Oneok Inc. (OKE) closed at $89.50 in the latest trading session, marking a -1.82% move from the prior day. This change lagged the S&P 500's 0.81% gain on the day. Meanwhile, the Dow gained 0.27%, and the Nasdaq, a tech-heavy index, added 1.3%.
Coming into today, shares of the natural gas company had gained 0.65% in the past month. In that same time, the Oils-Energy sector lost 3.61%, while the S&P 500 gained 1.13%.
The investment community will be closely monitoring the performance of Oneok Inc. in its forthcoming earnings report. The company's earnings per share (EPS) are projected to be $1.41, reflecting a 5.22% increase from the same quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $10.81 billion, up 37.11% from the year-ago period.
For the full year, the Zacks Consensus Estimates are projecting earnings of $5.5 per share and revenue of $46.96 billion, which would represent changes of +1.48% and +39.64%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Oneok Inc. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
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, there's been no change in the Zacks Consensus EPS estimate. Oneok Inc. is currently a Zacks Rank #3 (Hold).
Looking at its valuation, Oneok Inc. is holding a Forward P/E ratio of 16.57. This signifies a premium in comparison to the average Forward P/E of 14.12 for its industry.
Also, we should mention that OKE has a PEG ratio of 7.08. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. By the end of yesterday's trading, the Oil and Gas - Production Pipeline - MLB industry had an average PEG ratio of 1.33.
The Oil and Gas - Production Pipeline - MLB industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 79, this industry ranks in the top 33% of all industries, numbering over 250.
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.
To follow OKE in the coming trading sessions, be sure to utilize Zacks.com.
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ONEOK, Inc. (OKE): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).