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ConocoPhillips (COP) Dips More Than Broader Market: What You Should Know
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The most recent trading session ended with ConocoPhillips (COP - Free Report) standing at $107.57, reflecting a -0.98% shift from the previouse trading day's closing. This move lagged the S&P 500's daily loss of 0.56%. Meanwhile, the Dow experienced a drop of 0.25%, and the technology-dominated Nasdaq saw a decrease of 0.59%.
Shares of the energy company have depreciated by 6.74% over the course of the past month, underperforming the Oils-Energy sector's loss of 2.83% and the S&P 500's gain of 1.2%.
Market participants will be closely following the financial results of ConocoPhillips in its upcoming release. The company plans to announce its earnings on February 8, 2024. It is anticipated that the company will report an EPS of $2.42, marking a 10.7% fall compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $15.35 billion, indicating a 20.33% decline compared to the corresponding quarter of the prior year.
It is also important to note the recent changes to analyst estimates for ConocoPhillips. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable 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 12.7% lower within the past month. As of now, ConocoPhillips holds a Zacks Rank of #4 (Sell).
In the context of valuation, ConocoPhillips is at present trading with a Forward P/E ratio of 10.76. This expresses a discount compared to the average Forward P/E of 11.89 of its industry.
Also, we should mention that COP has a PEG ratio of 0.59. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. COP's industry had an average PEG ratio of 0.53 as of yesterday's close.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 232, putting it in the bottom 8% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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ConocoPhillips (COP) Dips More Than Broader Market: What You Should Know
The most recent trading session ended with ConocoPhillips (COP - Free Report) standing at $107.57, reflecting a -0.98% shift from the previouse trading day's closing. This move lagged the S&P 500's daily loss of 0.56%. Meanwhile, the Dow experienced a drop of 0.25%, and the technology-dominated Nasdaq saw a decrease of 0.59%.
Shares of the energy company have depreciated by 6.74% over the course of the past month, underperforming the Oils-Energy sector's loss of 2.83% and the S&P 500's gain of 1.2%.
Market participants will be closely following the financial results of ConocoPhillips in its upcoming release. The company plans to announce its earnings on February 8, 2024. It is anticipated that the company will report an EPS of $2.42, marking a 10.7% fall compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $15.35 billion, indicating a 20.33% decline compared to the corresponding quarter of the prior year.
It is also important to note the recent changes to analyst estimates for ConocoPhillips. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable 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 12.7% lower within the past month. As of now, ConocoPhillips holds a Zacks Rank of #4 (Sell).
In the context of valuation, ConocoPhillips is at present trading with a Forward P/E ratio of 10.76. This expresses a discount compared to the average Forward P/E of 11.89 of its industry.
Also, we should mention that COP has a PEG ratio of 0.59. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. COP's industry had an average PEG ratio of 0.53 as of yesterday's close.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 232, putting it in the bottom 8% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.