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ConocoPhillips (COP) Gains As Market Dips: What You Should Know
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ConocoPhillips (COP - Free Report) closed at $119.64 in the latest trading session, marking a +0.92% move from the prior day. This change outpaced the S&P 500's 0.76% loss on the day. Elsewhere, the Dow lost 0.76%, while the tech-heavy Nasdaq lost 10.92%.
Coming into today, shares of the energy company had gained 1.95% in the past month. In that same time, the Oils-Energy sector gained 5.16%, while the S&P 500 gained 2.18%.
Wall Street will be looking for positivity from ConocoPhillips as it approaches its next earnings report date. This is expected to be February 2, 2023. On that day, ConocoPhillips is projected to report earnings of $3.08 per share, which would represent year-over-year growth of 35.68%. Meanwhile, our latest consensus estimate is calling for revenue of $17.7 billion, up 10.87% from the prior-year quarter.
It is also important to note the recent changes to analyst estimates for ConocoPhillips. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 3.81% lower. ConocoPhillips currently has a Zacks Rank of #3 (Hold).
In terms of valuation, ConocoPhillips is currently trading at a Forward P/E ratio of 9.56. For comparison, its industry has an average Forward P/E of 11.6, which means ConocoPhillips is trading at a discount to the group.
Meanwhile, COP's PEG ratio is currently 0.51. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. Oil and Gas - Integrated - United States stocks are, on average, holding a PEG ratio of 0.45 based on yesterday's closing prices.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 90, putting it in the top 36% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow COP in the coming trading sessions, be sure to utilize Zacks.com.
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ConocoPhillips (COP) Gains As Market Dips: What You Should Know
ConocoPhillips (COP - Free Report) closed at $119.64 in the latest trading session, marking a +0.92% move from the prior day. This change outpaced the S&P 500's 0.76% loss on the day. Elsewhere, the Dow lost 0.76%, while the tech-heavy Nasdaq lost 10.92%.
Coming into today, shares of the energy company had gained 1.95% in the past month. In that same time, the Oils-Energy sector gained 5.16%, while the S&P 500 gained 2.18%.
Wall Street will be looking for positivity from ConocoPhillips as it approaches its next earnings report date. This is expected to be February 2, 2023. On that day, ConocoPhillips is projected to report earnings of $3.08 per share, which would represent year-over-year growth of 35.68%. Meanwhile, our latest consensus estimate is calling for revenue of $17.7 billion, up 10.87% from the prior-year quarter.
It is also important to note the recent changes to analyst estimates for ConocoPhillips. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 3.81% lower. ConocoPhillips currently has a Zacks Rank of #3 (Hold).
In terms of valuation, ConocoPhillips is currently trading at a Forward P/E ratio of 9.56. For comparison, its industry has an average Forward P/E of 11.6, which means ConocoPhillips is trading at a discount to the group.
Meanwhile, COP's PEG ratio is currently 0.51. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. Oil and Gas - Integrated - United States stocks are, on average, holding a PEG ratio of 0.45 based on yesterday's closing prices.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 90, putting it in the top 36% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow COP in the coming trading sessions, be sure to utilize Zacks.com.