ONEOK (OKE) should remain within its 2026 forecast as seasonal gains, export demand, AI-linked power projects and new growth investments support results, while lower pipeline volumes and commodity conditions remain key factors, UBS said in a note Thursday.

UBS expects Q2 earnings before interest, taxes, depreciation, and amortization to rise to $2.06 billion from $2 billion in Q1, helped by stronger seasonal results across most business units, while earnings are expected to improve from gathering and processing, refined products and crude operations, partly offset by weaker natural gas pipeline results and slightly lower natural gas liquids earnings.

Higher demand for US natural gas liquids could support ONEOK's planned Texas City export terminal, where customer interest in capacity remains strong and UBS also sees possible growth from talks with large technology companies about gas supply for AI-related power projects, including facilities with about 5 gigawatts of capacity.

Investors will likely focus on economic conditions, commodity prices, project progress, spending plans, capital allocation and possible acquisitions during the earnings call, the investment firm said.

UBS kept its buy rating and $108 price target for ONEOK.

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