Oneok Inc. (OKE) Gains As Market Dips: What You Should Know
Oneok Inc. (OKE) closed at $69.83 in the latest trading session, marking a +0.26% move from the prior day. The stock's performance was ahead of the S&P 500's daily loss of 0.06%. Elsewhere, the Dow saw an upswing of 0.35%, while the tech-heavy Nasdaq depreciated by 0.76%.
Heading into today, shares of the natural gas company had lost 0.81% over the past month, outpacing the Oils-Energy sector's loss of 1.02% and lagging the S&P 500's gain of 3.36% in that time.
Market participants will be closely following the financial results of Oneok Inc. in its upcoming release. The company plans to announce its earnings on February 26, 2024. The company is predicted to post an EPS of $1.25, indicating a 15.74% growth compared to the equivalent quarter last year. Simultaneously, our latest consensus estimate expects the revenue to be $5.55 billion, showing a 10.3% escalation compared to the year-ago quarter.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Oneok Inc. These recent revisions tend to reflect the evolving nature of short-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 5.53% increase. Right now, Oneok Inc. possesses a Zacks Rank of #3 (Hold).
Digging into valuation, Oneok Inc. currently has a Forward P/E ratio of 14.36. This valuation marks a premium compared to its industry's average Forward P/E of 12.84.
One should further note that OKE currently holds a PEG ratio of 1.88. 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. As the market closed yesterday, the Oil and Gas - Production Pipeline - MLB industry was having an average PEG ratio of 1.88.
The Oil and Gas - Production Pipeline - MLB industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 83, positioning it in the top 33% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
ONEOK, Inc. (OKE) : Free Stock Analysis Report
