Oneok Inc. (OKE) Sees a More Significant Dip Than Broader Market: Some Facts to Know
Oneok Inc. (OKE) closed the most recent trading day at $65.44, moving -1.33% from the previous trading session. The stock's change was less than the S&P 500's daily loss of 0.48%. Meanwhile, the Dow experienced a drop of 1.12%, and the technology-dominated Nasdaq saw an increase of 0.38%.
The natural gas company's shares have seen an increase of 2.2% over the last month, surpassing the Oils-Energy sector's loss of 2.26% and the S&P 500's loss of 2.65%.
The investment community will be paying close attention to the earnings performance of Oneok Inc. in its upcoming release. The company is slated to reveal its earnings on October 31, 2023. On that day, Oneok Inc. is projected to report earnings of $1.04 per share, which would represent year-over-year growth of 8.33%. Meanwhile, the latest consensus estimate predicts the revenue to be $4.96 billion, indicating a 16.15% decrease compared to the same quarter of the previous year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $5.63 per share and a revenue of $19.3 billion, indicating changes of +46.61% and -13.78%, respectively, from the former year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Oneok Inc. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable 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. Over the past month, the Zacks Consensus EPS estimate has moved 0.72% higher. Oneok Inc. currently has a Zacks Rank of #2 (Buy).
Valuation is also important, so investors should note that Oneok Inc. has a Forward P/E ratio of 11.78 right now. Its industry sports an average Forward P/E of 11.93, so one might conclude that Oneok Inc. is trading at a discount comparatively.
Meanwhile, OKE's PEG ratio is currently 1.7. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Oil and Gas - Production Pipeline - MLB industry currently had an average PEG ratio of 1.7 as of yesterday's close.
The Oil and Gas - Production Pipeline - MLB industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 76, placing it within the top 31% of over 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
