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ConocoPhillips (COP) Gains As Market Dips: What You Should Know
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ConocoPhillips (COP - Free Report) closed the most recent trading day at $117.60, moving +0.43% from the previous trading session. This move outpaced the S&P 500's daily loss of 1.37%. At the same time, the Dow lost 1.29%, and the tech-heavy Nasdaq lost 1.87%.
Coming into today, shares of the energy company had lost 4.13% in the past month. In that same time, the Oils-Energy sector lost 1.79%, while the S&P 500 lost 4.93%.
Wall Street will be looking for positivity from ConocoPhillips as it approaches its next earnings report date. This is expected to be November 2, 2023. The company is expected to report EPS of $2.17, down 39.72% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $15.39 billion, down 28.81% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $8.78 per share and revenue of $60.65 billion. These totals would mark changes of -35.06% and -26.17%, respectively, from last year.
Any recent changes to analyst estimates for ConocoPhillips should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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.
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 0.99% lower within the past month. ConocoPhillips is holding a Zacks Rank of #3 (Hold) right now.
Valuation is also important, so investors should note that ConocoPhillips has a Forward P/E ratio of 13.34 right now. This represents a discount compared to its industry's average Forward P/E of 15.04.
Investors should also note that COP has a PEG ratio of 0.73 right now. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Oil and Gas - Integrated - United States was holding an average PEG ratio of 0.73 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 156, which puts it in the bottom 39% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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ConocoPhillips (COP) Gains As Market Dips: What You Should Know
ConocoPhillips (COP - Free Report) closed the most recent trading day at $117.60, moving +0.43% from the previous trading session. This move outpaced the S&P 500's daily loss of 1.37%. At the same time, the Dow lost 1.29%, and the tech-heavy Nasdaq lost 1.87%.
Coming into today, shares of the energy company had lost 4.13% in the past month. In that same time, the Oils-Energy sector lost 1.79%, while the S&P 500 lost 4.93%.
Wall Street will be looking for positivity from ConocoPhillips as it approaches its next earnings report date. This is expected to be November 2, 2023. The company is expected to report EPS of $2.17, down 39.72% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $15.39 billion, down 28.81% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $8.78 per share and revenue of $60.65 billion. These totals would mark changes of -35.06% and -26.17%, respectively, from last year.
Any recent changes to analyst estimates for ConocoPhillips should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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.
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 0.99% lower within the past month. ConocoPhillips is holding a Zacks Rank of #3 (Hold) right now.
Valuation is also important, so investors should note that ConocoPhillips has a Forward P/E ratio of 13.34 right now. This represents a discount compared to its industry's average Forward P/E of 15.04.
Investors should also note that COP has a PEG ratio of 0.73 right now. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. The Oil and Gas - Integrated - United States was holding an average PEG ratio of 0.73 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 156, which puts it in the bottom 39% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.