ONEOK (OKE) Slid on Softening of the Oil Price Outlook

ClearBridge Investments, an investment management company, released its “ClearBridge Global Infrastructure Income Strategy” second quarter 2025 investor letter. A copy of the letter can be downloaded here. Markets rebounded in the second quarter of 2025 after a first-quarter correction, overcoming tariff, growth, and geopolitical concerns. Initially, stocks fell following President Trump’s announcement of reciprocal tariffs on April 2, but a delay in their implementation, several bilateral trade deals, and a softer stance from Trump on China and Federal Reserve policy helped improve the outlook. Listed infrastructure proved resilient during April’s market fluctuations, outperforming the broader market, and maintained stability as equities rebounded in May and June. In addition, please check the fund’s top five holdings to know its best picks in 2025.

In its second quarter 2025 investor letter, ClearBridge Global Infrastructure Income Strategy highlighted stocks such as ONEOK, Inc. (NYSE:OKE). Headquartered in Tulsa, Oklahoma, ONEOK, Inc. (NYSE:OKE) is a midstream service provider. The one-month return of ONEOK, Inc. (NYSE:OKE) was -1.80%, and its shares lost 2.10% of their value over the last 52 weeks. On July 9, 2025, ONEOK, Inc. (NYSE:OKE) stock closed at $81.16 per share, with a market capitalization of $50.695 billion.

ClearBridge Global Infrastructure Income Strategy stated the following regarding ONEOK, Inc. (NYSE:OKE) in its second quarter 2025 investor letter:

“U.S. energy infrastructure company ONEOK, Inc. (NYSE:OKE) and Canadian energy infrastructure company Pembina Pipeline were the largest detractors. ONEOK is one of the largest diversified energy infrastructure companies in the U.S., owning and operating an extensive network of natural gas liquids (NGL), natural gas, refined products and crude oil assets. Underperformance for the quarter was primarily driven by the OPEC+ decision to increase production and accelerate the unwinding of voluntary cuts, which ultimately led to further softening of the oil price outlook.”

Jim Cramer: ONEOK (OKE) Is the Best-Run Pipeline - Keep Buying!

An aerial view of a large natural gas transmission pipeline network in an industrialized landscape.

ONEOK, Inc. (NYSE:OKE) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 42 hedge fund portfolios held ONEOK, Inc. (NYSE:OKE) at the end of the first quarter, compared to 47 in the previous quarter. While we acknowledge the risk and potential of OKE as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than OKE and that has 10,000% upside potential, check out our report about this cheapest AI stock.

In another article, we covered ONEOK, Inc. (NYSE:OKE) and shared the list of best 52-week low stocks to buy. In addition, please check out our hedge fund investor letters Q2 2025 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.