Oneok Inc. (OKE) Beats Stock Market Upswing: What Investors Need to Know
Oneok Inc. (OKE) closed the latest trading day at $66.86, indicating a +1.38% change from the previous session's end. The stock exceeded the S&P 500, which registered a gain of 0.52% for the day. On the other hand, the Dow registered a gain of 0.4%, and the technology-centric Nasdaq increased by 0.58%.
The the stock of natural gas company has risen by 2.2% in the past month, leading the Oils-Energy sector's loss of 2.11% and the S&P 500's loss of 2.61%.
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. The company's earnings per share (EPS) are projected to be $1.03, reflecting a 7.29% increase from the same quarter last year. Meanwhile, our latest consensus estimate is calling for revenue of $4.61 billion, down 22.01% from the prior-year quarter.
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.
Investors should also pay attention to any latest changes in analyst estimates for Oneok Inc. These revisions typically reflect the latest short-term business trends, which can change frequently. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.46% decrease. Oneok Inc. is currently sporting a Zacks Rank of #3 (Hold).
Digging into valuation, Oneok Inc. currently has a Forward P/E ratio of 11.76. Its industry sports an average Forward P/E of 11.76, so one might conclude that Oneok Inc. is trading at no noticeable deviation comparatively.
One should further note that OKE currently holds a PEG ratio of 1.79. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. By the end of yesterday's trading, the Oil and Gas - Production Pipeline - MLB industry had an average PEG ratio of 1.79.
The Oil and Gas - Production Pipeline - MLB industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 78, putting it in the top 31% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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ONEOK, Inc. (OKE) : Free Stock Analysis Report
