10 Most Undervalued Oil Stocks To Buy According To Analysts

8. ONEOK, Inc. (NYSE:OKE)

Forward Price-to-Earnings Ratio: 13.36

Analyst Upside: 23.83%

Number of Hedge Fund Holders: 42

ONEOK, Inc, (NYSE:OKE) is one of the 10 most undervalued oil stocks to buy according to analysts. Brandon Bingham, an analyst at Scotiabank, maintained his Outperform rating on ONEOK, Inc, (NYSE:OKE) on June 5 and reduced his price target from $96 to $93 for the company’s shares.

The analyst informed investors that the firm is extending its target valuation year to 2027 and releasing its forecasts for 2028 for equities in the U.S. Midstream sector. With few triggers on the horizon, Scotiabank still anticipates that units will stay range-bound.

Additionally, NGP XI Midstream Holdings sold the remaining 49.9% stake in the Delaware Basin joint venture (JV) to ONEOK, Inc, (NYSE:OKE) for $940 million on June 4. The agreement, which includes $530 million in cash and $410 million in OKE ordinary stock, establishes ONEOK as the only owner of the joint venture.

With its almost 60,000-mile pipeline network, ONEOK, Inc, (NYSE:OKE) is essential to the transportation of crude oil, natural gas, natural gas liquids (NGLs), and refined products, meeting both domestic and global energy demands.