(OKE) Gains As Market Dips: What You Should Know
The latest trading session saw Oneok Inc. (OKE) ending at $68.10, denoting a +0.95% adjustment from its last day's close. This change outpaced the S&P 500's 0.63% loss on the day. Meanwhile, the Dow lost 0.51%, and the Nasdaq, a tech-heavy index, lost 0.63%.
Coming into today, shares of the natural gas company had gained 0.69% in the past month. In that same time, the Oils-Energy sector lost 1.37%, while the S&P 500 lost 2.35%.
The upcoming earnings release of Oneok Inc. will be of great interest to investors. The company's earnings report is expected on October 31, 2023. It is anticipated that the company will report an EPS of $1.03, marking a 7.29% rise compared to the same quarter of the previous year. Our most recent consensus estimate is calling for quarterly revenue of $4.61 billion, down 22.01% from the year-ago period.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $5.61 per share and a revenue of $17.67 billion, indicating changes of +46.09% and -21.08%, respectively, from the former year.
Any recent changes to analyst estimates for Oneok Inc. should also be noted by investors. Such recent modifications usually signify the changing landscape of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.46% lower within the past month. Right now, Oneok Inc. possesses a Zacks Rank of #3 (Hold).
In the context of valuation, Oneok Inc. is at present trading with a Forward P/E ratio of 12.03. This signifies no noticeable deviation in comparison to the average Forward P/E of 12.03 for its industry.
We can also see that OKE currently has a PEG ratio of 1.83. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. By the end of yesterday's trading, the Oil and Gas - Production Pipeline - MLB industry had an average PEG ratio of 1.83.
The Oil and Gas - Production Pipeline - MLB industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 83, finds itself in the top 33% echelons of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
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ONEOK, Inc. (OKE) : Free Stock Analysis Report
