ONEOK, Inc. (OKE - Free Report) is scheduled to release third-quarter 2019 earnings on Oct 29, after market close.
Notably, the company delivered an average positive earnings surprise of 4.58% in the last four quarters.
Factors to Consider
The southern section of ONEOK’s Elk Creek pipeline has started commercial operation from July and it is currently transporting more than 30,000 barrels per day of NGLs. ONEOK’s third-quarter earnings are likely to have benefited from this factor.
In its second-quarter earnings call, the company announced that volume growth on West Texas LPG pipeline will lead to higher average fee rate in the Permian basin and Gulf Coast operations regions. We believe increased production in the resource rich region and higher percentage of fee-based earnings must have boosted the company’s third-quarter revenues.
Q3 Expectations
The Zacks Consensus Estimate for third-quarter 2019 sales is pegged at $2.72 billion, which indicates a decline of 19.97% from the year-ago quarter’s figure. The Zacks Consensus Estimate for third-quarter earnings per share is pegged at 74 cents per share, which calls for year-over-year fall of 1.33%.
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 chances of an earnings beat. You can see the complete list of today’s Zacks #1 Rank stocks here.
Earnings ESP: The company’s Earnings ESP is +1.08%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Currently, ONEOK carries a Zacks Rank #3.
Other Stocks to Consider
Investors can consider other players from the same sector that also have the right combination of elements to post an earnings beat in the to-be-reported quarter.
South Jersey Industries, Inc is scheduled to release third-quarter 2019 results on Nov 6. It has an Earnings ESP of +15.85% and a Zacks Rank #3.
American Electric Power Company (AEP - Free Report) is slated to release third-quarter 2019 results on Oct 24. It has an Earnings ESP of +2.68% and a Zacks Rank #2.
Entergy Corporation (ETR - Free Report) is set to release third-quarter 2019 numbers on Oct 30. It has an Earnings ESP of +2.04% and carries a Zacks Rank #3.
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It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
ONEOK, Inc. (OKE - Free Report) is scheduled to release third-quarter 2019 earnings on Oct 29, after market close.
Notably, the company delivered an average positive earnings surprise of 4.58% in the last four quarters.
Factors to Consider
The southern section of ONEOK’s Elk Creek pipeline has started commercial operation from July and it is currently transporting more than 30,000 barrels per day of NGLs. ONEOK’s third-quarter earnings are likely to have benefited from this factor.
In its second-quarter earnings call, the company announced that volume growth on West Texas LPG pipeline will lead to higher average fee rate in the Permian basin and Gulf Coast operations regions. We believe increased production in the resource rich region and higher percentage of fee-based earnings must have boosted the company’s third-quarter revenues.
Q3 Expectations
The Zacks Consensus Estimate for third-quarter 2019 sales is pegged at $2.72 billion, which indicates a decline of 19.97% from the year-ago quarter’s figure. The Zacks Consensus Estimate for third-quarter earnings per share is pegged at 74 cents per share, which calls for year-over-year fall of 1.33%.
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 chances of an earnings beat. You can see the complete list of today’s Zacks #1 Rank stocks here.
Earnings ESP: The company’s Earnings ESP is +1.08%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Currently, ONEOK carries a Zacks Rank #3.
Other Stocks to Consider
Investors can consider other players from the same sector that also have the right combination of elements to post an earnings beat in the to-be-reported quarter.
South Jersey Industries, Inc is scheduled to release third-quarter 2019 results on Nov 6. It has an Earnings ESP of +15.85% and a Zacks Rank #3.
American Electric Power Company (AEP - Free Report) is slated to release third-quarter 2019 results on Oct 24. It has an Earnings ESP of +2.68% and a Zacks Rank #2.
Entergy Corporation (ETR - Free Report) is set to release third-quarter 2019 numbers on Oct 30. It has an Earnings ESP of +2.04% and carries a Zacks Rank #3.
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
Click for details >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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