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ConocoPhillips (COP) Stock Declines While Market Improves: Some Information for Investors

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In the latest trading session, ConocoPhillips (COP - Free Report) closed at $113.61, marking a -1.2% move from the previous day. The stock fell short of the S&P 500, which registered a gain of 0.16% for the day. Elsewhere, the Dow gained 0.04%, while the tech-heavy Nasdaq added 0.49%.

Coming into today, shares of the energy company had lost 3.34% in the past month. In that same time, the Oils-Energy sector lost 0.71%, while the S&P 500 gained 3.22%.

The investment community will be closely monitoring the performance of ConocoPhillips in its forthcoming earnings report. The company is scheduled to release its earnings on August 1, 2024. The company is predicted to post an EPS of $2.26, indicating a 22.83% growth compared to the equivalent quarter last year. Simultaneously, our latest consensus estimate expects the revenue to be $15.34 billion, showing a 19.04% escalation compared to the year-ago quarter.

For the full year, the Zacks Consensus Estimates are projecting earnings of $8.95 per share and revenue of $61.24 billion, which would represent changes of +2.05% and +4.55%, respectively, from the prior 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 suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, there's been a 2.27% fall in the Zacks Consensus EPS estimate. Right now, ConocoPhillips possesses a Zacks Rank of #3 (Hold).

Investors should also note ConocoPhillips's current valuation metrics, including its Forward P/E ratio of 12.85. This denotes a discount relative to the industry's average Forward P/E of 16.26.

Meanwhile, COP's PEG ratio is currently 2.04. 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. Oil and Gas - Integrated - United States stocks are, on average, holding a PEG ratio of 2.61 based on yesterday's closing prices.

The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 153, putting it in the bottom 40% 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.

You can find more information on all of these metrics, and much more, on Zacks.com.


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