ONEOK 'Well Positioned' to Grow Adjusted EBITDA Over Coming Years, RBC Says

12:15 PM EDT, 10/21/2026 (MT Newswires) -- ONEOK (OKE) is "well positioned" to grow its adjusted EBITDA in mid-to-high single digits over the coming years, with the company's recent Brazos Midland acquisition providing increased visibility into future growth, RBC Capital Markets said in a Tuesday note. The company's $4.43 billion acquisition of Brazos Midland adds about 700 miles of gathering infrastructure, 1.2 billion cubic feet per day of processing capacity and 600,000 dedicated acres under long-term contracts, RBC said, adding that ONEOK expects the deal to be immediately accretive to earnings and free cash flow per share. Additionally, Apollo Global Management's (APO) $9 billion investment in the company, allows ONEOK to fund the Brazos Midland acquisition and eliminate $5 billion of debt, according to the note. RBC raised its adjusted EBITDA estimates for Q3, 2026, and 2027 to $2.20 billion, $8.60 billion, and $9.25 billion from $2.15 billion, $8.35 billion, and $8.63 billion, previously. RBC raised its price target to $96 from $90 and maintained its sector perform rating. Price: 93.03, Change: +0.18, Percent Change: +0.19