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Does a Beat Await ConocoPhillips (COP) This Earnings Season?
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ConocoPhillips (COP - Free Report) is scheduled to report second-quarter 2018 earnings on Jul 26, before the opening bell.
In the last reported quarter, the upstream energy company posted an earnings surprise of 29.7%. ConocoPhillips recorded an average positive earnings surprise of 226.9% in the last four quarters. Let’s see how things are shaping up prior to the announcement.
Our proven model shows that ConocoPhillips is likely to beat earnings estimates this time because it has the right combination of two key ingredients.
Earnings ESP: Earnings ESP, which represents the difference between the Most Accurate Estimate and the Zacks Consensus Estimate, is +6.54%. This is because the Most Accurate Estimate of $1.09 is higher than the Zacks Consensus Estimate of $1.03. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: ConocoPhillips sports a Zacks Rank #1 (Strong Buy). Note that stocks with a Zacks Rank #1, 2 (Buy) or 3 (Hold) when combined with a positive Earnings ESP have a significantly higher chance of beating earnings estimates. The combination of ConocoPhillips’ favorable Zacks Rank and Earnings ESP makes us confident about an earnings beat. You can see the complete list of today’s Zacks #1 Rank stocks here.
Conversely, Sell-rated stocks (Zacks Rank #4 or 5) should never be considered going into an earnings announcement.
Which Way are Estimates Treading?
Let’s take a look at the estimate revision trend in order to get a clear picture of what analysts expect from the company this earnings season.
The Zacks Consensus Estimate for second-quarter earnings of $1.03 has witnessed two upward revisions and one downward revision by firms in the past 30 days. It reflects a whopping improvement of about 635.7% from the year-ago quarter.
Further, the Zacks Consensus Estimate for second-quarter revenues is pegged at $9.61 billion, up 8.2% from the year-ago quarter.
Factors to Consider
The Zacks Consensus Estimate for average sale price of natural gas stands at $5.08 per thousand cubic feet (Mcf), higher than year-ago quarter’s figure of $3.83 per Mcf.
Average sales price of natural gas liquids for the second quarter is estimated at $28.62 per barrel, higher than $20.96 a barrel in the year-ago quarter.
Average crude oil sales price is expected at $63 per barrel, higher than the year-ago quarter’s $48.16. Moreover, production of crude oil per day for the second quarter is expected to rise to 613 MBD from the year-ago quarter’s 590 MBD.
Higher expectation of natural gas prices, natural gas liquids and crude oil will likely favor the company’s second-quarter earnings.
Other Stocks to Consider
Here are a few other stocks that you may also want to consider on the basis of our model. These also have the right combination of elements to post an earnings beat in the quarter to be reported.
Calgary, Canada-based Canadian Natural Resources Limited (CNQ - Free Report) sports a Zacks Rank #1 and has an Earnings ESP of +1.42%. The company will report second-quarter earnings on Aug 2.
The Woodlands, TX-based Anadarko Petroleum Corporation has a Zacks Rank #2 and an Earnings ESP of +6.65%. The company is scheduled to report second-quarter earnings on Jul 31.
The Woodlands, TX-based Newfield Exploration Company carries a Zacks Rank #2 and has an Earnings ESP of +4.42%. The company is anticipated to report quarterly results on Jul 31.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
Image: Bigstock
Does a Beat Await ConocoPhillips (COP) This Earnings Season?
ConocoPhillips (COP - Free Report) is scheduled to report second-quarter 2018 earnings on Jul 26, before the opening bell.
In the last reported quarter, the upstream energy company posted an earnings surprise of 29.7%. ConocoPhillips recorded an average positive earnings surprise of 226.9% in the last four quarters. Let’s see how things are shaping up prior to the announcement.
ConocoPhillips Price and EPS Surprise
ConocoPhillips Price and EPS Surprise | ConocoPhillips Quote
Earnings Whispers
Our proven model shows that ConocoPhillips is likely to beat earnings estimates this time because it has the right combination of two key ingredients.
Earnings ESP: Earnings ESP, which represents the difference between the Most Accurate Estimate and the Zacks Consensus Estimate, is +6.54%. This is because the Most Accurate Estimate of $1.09 is higher than the Zacks Consensus Estimate of $1.03. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: ConocoPhillips sports a Zacks Rank #1 (Strong Buy). Note that stocks with a Zacks Rank #1, 2 (Buy) or 3 (Hold) when combined with a positive Earnings ESP have a significantly higher chance of beating earnings estimates. The combination of ConocoPhillips’ favorable Zacks Rank and Earnings ESP makes us confident about an earnings beat. You can see the complete list of today’s Zacks #1 Rank stocks here.
Conversely, Sell-rated stocks (Zacks Rank #4 or 5) should never be considered going into an earnings announcement.
Which Way are Estimates Treading?
Let’s take a look at the estimate revision trend in order to get a clear picture of what analysts expect from the company this earnings season.
The Zacks Consensus Estimate for second-quarter earnings of $1.03 has witnessed two upward revisions and one downward revision by firms in the past 30 days. It reflects a whopping improvement of about 635.7% from the year-ago quarter.
Further, the Zacks Consensus Estimate for second-quarter revenues is pegged at $9.61 billion, up 8.2% from the year-ago quarter.
Factors to Consider
The Zacks Consensus Estimate for average sale price of natural gas stands at $5.08 per thousand cubic feet (Mcf), higher than year-ago quarter’s figure of $3.83 per Mcf.
Average sales price of natural gas liquids for the second quarter is estimated at $28.62 per barrel, higher than $20.96 a barrel in the year-ago quarter.
Average crude oil sales price is expected at $63 per barrel, higher than the year-ago quarter’s $48.16. Moreover, production of crude oil per day for the second quarter is expected to rise to 613 MBD from the year-ago quarter’s 590 MBD.
Higher expectation of natural gas prices, natural gas liquids and crude oil will likely favor the company’s second-quarter earnings.
Other Stocks to Consider
Here are a few other stocks that you may also want to consider on the basis of our model. These also have the right combination of elements to post an earnings beat in the quarter to be reported.
Calgary, Canada-based Canadian Natural Resources Limited (CNQ - Free Report) sports a Zacks Rank #1 and has an Earnings ESP of +1.42%. The company will report second-quarter earnings on Aug 2.
The Woodlands, TX-based Anadarko Petroleum Corporation has a Zacks Rank #2 and an Earnings ESP of +6.65%. The company is scheduled to report second-quarter earnings on Jul 31.
The Woodlands, TX-based Newfield Exploration Company carries a Zacks Rank #2 and has an Earnings ESP of +4.42%. The company is anticipated to report quarterly results on Jul 31.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>