Oneok Inc. (OKE) Rises As Market Takes a Dip: Key Facts
The latest trading session saw Oneok Inc. (OKE) ending at $70.23, denoting a +1.72% adjustment from its last day's close. The stock's change was more than the S&P 500's daily loss of 0.1%. Meanwhile, the Dow experienced a rise of 0.33%, and the technology-dominated Nasdaq saw a decrease of 0.3%.
Prior to today's trading, shares of the natural gas company had lost 2.28% over the past month. This has lagged the Oils-Energy sector's gain of 1.15% and the S&P 500's gain of 5.78% in that time.
The upcoming earnings release of Oneok Inc. will be of great interest to investors. The company's earnings report is expected on February 26, 2024. The company's earnings per share (EPS) are projected to be $1.21, reflecting a 12.04% increase from the same quarter last year. Meanwhile, our latest consensus estimate is calling for revenue of $5.55 billion, up 10.3% from the prior-year 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. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. 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 ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 2.95% higher. Oneok Inc. is holding a Zacks Rank of #2 (Buy) right now.
In the context of valuation, Oneok Inc. is at present trading with a Forward P/E ratio of 14.6. This valuation marks a premium compared to its industry's average Forward P/E of 12.22.
One should further note that OKE currently holds a PEG ratio of 1.91. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The Oil and Gas - Production Pipeline - MLB was holding an average PEG ratio of 1.91 at yesterday's closing price.
The Oil and Gas - Production Pipeline - MLB industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 21, which puts it in the top 9% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow OKE in the coming trading sessions, be sure to utilize Zacks.com.
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ONEOK, Inc. (OKE) : Free Stock Analysis Report
