Oneok Inc. (OKE) Gains As Market Dips: What You Should Know

Oneok Inc. (OKE) closed the most recent trading day at $85.76, moving +1.28% from the previous trading session. The stock's change was more than the S&P 500's daily loss of 0.08%. At the same time, the Dow lost 0.61%, and the tech-heavy Nasdaq gained 0.08%.

Coming into today, shares of the natural gas company had gained 1.46% in the past month. In that same time, the Oils-Energy sector gained 5.48%, while the S&P 500 lost 2.16%.

The upcoming earnings release of Oneok Inc. will be of great interest to investors. On that day, Oneok Inc. is projected to report earnings of $1.31 per share, which would represent year-over-year growth of 25.96%. In the meantime, our current consensus estimate forecasts the revenue to be $9.16 billion, indicating a 13.93% growth compared to the corresponding quarter of the prior year.

For the full year, the Zacks Consensus Estimates project earnings of $5.55 per share and a revenue of $38.15 billion, demonstrating changes of +2.4% and +13.46%, respectively, from the preceding year.

It's also important for investors to be aware of any recent modifications to analyst estimates for Oneok Inc. These revisions help to show the ever-changing nature of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 4.57% decrease. Oneok Inc. presently features a Zacks Rank of #3 (Hold).

In the context of valuation, Oneok Inc. is at present trading with a Forward P/E ratio of 15.25. This expresses a premium compared to the average Forward P/E of 13.01 of its industry.

Investors should also note that OKE has a PEG ratio of 4.98 right now. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The average PEG ratio for the Oil and Gas - Production Pipeline - MLB industry stood at 1.79 at the close of the market yesterday.

The Oil and Gas - Production Pipeline - MLB industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 196, putting it in the bottom 20% of all 250+ industries.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

Radical New Technology Could Hand Investors Huge Gains

Quantum Computing is the next technological revolution, and it could be even more advanced than AI.

While some believed the technology was years away, it is already present and moving fast. Large hyperscalers, such as Microsoft, Google, Amazon, Oracle, and even Meta and Tesla, are scrambling to integrate quantum computing into their infrastructure.

Senior Stock Strategist Kevin Cook reveals 7 carefully selected stocks poised to dominate the quantum computing landscape in his report, Beyond AI: The Quantum Leap in Computing Power.

Kevin was among the early experts who recognized NVIDIA's enormous potential back in 2016. Now, he has keyed in on what could be "the next big thing" in quantum computing supremacy. Today, you have a rare chance to position your portfolio at the forefront of this opportunity.

See Top Quantum Stocks Now >>

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

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research