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ConocoPhillips (COP) to Post Q2 Earnings: What's in Store?
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ConocoPhillips (COP - Free Report) is set to report second-quarter 2023 results on Aug 3 before the opening bell.
In the last reported quarter, the upstream energy company’s adjusted earnings per share of $2.38 beat the Zacks Consensus Estimate of $2.02 due to higher oil equivalent production. This was partially offset by lower prices.
In the trailing four quarters, ConocoPhillips beat the Zacks Consensus Estimate for earnings thrice and missed the same once, delivering an earnings surprise of 6.6%, on average. This is depicted in the graph below:
Let’s see how things have shaped up prior to the announcement.
Estimate Trend
The Zacks Consensus Estimate for ConocoPhillips’ second-quarter earnings per share of $1.94 has witnessed two downward movements in the past seven days. This suggests a 50.4% decline from the year-ago reported number.
The Zacks Consensus Estimate for COP’s revenues for the June-ended quarter is pegged at $14.6 billion. This implies a year-over-year decline of 33.4%.
Factors to Note
ConocoPhillips is a leading oil and natural gas exploration and production company in the world. Hence, commodity prices play a primary role in determining the fate of the upstream player. In the second quarter, commodity prices were not as healthy as in a year-ago quarter. This is likely to have hurt COP’s bottom line. Our estimate for the average realized crude oil price for the June quarter is pegged at $74.17 per barrel, suggesting a year-over-year decline of 33.5%.
However, we project total production at 1,791.2 thousand barrels of oil equivalent per day, suggesting year-over-year growth of 5.9%. This improvement is likely to have been driven by new wells online in the Lower 48.
Earnings Whispers
Our proven model does not conclusively predict an earnings beat for ConocoPhillips 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. As you can see, that is not the case here.
Earnings ESP: COP has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: ConocoPhillips currently carries a Zacks Rank #3.
Stocks That Warrant a Look
Here are some companies from the Energy space that you may want to consider, as our model shows that these have the right combination of elements to post an earnings beat in the upcoming quarterly reports:
The company is scheduled to release second-quarter earnings on Aug 2. The Zacks Consensus Estimate for MUSA’s earnings is pegged at $6.03 per share, suggesting a decline from the prior-year reported figure.
Cactus, Inc. (WHD - Free Report) has an Earnings ESP of +3.97% and a Zacks #3 at present.
Cactus is scheduled to release second-quarter results on Aug 7. The Zacks Consensus Estimate for WHD’s earnings is pegged at 69 cents per share, indicating an improvement from the year-ago quarter’s reported figure.
Southwestern Energy Company (SWN - Free Report) has an Earnings ESP of +4.21% and is a Zacks #3 Ranked player at present.
Southwestern is scheduled to release second-quarter results on Aug 3. The Zacks Consensus Estimate for SWN’s earnings is pegged at 7 cents per share, suggesting a decline from the prior-year reported figure.
Image: Bigstock
ConocoPhillips (COP) to Post Q2 Earnings: What's in Store?
ConocoPhillips (COP - Free Report) is set to report second-quarter 2023 results on Aug 3 before the opening bell.
In the last reported quarter, the upstream energy company’s adjusted earnings per share of $2.38 beat the Zacks Consensus Estimate of $2.02 due to higher oil equivalent production. This was partially offset by lower prices.
In the trailing four quarters, ConocoPhillips beat the Zacks Consensus Estimate for earnings thrice and missed the same once, delivering an earnings surprise of 6.6%, on average. This is depicted in the graph below:
ConocoPhillips Price and EPS Surprise
ConocoPhillips price-eps-surprise | ConocoPhillips Quote
Let’s see how things have shaped up prior to the announcement.
Estimate Trend
The Zacks Consensus Estimate for ConocoPhillips’ second-quarter earnings per share of $1.94 has witnessed two downward movements in the past seven days. This suggests a 50.4% decline from the year-ago reported number.
The Zacks Consensus Estimate for COP’s revenues for the June-ended quarter is pegged at $14.6 billion. This implies a year-over-year decline of 33.4%.
Factors to Note
ConocoPhillips is a leading oil and natural gas exploration and production company in the world. Hence, commodity prices play a primary role in determining the fate of the upstream player. In the second quarter, commodity prices were not as healthy as in a year-ago quarter. This is likely to have hurt COP’s bottom line. Our estimate for the average realized crude oil price for the June quarter is pegged at $74.17 per barrel, suggesting a year-over-year decline of 33.5%.
However, we project total production at 1,791.2 thousand barrels of oil equivalent per day, suggesting year-over-year growth of 5.9%. This improvement is likely to have been driven by new wells online in the Lower 48.
Earnings Whispers
Our proven model does not conclusively predict an earnings beat for ConocoPhillips 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. As you can see, that is not the case here.
Earnings ESP: COP has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: ConocoPhillips currently carries a Zacks Rank #3.
Stocks That Warrant a Look
Here are some companies from the Energy space that you may want to consider, as our model shows that these have the right combination of elements to post an earnings beat in the upcoming quarterly reports:
Murphy USA Inc. (MUSA - Free Report) has an Earnings ESP of +1.80% and a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
The company is scheduled to release second-quarter earnings on Aug 2. The Zacks Consensus Estimate for MUSA’s earnings is pegged at $6.03 per share, suggesting a decline from the prior-year reported figure.
Cactus, Inc. (WHD - Free Report) has an Earnings ESP of +3.97% and a Zacks #3 at present.
Cactus is scheduled to release second-quarter results on Aug 7. The Zacks Consensus Estimate for WHD’s earnings is pegged at 69 cents per share, indicating an improvement from the year-ago quarter’s reported figure.
Southwestern Energy Company (SWN - Free Report) has an Earnings ESP of +4.21% and is a Zacks #3 Ranked player at present.
Southwestern is scheduled to release second-quarter results on Aug 3. The Zacks Consensus Estimate for SWN’s earnings is pegged at 7 cents per share, suggesting a decline from the prior-year reported figure.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.