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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 2024 results on Aug 5, after market close. The company delivered a negative earnings surprise of 3.5% 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 second-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.
During the second quarter, the company completed the acquisition of a natural gas liquids (NGL) pipeline system for nearly $280 million. The contribution from this acquisition might have been negligible as the deal was closed on Jun 17. The subsequent quarters are likely to have better synergies.
The company’s bottom line is projected to have gained from wells connected in its Rocky Mountain and Mid-Continent regions in the previous quarters. This should have further increased natural gas gathering and processing volumes.
However, higher interest expenses might have offset some positives in the to-be-reported quarter.
Q2 Expectations
The Zacks Consensus Estimate for earnings is pegged at $1.18 per share, indicating a year-over-year increase of 13.5%. The Zacks Consensus Estimate for revenues is pinned at $5.52 billion, indicating an increase of 47.9% year over year.
The Zacks Consensus Estimate for Raw feed throughput is pinned at 1,385.6 thousand barrels of natural gas liquid per day, down 0.9% year over year. The Zacks Consensus Estimate for Natural gas gathered per day is pegged at 3,260.3 billion British thermal units, up 11.6% 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.
Earnings ESP: The company’s Earnings ESP is +2.32%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
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.
Energy Transfer (ET - Free Report) is expected to post an earnings beat when it announces second-quarter results on Aug 7, after market close. It has an Earnings ESP of +3.48% and a Zacks Rank #2 at present.
The Zacks Consensus Estimate for earnings has increased 9.1% to 36 cents per unit in the past 90 days. The firm delivered an average earnings surprise of 1.7% in the last four quarters.
Pembina Pipeline (PBA - Free Report) is likely to come up with an earnings beat when it announces second-quarter results on Aug 8, after market close. It has an Earnings ESP of +9.09% and a Zacks Rank #2 at present.
The Zacks Consensus Estimate for earnings has increased 7.3% to 55 cents per share in the past 60 days. It delivered an average earnings surprise of 10.9% in the past four quarters.
Solaris Oilfield Infrastructure (SOI - Free Report) is expected to post an earnings beat when it announces second-quarter results on Aug 8, after market close. It has an Earnings ESP of +14.29% and a Zacks Rank #1 at present.
The Zacks Consensus Estimate for earnings has increased 10% to 11 cents per share in the past 30 days. The company delivered an average earnings surprise of 12.6% in the past four quarters.
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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 2024 results on Aug 5, after market close. The company delivered a negative earnings surprise of 3.5% 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 second-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.
During the second quarter, the company completed the acquisition of a natural gas liquids (NGL) pipeline system for nearly $280 million. The contribution from this acquisition might have been negligible as the deal was closed on Jun 17.
The subsequent quarters are likely to have better synergies.
The company’s bottom line is projected to have gained from wells connected in its Rocky Mountain and Mid-Continent regions in the previous quarters. This should have further increased natural gas gathering and processing volumes.
However, higher interest expenses might have offset some positives in the to-be-reported quarter.
Q2 Expectations
The Zacks Consensus Estimate for earnings is pegged at $1.18 per share, indicating a year-over-year increase of 13.5%. The Zacks Consensus Estimate for revenues is pinned at $5.52 billion, indicating an increase of 47.9% year over year.
The Zacks Consensus Estimate for Raw feed throughput is pinned at 1,385.6 thousand barrels of natural gas liquid per day, down 0.9% year over year. The Zacks Consensus Estimate for Natural gas gathered per day is pegged at 3,260.3 billion British thermal units, up 11.6% 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-eps-surprise | ONEOK, Inc. Quote
Earnings ESP: The company’s Earnings ESP is +2.32%. 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.
Energy Transfer (ET - Free Report) is expected to post an earnings beat when it announces second-quarter results on Aug 7, after market close. It has an Earnings ESP of +3.48% and a Zacks Rank #2 at present.
The Zacks Consensus Estimate for earnings has increased 9.1% to 36 cents per unit in the past 90 days. The firm delivered an average earnings surprise of 1.7% in the last four quarters.
Pembina Pipeline (PBA - Free Report) is likely to come up with an earnings beat when it announces second-quarter results on Aug 8, after market close. It has an Earnings ESP of +9.09% and a Zacks Rank #2 at present.
The Zacks Consensus Estimate for earnings has increased 7.3% to 55 cents per share in the past 60 days. It delivered an average earnings surprise of 10.9% in the past four quarters.
Solaris Oilfield Infrastructure (SOI - Free Report) is expected to post an earnings beat when it announces second-quarter results on Aug 8, after market close. It has an Earnings ESP of +14.29% and a Zacks Rank #1 at present.
The Zacks Consensus Estimate for earnings has increased 10% to 11 cents per share in the past 30 days. The company delivered an average earnings surprise of 12.6% in the past four quarters.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.