Is ONEOK (OKE) Outperforming Other Utilities Stocks This Year?
The Utilities group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. ONEOK (OKE) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? One simple way to answer this question is to take a look at the year-to-date performance of OKE and the rest of the Utilities group's stocks.
ONEOK is one of 111 individual stocks in the Utilities sector. Collectively, these companies sit at #14 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
The Zacks Rank is a successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. OKE is currently sporting a Zacks Rank of #1 (Strong Buy).
The Zacks Consensus Estimate for OKE's full-year earnings has moved 17.52% higher within the past quarter. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
According to our latest data, OKE has moved about 16.60% on a year-to-date basis. Meanwhile, stocks in the Utilities group have gained about 1.42% on average. This means that ONEOK is outperforming the sector as a whole this year.
Looking more specifically, OKE belongs to the Utility - Gas Distribution industry, a group that includes 16 individual stocks and currently sits at #58 in the Zacks Industry Rank. Stocks in this group have gained about 5.66% so far this year, so OKE is performing better this group in terms of year-to-date returns.
Going forward, investors interested in Utilities stocks should continue to pay close attention to OKE as it looks to continue its solid performance.
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