ONEOK Execs Trade New RSUs While Selling Shares — Insider Confidence in Gas‑Driven Growth Remains Strong

Insider Activity Spotlight: ONEOK Inc. and the Rise of Swords Sheridan C

On February 22, 2026, Swords Sheridan C, the Executive Vice President and Chief Commercial Officer, executed a complex package of restricted‑unit awards and common‑stock transactions. The day’s filing shows a vesting of 4,924.53 restricted units (RSU 2023) that converted into common stock, a sale of 2,225.53 shares at the market price of $87.33, and a subsequent sell‑down of the RSU award. The net effect was a modest reduction in his post‑transaction holding to 236,033.28 shares—about 4.3 % of his overall stake. This choreography of vesting and selling is typical for a senior executive who is both rewarding performance and rebalancing his portfolio.

What does this mean for investors? First, the fact that Sheridan is liquidating a portion of his shares while simultaneously receiving new equity awards suggests confidence in ONEOK’s long‑term trajectory. The company’s recent fourth‑quarter results—29 % sales growth and earnings near $1 billion—underscore the potential upside. Second, the timing of the sale, just before a 3 % weekly decline, may signal an attempt to lock in gains before a short‑term pullback. For the broader market, the insider sale represents only a small fraction of the $55 billion market cap, so the impact on the stock price is unlikely to be material.

Market‑Wide Insider Trends

The same day saw active trading by five other top executives. Hulse Walter S III, the CFO, bought 7,739.39 shares and sold 3,454.39, ending with 168,985.06 shares. Taylor Lyndon C and Spears Mary M also executed similar buy‑sell patterns, each reducing their holdings slightly after large RSU vestings. This pattern of buying new shares while selling a portion of vested RSUs is common among senior leaders who balance liquidity needs with long‑term ownership. The modest net outflows from these insiders suggest that the top tier remains bullish on ONEOK’s prospects, even as they adjust their portfolios.

A Closer Look at Swords Sheridan C

Sheridan’s insider history is consistent with a seasoned executive who uses RSU awards to align with company performance. His most recent vesting of 14,115 RSUs in February 2026 adds to a cumulative total of 20,661 RSUs granted in September 2025 and 14,115 RSUs from the same program in February 2026—totaling 34,776 units. Over the past year, he has sold 21 shares of common stock in June 2025 and 7,000 shares in February 2026, while purchasing 14 shares in the same period. The net effect is a slight increase in his equity stake, demonstrating a preference for long‑term ownership over short‑term trading.

Sheridan’s trading pattern is driven by two factors: (1) the vesting schedule of the restricted units, and (2) the need to balance liquidity for personal financial planning. His transactions show a disciplined approach—selling only a modest portion of newly vested shares while retaining a large majority of his holdings. This disciplined behavior, coupled with the company’s robust earnings growth, provides investors with a degree of confidence that senior management’s interests are aligned with shareholder value.

Implications for ONEOK’s Future

The insider activity, especially by key executives like Sheridan, points to a continued belief in ONEOK’s strategic focus on natural‑gas and LNG assets. The company’s recent performance—strong revenue growth, higher earnings, and a positive full‑year outlook—aligns with the insiders’ willingness to hold and even buy additional shares. Analysts note that sustaining this momentum will hinge on expansion in key production regions and the ability to manage regulatory and environmental risks.

For investors, the insider transactions are a reassuring signal that the top leadership remains committed to the business model while also managing personal liquidity. The modest net outflows from the top tier and the overall bullish sentiment (buzz 980 % and sentiment +91) suggest that the market is likely to view the current trading as normal rather than a warning. As ONEOK continues to capitalize on favorable natural‑gas demand and midstream growth, the insider activity paints a picture of confidence that could reinforce long‑term investment theses for the stock.