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ONEOK (OKE) to Release Q2 Earnings: What's in the Offing?
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ONEOK Inc. (OKE - Free Report) is set to report second-quarter 2023 earnings on Aug 7, after market close. This oil and gas midstream company delivered an earnings surprise of 13.04% 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 second-quarter earnings are likely to have benefited from increased Natural Gas liquid (NGL) volumes as MB-5, a 125,000 barrels per day (bpd) NGL fractionator became operational during the quarter. Strong fee-based contracts are expected to have boosted earnings in the second quarter, with more than 95% earnings expected to be fee-based.
ONEOK’s second-quarter earnings are expected to have gained from long-term natural gas storage contracts. Connectivity with intrastate and interstate pipeline system is also like to have boosted the performance of Natural Gas Pipeline segment in the second quarter. The connection of new wells in the Rocky Mountain and Mid-Continent regions is anticipated to have contributed to the better performance of ONEOK’s Natural Gas Gathering and Processing segment in the second quarter.
Expectations
The Zacks Consensus Estimate for second-quarter earnings per share is pegged at $1, which implies year-over-year growth of 8.7%.
The Zacks Consensus Estimate for second-quarter Average Raw Feed Throughput Volumes is 1,283,730 bpd, up 1.4% year over year due to the addition of new assets.
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. That is the case here, as you will see below.
Earnings ESP: ONEOK has an Earnings ESP of +3.11%. 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.
Other Stocks to Consider
Investors can also consider the following players from the energy space that have the right combination of elements to beat on earnings in this reporting cycle.
OPAL’s average earnings surprise in the past four quarters is 35%. The Zacks Consensus Estimate for OPAL’s third-quarter 2023 earnings implies year-over-year growth of 183.33%.
Cactus Inc. (WHD - Free Report) is scheduled to beat earnings estimate when its releases its second-quarter 2023 numbers on Aug 7 after market close. WHD has an Earnings ESP of +3.97% and currently has a Zacks Rank #3.
Cactus’ long-term (three- to five-year) earnings growth rate is 5.79%. The Zacks Consensus Estimate for WHD’s third-quarter 2023 earnings implies year-over-year growth of 17.31%.
Recent Release
Atmos Energy Corporation (ATO - Free Report) posted fiscal third-quarter 2023 earnings of 94 cents per share, which missed the Zacks Consensus Estimate of 97 cents by 3.1%.
The Zacks Consensus Estimate for Atmos Energy’s fiscal fourth-quarter 2023 earnings suggests year-over-year growth of 6.81%.
Image: Bigstock
ONEOK (OKE) to Release Q2 Earnings: What's in the Offing?
ONEOK Inc. (OKE - Free Report) is set to report second-quarter 2023 earnings on Aug 7, after market close. This oil and gas midstream company delivered an earnings surprise of 13.04% 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 second-quarter earnings are likely to have benefited from increased Natural Gas liquid (NGL) volumes as MB-5, a 125,000 barrels per day (bpd) NGL fractionator became operational during the quarter. Strong fee-based contracts are expected to have boosted earnings in the second quarter, with more than 95% earnings expected to be fee-based.
ONEOK’s second-quarter earnings are expected to have gained from long-term natural gas storage contracts. Connectivity with intrastate and interstate pipeline system is also like to have boosted the performance of Natural Gas Pipeline segment in the second quarter. The connection of new wells in the Rocky Mountain and Mid-Continent regions is anticipated to have contributed to the better performance of ONEOK’s Natural Gas Gathering and Processing segment in the second quarter.
Expectations
The Zacks Consensus Estimate for second-quarter earnings per share is pegged at $1, which implies year-over-year growth of 8.7%.
The Zacks Consensus Estimate for second-quarter Average Raw Feed Throughput Volumes is 1,283,730 bpd, up 1.4% year over year due to the addition of new assets.
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. That is 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 +3.11%. 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.
Other Stocks to Consider
Investors can also consider the following players from the energy space that have the right combination of elements to beat on earnings in this reporting cycle.
OPAL Fuel Inc. (OPAL - Free Report) is scheduled to beat earnings estimate when its releases its second-quarter 2023 numbers on Aug 9 after market close. OPAL has an Earnings ESP of +639.99% and a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
OPAL’s average earnings surprise in the past four quarters is 35%. The Zacks Consensus Estimate for OPAL’s third-quarter 2023 earnings implies year-over-year growth of 183.33%.
Cactus Inc. (WHD - Free Report) is scheduled to beat earnings estimate when its releases its second-quarter 2023 numbers on Aug 7 after market close. WHD has an Earnings ESP of +3.97% and currently has a Zacks Rank #3.
Cactus’ long-term (three- to five-year) earnings growth rate is 5.79%. The Zacks Consensus Estimate for WHD’s third-quarter 2023 earnings implies year-over-year growth of 17.31%.
Recent Release
Atmos Energy Corporation (ATO - Free Report) posted fiscal third-quarter 2023 earnings of 94 cents per share, which missed the Zacks Consensus Estimate of 97 cents by 3.1%.
The Zacks Consensus Estimate for Atmos Energy’s fiscal fourth-quarter 2023 earnings suggests year-over-year growth of 6.81%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.