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ONEOK (OKE) to Release Q1 Earnings: What's in the Cards?
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ONEOK Inc. (OKE - Free Report) is set to report first-quarter 2023 earnings on May 2, after market close. This oil and gas midstream company delivered an earnings surprise of 5.88% in the last reported quarter.
Let’s discuss the factors that are likely to get reflected in the upcoming quarterly results.
Factors at Play
ONEOK’s first-quarter earnings are likely to have benefited from rising natural gas and NGL production volumes. Strong fee-based contracts are expected to have boosted earnings in the first quarter, with more than 95% earnings expected to be fee-based.
ONEOK’s first-quarter earnings are expected to have gained from long-term natural gas storage contracts and expansions. The connection of new wells in the Rocky Mountain and Mid-Continent regions is anticipated to have contributed to the first-quarter performance.
Expectations
The Zacks Consensus Estimate for first-quarter earnings per share is pegged at $2.15, which implies year-over-year growth of 147.1%.
What Our Quantitative Model Predicts
Our proven model does not conclusively 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. That is not the case here, as you will see below.
Earnings ESP: ONEOK has an Earnings ESP of -1.50%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: ONEOK currently 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 in this reporting cycle.
Enterprise Products Partners L.P. (EPD - Free Report) is scheduled to release first-quarter 2023 numbers on May 2. EPD has an Earnings ESP of +1.09% and a Zacks Rank #2.
EPD’s average earnings surprise in the past four quarters is 7.15%. The Zacks Consensus Estimate for EPDs first-quarter 2023 earnings implies year-over-year growth of 1.68%.
Clearway Energy’s long-term (three- to five-year) earnings growth rate is 10%. The Zacks Consensus Estimate for CWEN’s first-quarter 2023 earnings implies year-over-year growth of 57.1%.
Magellan Midstream Partners, L.P. is set to release first-quarter 2023 numbers on May 4. MMP has an Earnings ESP of +1.03% and currently carries a Zacks Rank #3.
Magellan Midstream Partners’ long-term earnings growth is 2.98%. The Zacks Consensus Estimate for first-quarter 2023 earnings of MMP implies year-over-year growth of 12.9%.
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ONEOK (OKE) to Release Q1 Earnings: What's in the Cards?
ONEOK Inc. (OKE - Free Report) is set to report first-quarter 2023 earnings on May 2, after market close. This oil and gas midstream company delivered an earnings surprise of 5.88% in the last reported quarter.
Let’s discuss the factors that are likely to get reflected in the upcoming quarterly results.
Factors at Play
ONEOK’s first-quarter earnings are likely to have benefited from rising natural gas and NGL production volumes. Strong fee-based contracts are expected to have boosted earnings in the first quarter, with more than 95% earnings expected to be fee-based.
ONEOK’s first-quarter earnings are expected to have gained from long-term natural gas storage contracts and expansions. The connection of new wells in the Rocky Mountain and Mid-Continent regions is anticipated to have contributed to the first-quarter performance.
Expectations
The Zacks Consensus Estimate for first-quarter earnings per share is pegged at $2.15, which implies year-over-year growth of 147.1%.
What Our Quantitative Model Predicts
Our proven model does not conclusively 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. That is not the case here, as you will see below.
ONEOK, Inc. Price and EPS Surprise
ONEOK, Inc. price-eps-surprise | ONEOK, Inc. Quote
Earnings ESP: ONEOK has an Earnings ESP of -1.50%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: ONEOK currently 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 in this reporting cycle.
Enterprise Products Partners L.P. (EPD - Free Report) is scheduled to release first-quarter 2023 numbers on May 2. EPD has an Earnings ESP of +1.09% and a Zacks Rank #2.
EPD’s average earnings surprise in the past four quarters is 7.15%. The Zacks Consensus Estimate for EPDs first-quarter 2023 earnings implies year-over-year growth of 1.68%.
Clearway Energy (CWEN - Free Report) is set to release first-quarter 2023 numbers on May 4. CWEN has an Earnings ESP of +2.04% and currently sports a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Clearway Energy’s long-term (three- to five-year) earnings growth rate is 10%. The Zacks Consensus Estimate for CWEN’s first-quarter 2023 earnings implies year-over-year growth of 57.1%.
Magellan Midstream Partners, L.P. is set to release first-quarter 2023 numbers on May 4. MMP has an Earnings ESP of +1.03% and currently carries a Zacks Rank #3.
Magellan Midstream Partners’ long-term earnings growth is 2.98%. The Zacks Consensus Estimate for first-quarter 2023 earnings of MMP implies year-over-year growth of 12.9%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.