Oneok Inc. (OKE) Stock Moves -0.29%: What You Should Know
Oneok Inc. (OKE) ended the recent trading session at $68.09, demonstrating a -0.29% swing from the preceding day's closing price. The stock's performance was ahead of the S&P 500's daily loss of 0.32%. On the other hand, the Dow registered a loss of 0.71%, and the technology-centric Nasdaq decreased by 0.2%.
The the stock of natural gas company has fallen by 4.61% in the past month, lagging the Oils-Energy sector's loss of 2.12% and the S&P 500's gain of 4.59%.
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 February 26, 2024. The company's upcoming EPS is projected at $1.23, signifying a 13.89% increase compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $5.55 billion, indicating a 10.3% growth compared to the corresponding quarter of the prior year.
Investors should also take note of any recent adjustments to analyst estimates for Oneok Inc. Such recent modifications usually signify the changing landscape of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 1.71% increase. Oneok Inc. currently has a Zacks Rank of #3 (Hold).
In terms of valuation, Oneok Inc. is currently trading at a Forward P/E ratio of 14.61. For comparison, its industry has an average Forward P/E of 12.23, which means Oneok Inc. is trading at a premium to the group.
It is also worth noting that OKE currently has a PEG ratio of 1.91. 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 1.91.
The Oil and Gas - Production Pipeline - MLB industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 53, positioning it in the top 22% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks 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 follow all of these stock-moving metrics, and many 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
