Oneok Inc. (OKE) Ascends While Market Falls: Some Facts to Note
Oneok Inc. (OKE) ended the recent trading session at $71.02, demonstrating a +1.14% swing from the preceding day's closing price. The stock outperformed the S&P 500, which registered a daily loss of 0.57%. Meanwhile, the Dow experienced a rise of 0.07%, and the technology-dominated Nasdaq saw a decrease of 1.64%.
Prior to today's trading, shares of the natural gas company had gained 0.01% over the past month. This has lagged the Oils-Energy sector's gain of 0.24% and the S&P 500's gain of 4% in that time.
The investment community will be closely monitoring the performance of Oneok Inc. in its forthcoming earnings report. The company is forecasted to report an EPS of $1.09, showcasing a 0.93% upward movement from the corresponding quarter of the prior year. At the same time, our most recent consensus estimate is projecting a revenue of $5.65 billion, reflecting a 12.35% rise from the equivalent quarter last year.
It is also important to note the recent changes to analyst estimates for Oneok Inc. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 2.05% lower. Oneok Inc. currently has a Zacks Rank of #3 (Hold).
In terms of valuation, Oneok Inc. is currently trading at a Forward P/E ratio of 15.28. Its industry sports an average Forward P/E of 11.88, so one might conclude that Oneok Inc. is trading at a premium comparatively.
Investors should also note that OKE has a PEG ratio of 2 right now. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. As the market closed yesterday, the Oil and Gas - Production Pipeline - MLB industry was having an average PEG ratio of 2.
The Oil and Gas - Production Pipeline - MLB industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 99, which puts it in the top 40% 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 follow all of these stock-moving metrics, and many more, on Zacks.com.
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ONEOK, Inc. (OKE) : Free Stock Analysis Report
