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ConocoPhillips (COP) Advances While Market Declines: Some Information for Investors
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In the latest market close, ConocoPhillips (COP - Free Report) reached $130.67, with a +1.55% movement compared to the previous day. The stock outperformed the S&P 500, which registered a daily loss of 0.72%. Elsewhere, the Dow saw a downswing of 1%, while the tech-heavy Nasdaq depreciated by 0.95%.
Heading into today, shares of the energy company had gained 15.26% over the past month, outpacing the Oils-Energy sector's gain of 6.92% and the S&P 500's gain of 2.16% in that time.
Investors will be eagerly watching for the performance of ConocoPhillips in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on May 2, 2024. On that day, ConocoPhillips is projected to report earnings of $2.03 per share, which would represent a year-over-year decline of 14.71%. Simultaneously, our latest consensus estimate expects the revenue to be $14.72 billion, showing a 5.16% drop compared to the year-ago quarter.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $8.81 per share and revenue of $60.83 billion, indicating changes of +0.46% and +3.86%, respectively, compared to the previous year.
It is also important to note the recent changes to analyst estimates for ConocoPhillips. These revisions typically reflect the latest short-term business trends, which can change frequently. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
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, there's been a 0.11% fall in the Zacks Consensus EPS estimate. ConocoPhillips is currently sporting a Zacks Rank of #3 (Hold).
From a valuation perspective, ConocoPhillips is currently exchanging hands at a Forward P/E ratio of 14.61. This expresses a discount compared to the average Forward P/E of 15.86 of its industry.
It is also worth noting that COP currently has a PEG ratio of 2.92. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. As the market closed yesterday, the Oil and Gas - Integrated - United States industry was having an average PEG ratio of 2.3.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 93, finds itself in the top 37% echelons 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.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
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ConocoPhillips (COP) Advances While Market Declines: Some Information for Investors
In the latest market close, ConocoPhillips (COP - Free Report) reached $130.67, with a +1.55% movement compared to the previous day. The stock outperformed the S&P 500, which registered a daily loss of 0.72%. Elsewhere, the Dow saw a downswing of 1%, while the tech-heavy Nasdaq depreciated by 0.95%.
Heading into today, shares of the energy company had gained 15.26% over the past month, outpacing the Oils-Energy sector's gain of 6.92% and the S&P 500's gain of 2.16% in that time.
Investors will be eagerly watching for the performance of ConocoPhillips in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on May 2, 2024. On that day, ConocoPhillips is projected to report earnings of $2.03 per share, which would represent a year-over-year decline of 14.71%. Simultaneously, our latest consensus estimate expects the revenue to be $14.72 billion, showing a 5.16% drop compared to the year-ago quarter.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $8.81 per share and revenue of $60.83 billion, indicating changes of +0.46% and +3.86%, respectively, compared to the previous year.
It is also important to note the recent changes to analyst estimates for ConocoPhillips. These revisions typically reflect the latest short-term business trends, which can change frequently. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
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, there's been a 0.11% fall in the Zacks Consensus EPS estimate. ConocoPhillips is currently sporting a Zacks Rank of #3 (Hold).
From a valuation perspective, ConocoPhillips is currently exchanging hands at a Forward P/E ratio of 14.61. This expresses a discount compared to the average Forward P/E of 15.86 of its industry.
It is also worth noting that COP currently has a PEG ratio of 2.92. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. As the market closed yesterday, the Oil and Gas - Integrated - United States industry was having an average PEG ratio of 2.3.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 93, finds itself in the top 37% echelons 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.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.