We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Why the Market Dipped But ConocoPhillips (COP) Gained Today
Read MoreHide Full Article
The latest trading session saw ConocoPhillips (COP - Free Report) ending at $116.61, denoting a +0.46% adjustment from its last day's close. The stock exceeded the S&P 500, which registered a loss of 0.78% for the day. Meanwhile, the Dow experienced a drop of 1.29%, and the technology-dominated Nasdaq saw a decrease of 0.7%.
Prior to today's trading, shares of the energy company had gained 6.1% over the past month. This has outpaced the Oils-Energy sector's loss of 7.83% and the S&P 500's gain of 2.14% in that time.
Market participants will be closely following the financial results of ConocoPhillips in its upcoming release. The company plans to announce its earnings on August 1, 2024. On that day, ConocoPhillips is projected to report earnings of $2.20 per share, which would represent year-over-year growth of 19.57%. At the same time, our most recent consensus estimate is projecting a revenue of $15.27 billion, reflecting a 18.52% rise from the equivalent quarter last year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $8.84 per share and a revenue of $61.44 billion, representing changes of +0.8% and +4.89%, respectively, from the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for ConocoPhillips. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent 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, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.6% lower within the past month. ConocoPhillips presently features a Zacks Rank of #3 (Hold).
In terms of valuation, ConocoPhillips is presently being traded at a Forward P/E ratio of 13.13. This signifies a discount in comparison to the average Forward P/E of 16.24 for its industry.
Investors should also note that COP has a PEG ratio of 2.08 right now. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. As of the close of trade yesterday, the Oil and Gas - Integrated - United States industry held an average PEG ratio of 3.97.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 206, this industry ranks in the bottom 19% of all industries, numbering over 250.
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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Why the Market Dipped But ConocoPhillips (COP) Gained Today
The latest trading session saw ConocoPhillips (COP - Free Report) ending at $116.61, denoting a +0.46% adjustment from its last day's close. The stock exceeded the S&P 500, which registered a loss of 0.78% for the day. Meanwhile, the Dow experienced a drop of 1.29%, and the technology-dominated Nasdaq saw a decrease of 0.7%.
Prior to today's trading, shares of the energy company had gained 6.1% over the past month. This has outpaced the Oils-Energy sector's loss of 7.83% and the S&P 500's gain of 2.14% in that time.
Market participants will be closely following the financial results of ConocoPhillips in its upcoming release. The company plans to announce its earnings on August 1, 2024. On that day, ConocoPhillips is projected to report earnings of $2.20 per share, which would represent year-over-year growth of 19.57%. At the same time, our most recent consensus estimate is projecting a revenue of $15.27 billion, reflecting a 18.52% rise from the equivalent quarter last year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $8.84 per share and a revenue of $61.44 billion, representing changes of +0.8% and +4.89%, respectively, from the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for ConocoPhillips. Recent revisions tend to reflect the latest near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent 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, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.6% lower within the past month. ConocoPhillips presently features a Zacks Rank of #3 (Hold).
In terms of valuation, ConocoPhillips is presently being traded at a Forward P/E ratio of 13.13. This signifies a discount in comparison to the average Forward P/E of 16.24 for its industry.
Investors should also note that COP has a PEG ratio of 2.08 right now. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. As of the close of trade yesterday, the Oil and Gas - Integrated - United States industry held an average PEG ratio of 3.97.
The Oil and Gas - Integrated - United States industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 206, this industry ranks in the bottom 19% of all industries, numbering over 250.
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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.