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ConocoPhillips (COP) Stock Moves 0.76%: What You Should Know
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ConocoPhillips (COP - Free Report) closed at $106.75 in the latest trading session, marking a +0.76% move from the prior day. Meanwhile, the Dow gained 0.29%, and the Nasdaq, a tech-heavy index, added 1.92%.
Prior to today's trading, shares of the energy company had gained 5.23% over the past month. This has outpaced the Oils-Energy sector's gain of 2.17% and lagged the S&P 500's gain of 6.51% in that time.
Investors will be hoping for strength from ConocoPhillips as it approaches its next earnings release, which is expected to be May 4, 2023. On that day, ConocoPhillips is projected to report earnings of $2.34 per share, which would represent a year-over-year decline of 28.44%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $15.81 billion, down 18.04% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $10.61 per share and revenue of $65.58 billion, which would represent changes of -21.52% and -20.17%, respectively, from the prior year.
Any recent changes to analyst estimates for ConocoPhillips should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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, 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 3.44% lower. ConocoPhillips is currently a Zacks Rank #3 (Hold).
Looking at its valuation, ConocoPhillips is holding a Forward P/E ratio of 9.99. This represents a discount compared to its industry's average Forward P/E of 11.06.
Also, we should mention that COP has a PEG ratio of 0.55. 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 0.53 at yesterday's closing price.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 103, putting it in the top 41% 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.
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ConocoPhillips (COP) Stock Moves 0.76%: What You Should Know
ConocoPhillips (COP - Free Report) closed at $106.75 in the latest trading session, marking a +0.76% move from the prior day. Meanwhile, the Dow gained 0.29%, and the Nasdaq, a tech-heavy index, added 1.92%.
Prior to today's trading, shares of the energy company had gained 5.23% over the past month. This has outpaced the Oils-Energy sector's gain of 2.17% and lagged the S&P 500's gain of 6.51% in that time.
Investors will be hoping for strength from ConocoPhillips as it approaches its next earnings release, which is expected to be May 4, 2023. On that day, ConocoPhillips is projected to report earnings of $2.34 per share, which would represent a year-over-year decline of 28.44%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $15.81 billion, down 18.04% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $10.61 per share and revenue of $65.58 billion, which would represent changes of -21.52% and -20.17%, respectively, from the prior year.
Any recent changes to analyst estimates for ConocoPhillips should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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, 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 3.44% lower. ConocoPhillips is currently a Zacks Rank #3 (Hold).
Looking at its valuation, ConocoPhillips is holding a Forward P/E ratio of 9.99. This represents a discount compared to its industry's average Forward P/E of 11.06.
Also, we should mention that COP has a PEG ratio of 0.55. 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 0.53 at yesterday's closing price.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 103, putting it in the top 41% 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.