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ONEOK (OKE) to Report Q1 Earnings: What's in the Offing?

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ONEOK Inc. (OKE - Free Report) is scheduled to release first-quarter 2024 results on Apr 30, after market close. The company delivered a negative earnings surprise of 2.5% in the last reported quarter.

Let’s discuss the factors that are likely to be reflected in the upcoming quarterly results.

Factors to Consider

ONEOK’s first-quarter earnings are expected to have gained from strong fee-based contracts, as more than 90% of its revenues are likely to have been fee-based.

The company’s first-quarter earnings are projected to have gained from higher number of wells connected in its Rocky Mountain and Mid-Continent regions. This should have further increased natural gas gathering and processing volumes.

However, higher interest expenses might offset some of the positives in the to-be-reported quarter.

Q1 Expectations

The Zacks Consensus Estimate for earnings is pegged at $1.19 per share, indicating a year-over-year decrease of 49.2%. The Zacks Consensus Estimate for revenues is pinned at $5.84 billion, indicating an increase of 29.3% year over year.

The Zacks Consensus Estimate for Raw feed throughput is pinned at 1,400 thousand barrels of oil, up 11.5% year over year. The Zacks Consensus Estimate for Natural gas gathered per day in pegged at 3,129 billion British thermal units, up 12% year over year.

What Our Quantitative Model Predicts

Our proven model predicts an earnings beat for ONEOK this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), #2 (Buy) or #3 (Hold) increases the odds of an earnings beat, which is the case here, as you will see below.
 

ONEOK, Inc. Price and EPS Surprise

ONEOK, Inc. Price and EPS Surprise

ONEOK, Inc. price-eps-surprise | ONEOK, Inc. Quote

Earnings ESP: The company’s Earnings ESP is +0.70%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Zacks Rank: Currently, ONEOK has a Zacks Rank #3. You can see the complete list of today's Zacks #1 Rank stocks here.

Other Stocks to Consider

Investors may also consider the following players from the same sector, as these too have the right combination of elements to come up with an earnings beat this reporting cycle.

DT Midstream (DTM - Free Report) is expected to post an earnings beat when it announces first-quarter results on Apr 30, before market open. It has an Earnings ESP of +3.59% and a Zacks Rank #2 at present.

The Zacks Consensus Estimate for DTM’s first-quarter earnings has increased 3.3% to 95 cents per share in the past 60 days. The company delivered an average earnings surprise of 9.8% in the last four quarters.

PBF Energy (PBF - Free Report) is likely to come up with an earnings beat when it announces first-quarter results on May 2, before market open. It has an Earnings ESP of +7.78% and a Zacks Rank #2 at present.

The Zacks Consensus Estimate for PBF’s first-quarter earnings has increased 7.8% to 55 cents per share in the past 30 days. The Zacks Consensus Estimate for 2024 earnings is pinned at $7.39 per share.

Cheniere Energy (LNG - Free Report) is expected to post an earnings beat when it announces first-quarter results on May 3, before market open. It has an Earnings ESP of +7.02% and a Zacks Rank #3 at present.

The Zacks Consensus Estimate for LNG’s first-quarter earnings has decreased 1.7% to $2.34 per share in the past 30 days. The company delivered an average earnings surprise of 64.7% in the last four quarters.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

 

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