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ONEOK (OKE) to Report Q2 Earnings: What's in the Offing?
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ONEOK, Inc. (OKE - Free Report) is scheduled to release second-quarter 2020 earnings on Jul 28, 2020, after market close. The company has a trailing four-quarter earnings surprise of 3.39%, on average.
Let’s see how things are placed ahead of the upcoming quarterly announcement.
Factors to Consider
ONEOK caters to a wide customer base and none accounts for more than 10% of its top line. Therefore the diverse revenue sources are expected to have helped the company tide over a difficult second quarter. ONEOK completed a few projects in the first quarter, which extended its services in liquid rich basins and are likely to have contributed to earnings in the second quarter.
However, during this unprecedented economic crisis due to the coronavirus pandemic and decreasing demand for hydrocarbons, most E&P companies voluntarily lowered production volumes to compensate for declining demand that might have adversely impacted ONEOK as majority of its earnings is derived from fee-based contracts.
Q2 Expectations
The Zacks Consensus Estimate for second-quarter 2020 sales is pegged at $1.64 billion, which indicates a plunge of 33.24% from the year-ago quarter’s reported figure. The Zacks Consensus Estimate for second-quarter earnings per share is pegged at 55 cents per share, implying a 26.67% fall from the year-ago quarter’s reported number.
What Our Quantitative Model Predicts
Our proven model doesn’t predict 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. But that is not the case here as you will see below. You can see the complete list of today’s Zacks #1 Rank stocks here.
Earnings ESP: ONEOK has an Earnings ESP of-11.39%. 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.
Stocks to Consider
Investors can consider the following players from the same sector that have the right combination of elements to beat on earnings this season.
NextEra Energy, Inc. (NEE - Free Report) is set to release second-quarter 2020 numbers on Jul 24. It has an Earnings ESP of +1.40% and a Zacks Rank #2 at present.
Sempra Energy (SRE - Free Report) is scheduled to release second-quarter results on Aug 5. It has an Earnings ESP of +9.09% and a Zacks Rank of 2, currently.
Southwest Gas Corporation (SWX - Free Report) is scheduled to release second-quarter results on Aug 4. It has an Earnings ESP of +41.77% and is presently Zacks #2 Ranked.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
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ONEOK (OKE) to Report Q2 Earnings: What's in the Offing?
ONEOK, Inc. (OKE - Free Report) is scheduled to release second-quarter 2020 earnings on Jul 28, 2020, after market close. The company has a trailing four-quarter earnings surprise of 3.39%, on average.
Let’s see how things are placed ahead of the upcoming quarterly announcement.
Factors to Consider
ONEOK caters to a wide customer base and none accounts for more than 10% of its top line. Therefore the diverse revenue sources are expected to have helped the company tide over a difficult second quarter. ONEOK completed a few projects in the first quarter, which extended its services in liquid rich basins and are likely to have contributed to earnings in the second quarter.
However, during this unprecedented economic crisis due to the coronavirus pandemic and decreasing demand for hydrocarbons, most E&P companies voluntarily lowered production volumes to compensate for declining demand that might have adversely impacted ONEOK as majority of its earnings is derived from fee-based contracts.
Q2 Expectations
The Zacks Consensus Estimate for second-quarter 2020 sales is pegged at $1.64 billion, which indicates a plunge of 33.24% from the year-ago quarter’s reported figure. The Zacks Consensus Estimate for second-quarter earnings per share is pegged at 55 cents per share, implying a 26.67% fall from the year-ago quarter’s reported number.
What Our Quantitative Model Predicts
Our proven model doesn’t predict 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. But that is not the case here as you will see below. You can see the complete list of today’s Zacks #1 Rank stocks here.
ONEOK, Inc. Price and EPS Surprise
ONEOK, Inc. price-eps-surprise | ONEOK, Inc. Quote
Earnings ESP: ONEOK has an Earnings ESP of-11.39%. 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.
Stocks to Consider
Investors can consider the following players from the same sector that have the right combination of elements to beat on earnings this season.
NextEra Energy, Inc. (NEE - Free Report) is set to release second-quarter 2020 numbers on Jul 24. It has an Earnings ESP of +1.40% and a Zacks Rank #2 at present.
Sempra Energy (SRE - Free Report) is scheduled to release second-quarter results on Aug 5. It has an Earnings ESP of +9.09% and a Zacks Rank of 2, currently.
Southwest Gas Corporation (SWX - Free Report) is scheduled to release second-quarter results on Aug 4. It has an Earnings ESP of +41.77% and is presently Zacks #2 Ranked.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>