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ConocoPhillips (COP) Dips More Than Broader Markets: What You Should Know
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ConocoPhillips (COP - Free Report) closed the most recent trading day at $100.46, moving -0.96% from the previous trading session. This change lagged the S&P 500's daily loss of 0.77%. Meanwhile, the Dow lost 0.65%, and the Nasdaq, a tech-heavy index, lost 2.23%.
Coming into today, shares of the energy company had lost 0.26% in the past month. In that same time, the Oils-Energy sector gained 0.78%, while the S&P 500 gained 4.66%.
ConocoPhillips will be looking to display strength as it nears its next earnings release, which is expected to be August 3, 2023. The company is expected to report EPS of $2.18, down 44.25% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $15.9 billion, down 27.69% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $9.56 per share and revenue of $64.75 billion, which would represent changes of -29.29% and -21.19%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for ConocoPhillips. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 4.86% lower within the past month. ConocoPhillips is currently a Zacks Rank #3 (Hold).
Investors should also note ConocoPhillips's current valuation metrics, including its Forward P/E ratio of 10.61. Its industry sports an average Forward P/E of 13.42, so we one might conclude that ConocoPhillips is trading at a discount comparatively.
Investors should also note that COP has a PEG ratio of 0.58 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. COP's industry had an average PEG ratio of 0.88 as of yesterday's close.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 115, which puts it in the top 46% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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ConocoPhillips (COP) Dips More Than Broader Markets: What You Should Know
ConocoPhillips (COP - Free Report) closed the most recent trading day at $100.46, moving -0.96% from the previous trading session. This change lagged the S&P 500's daily loss of 0.77%. Meanwhile, the Dow lost 0.65%, and the Nasdaq, a tech-heavy index, lost 2.23%.
Coming into today, shares of the energy company had lost 0.26% in the past month. In that same time, the Oils-Energy sector gained 0.78%, while the S&P 500 gained 4.66%.
ConocoPhillips will be looking to display strength as it nears its next earnings release, which is expected to be August 3, 2023. The company is expected to report EPS of $2.18, down 44.25% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $15.9 billion, down 27.69% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $9.56 per share and revenue of $64.75 billion, which would represent changes of -29.29% and -21.19%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for ConocoPhillips. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 4.86% lower within the past month. ConocoPhillips is currently a Zacks Rank #3 (Hold).
Investors should also note ConocoPhillips's current valuation metrics, including its Forward P/E ratio of 10.61. Its industry sports an average Forward P/E of 13.42, so we one might conclude that ConocoPhillips is trading at a discount comparatively.
Investors should also note that COP has a PEG ratio of 0.58 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. COP's industry had an average PEG ratio of 0.88 as of yesterday's close.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 115, which puts it in the top 46% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.