ConocoPhillips (COP - Free Report) is set to report fourth-quarter 2023 earnings on Feb 8, before the opening bell.
In the last reported quarter, the company’s earnings of $2.16 per share beat the Zacks Consensus Estimate of $2.04 due to higher oil equivalent production volumes. COP’s earnings missed the Zacks Consensus Estimate in two of the trailing four quarters and beat the same twice, delivering an average surprise of 4.6%. This is depicted in the graph below.
Estimate Trend
The Zacks Consensus Estimate for fourth-quarter earnings per share of $2.11 has witnessed six downward revisions over the past 30 days. The estimated figure suggests a significant decline from the year-ago quarter’s reported number.
The Zacks Consensus Estimate for fourth-quarter revenues of $15.2 billion indicates a 21.2% fall from the year-ago reported figure.
Factors to Consider
Per data provided by the U.S. Energy Information Administration, the average spot West Texas Intermediate crude prices per barrel in October, November and December were $85.64, $77.69 and $71.90, respectively. Although the prices were not as high as in the year-ago quarter, the commodity prices, higher than the $70 per barrel mark, were impressive and healthy.
Like oil, natural gas prices in the December quarter were also lower year over year.
On the production front, we expect daily oil equivalent production volumes to increase 6.8%, backed by higher activities in Lower 48. Thus, while decreased commodity prices are likely to have hurt ConocoPhillips’ earnings, higher production may have partially offset the negative.
Earnings Whispers
Our proven model does not indicate an earnings beat for COP this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. That is not the case here, as you will see below.
Earnings ESP: COP’s Earnings ESP is -2.02%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: The company currently carries a Zacks Rank #5 (Strong Sell).
Stocks to Consider
Here are three firms that you may want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle.
Western Midstream Partners LP (WES - Free Report) currently has an Earnings ESP of +4.01% and a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
The partnership is scheduled to release fourth-quarter earnings on Feb 21. The Zacks Consensus Estimate for WES’s earnings is pegged at 78 cents per share, suggesting a decline from the year-ago figure.
Cheniere Energy, Inc. (LNG - Free Report) currently has an Earnings ESP of +5.55% and a Zacks Rank #3.
Cheniere Energy is scheduled to release fourth-quarter earnings on Feb 22. The Zacks Consensus Estimate for LNG’s earnings is pegged at $2.70 per share.
Oceaneering International Inc (OII - Free Report) has an Earnings ESP of +5.88% and is a Zacks #1 Ranked player at present.
OII is scheduled to release fourth-quarter results on Feb 22. The Zacks Consensus Estimate for Oceaneering International’s earnings is pegged at 23 cents per share, suggesting a massive year-over-year improvement.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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ConocoPhillips (COP - Free Report) is set to report fourth-quarter 2023 earnings on Feb 8, before the opening bell.
In the last reported quarter, the company’s earnings of $2.16 per share beat the Zacks Consensus Estimate of $2.04 due to higher oil equivalent production volumes. COP’s earnings missed the Zacks Consensus Estimate in two of the trailing four quarters and beat the same twice, delivering an average surprise of 4.6%. This is depicted in the graph below.
Estimate Trend
The Zacks Consensus Estimate for fourth-quarter earnings per share of $2.11 has witnessed six downward revisions over the past 30 days. The estimated figure suggests a significant decline from the year-ago quarter’s reported number.
The Zacks Consensus Estimate for fourth-quarter revenues of $15.2 billion indicates a 21.2% fall from the year-ago reported figure.
Factors to Consider
Per data provided by the U.S. Energy Information Administration, the average spot West Texas Intermediate crude prices per barrel in October, November and December were $85.64, $77.69 and $71.90, respectively. Although the prices were not as high as in the year-ago quarter, the commodity prices, higher than the $70 per barrel mark, were impressive and healthy.
Like oil, natural gas prices in the December quarter were also lower year over year.
On the production front, we expect daily oil equivalent production volumes to increase 6.8%, backed by higher activities in Lower 48. Thus, while decreased commodity prices are likely to have hurt ConocoPhillips’ earnings, higher production may have partially offset the negative.
Earnings Whispers
Our proven model does not indicate an earnings beat for COP this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. That is not the case here, as you will see below.
Earnings ESP: COP’s Earnings ESP is -2.02%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: The company currently carries a Zacks Rank #5 (Strong Sell).
Stocks to Consider
Here are three firms that you may want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle.
Western Midstream Partners LP (WES - Free Report) currently has an Earnings ESP of +4.01% and a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
The partnership is scheduled to release fourth-quarter earnings on Feb 21. The Zacks Consensus Estimate for WES’s earnings is pegged at 78 cents per share, suggesting a decline from the year-ago figure.
Cheniere Energy, Inc. (LNG - Free Report) currently has an Earnings ESP of +5.55% and a Zacks Rank #3.
Cheniere Energy is scheduled to release fourth-quarter earnings on Feb 22. The Zacks Consensus Estimate for LNG’s earnings is pegged at $2.70 per share.
Oceaneering International Inc (OII - Free Report) has an Earnings ESP of +5.88% and is a Zacks #1 Ranked player at present.
OII is scheduled to release fourth-quarter results on Feb 22. The Zacks Consensus Estimate for Oceaneering International’s earnings is pegged at 23 cents per share, suggesting a massive year-over-year improvement.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Just Released: Zacks Top 10 Stocks for 2024
Hurry – you can still get in early on our 10 top tickers for 2024. Hand-picked by Zacks Director of Research, Sheraz Mian, this portfolio has been stunningly and consistently successful. From inception in 2012 through November, 2023, the Zacks Top 10 Stocks gained +974.1%, nearly TRIPLING the S&P 500’s +340.1%. Sheraz has combed through 4,400 companies covered by the Zacks Rank and handpicked the best 10 to buy and hold in 2024. You can still be among the first to see these just-released stocks with enormous potential.
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