Oneok Inc. (OKE) Stock Drops Despite Market Gains: Important Facts to Note
Oneok Inc. (OKE) ended the recent trading session at $61.35, demonstrating a -1.02% swing from the preceding day's closing price. The stock's change was less than the S&P 500's daily gain of 0.81%. At the same time, the Dow added 0.39%, and the tech-heavy Nasdaq gained 1.35%.
Prior to today's trading, shares of the natural gas company had lost 5.6% over the past month. This has lagged the Oils-Energy sector's loss of 2.28% and was narrower than the S&P 500's loss of 6.19% in that time.
The investment community will be closely monitoring the performance of Oneok Inc. in its forthcoming earnings report. In that report, analysts expect Oneok Inc. to post earnings of $1.02 per share. This would mark year-over-year growth of 6.25%. Meanwhile, our latest consensus estimate is calling for revenue of $4.61 billion, down 22.01% from the prior-year quarter.
For the full year, the Zacks Consensus Estimates are projecting earnings of $5.59 per share and revenue of $17.67 billion, which would represent changes of +45.57% and -21.08%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Oneok Inc. These revisions typically reflect the latest short-term business trends, which can change frequently. 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 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 shifted 0.78% downward. At present, Oneok Inc. boasts a Zacks Rank of #3 (Hold).
In the context of valuation, Oneok Inc. is at present trading with a Forward P/E ratio of 11.09. This signifies a discount in comparison to the average Forward P/E of 11.48 for its industry.
We can additionally observe that OKE currently boasts a PEG ratio of 1.69. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. As of the close of trade yesterday, the Oil and Gas - Production Pipeline - MLB industry held an average PEG ratio of 1.69.
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 193, placing it within the bottom 24% of over 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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
