You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating indiv idual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
ConocoPhillips (COP) Gains As Market Dips: What You Should Know
ConocoPhillips (COP - Free Report) closed the most recent trading day at $120.37, moving +1.31% from the previous trading session. This move outpaced the S&P 500's daily loss of 0.02%. Meanwhile, the Dow gained 0.03%, and the Nasdaq, a tech-heavy index, added 5.44%.
Heading into today, shares of the energy company had gained 0.29% over the past month, lagging the Oils-Energy sector's gain of 2.6% and the S&P 500's gain of 4.57% in that time.
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. In that report, analysts expect ConocoPhillips to post earnings of $2.80 per share. This would mark year-over-year growth of 23.35%. Our most recent consensus estimate is calling for quarterly revenue of $17.32 billion, up 8.51% from the year-ago period.
Investors should also note any recent changes to analyst estimates for ConocoPhillips. These revisions typically reflect the latest short-term business trends, which can change frequently. 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. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 6.5% lower. ConocoPhillips is currently a Zacks Rank #3 (Hold).
In terms of valuation, ConocoPhillips is currently trading at a Forward P/E ratio of 9.86. Its industry sports an average Forward P/E of 11.78, so we one might conclude that ConocoPhillips is trading at a discount comparatively.
Investors should also note that COP has a PEG ratio of 0.54 right now. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Oil and Gas - Integrated - United States was holding an average PEG ratio of 0.44 at yesterday's closing price.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 175, which puts it in the bottom 31% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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.