partnerships. Units generate a K-1 tax form rather than a 1099. | Midstream corporation focused on natural gas liquids gathering, processing, fractionation, and transportation, expanded substantially through acquisitions to include refined products, crude pipelines, and additional gathering systems. Structured as a corporation, so shareholders receive a 1099. |
| Investor focus | Distributable cash flow coverage, leverage reduction, export terminal volumes, growth project execution, and distribution increases. | Natural gas liquids volumes from producing basins, acquisition synergy capture, leverage, fee-based cash flow share, and dividend growth. |
- Extensive integrated asset footprint across multiple commodities and regions
- High distribution yield supported by largely fee-based cash flow
- Export infrastructure positions it for growing international demand for US hydrocarbons
- Corporate structure makes it simpler to own in retirement accounts than a partnership
- Strong position in natural gas liquids, which grow with associated gas from oil drilling
- Acquisitions have broadened the asset base and added scale
- Partnership structure means K-1 tax reporting, which complicates filing and retirement account holding
- Has carried higher leverage than more conservative midstream peers
- History of large acquisitions and governance decisions that some investors have criticised
- Natural gas liquids volumes depend on producer drilling activity in key basins
- Acquisition-led growth requires realising synergies and managing added debt
- Some cash flow retains commodity price sensitivity through processing arrangements
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