Oneok Inc. (OKE) Stock Sinks As Market Gains: What You Should Know
In the latest trading session, Oneok Inc. (OKE) closed at $51.29, marking a -0.6% move from the previous day. This change lagged the S&P 500's 0.65% gain on the day. At the same time, the Dow added 0.53%, and the tech-heavy Nasdaq gained 1.05%.
Coming into today, shares of the natural gas company had gained 16.53% in the past month. In that same time, the Utilities sector gained 0.25%, while the S&P 500 gained 0.36%.
Wall Street will be looking for positivity from OKE as it approaches its next earnings report date. On that day, OKE is projected to report earnings of $0.73 per share, which would represent a year-over-year decline of 12.05%. Our most recent consensus estimate is calling for quarterly revenue of $3.23 billion, up 50.96% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $3.08 per share and revenue of $11.61 billion. These totals would mark changes of +116.9% and +35.91%, respectively, from last year.
Investors should also note any recent changes to analyst estimates for OKE. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, 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 past month, the Zacks Consensus EPS estimate has moved 1.89% lower. OKE is currently a Zacks Rank #3 (Hold).
Digging into valuation, OKE currently has a Forward P/E ratio of 16.77. This valuation marks a premium compared to its industry's average Forward P/E of 16.48.
We can also see that OKE currently has a PEG ratio of 0.75. 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. Utility - Gas Distribution stocks are, on average, holding a PEG ratio of 2.86 based on yesterday's closing prices.
The Utility - Gas Distribution industry is part of the Utilities sector. This group has a Zacks Industry Rank of 104, putting it in the top 41% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
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