Oneok Inc. (OKE) Stock Falls Amid Market Uptick: What Investors Need to Know
The most recent trading session ended with Oneok Inc. (OKE) standing at $69.38, reflecting a -0.94% shift from the previouse trading day's closing. The stock's performance was behind the S&P 500's daily gain of 0.22%. On the other hand, the Dow registered a gain of 0.36%, and the technology-centric Nasdaq increased by 0.32%.
Shares of the natural gas company witnessed a loss of 0.17% over the previous month, beating the performance of the Oils-Energy sector with its loss of 5.7% and underperforming the S&P 500's gain of 1.61%.
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. In that report, analysts expect Oneok Inc. to post earnings of $1.16 per share. This would mark year-over-year growth of 7.41%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $5.55 billion, up 10.3% from the year-ago period.
It is also important to note the recent changes to analyst estimates for Oneok Inc. Such recent modifications usually signify the changing landscape of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has moved 5.53% higher. Oneok Inc. presently features a Zacks Rank of #3 (Hold).
With respect to valuation, Oneok Inc. is currently being traded at a Forward P/E ratio of 14.44. This expresses a premium compared to the average Forward P/E of 12.11 of its industry.
We can also see that OKE currently has a PEG ratio of 1.89. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. OKE's industry had an average PEG ratio of 1.89 as of yesterday's close.
The Oil and Gas - Production Pipeline - MLB industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 111, positioning it in the top 45% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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ONEOK, Inc. (OKE) : Free Stock Analysis Report
